Question

What is Economic Development? Differentiate between economic development and economic growth.

Answer 1

Economic development result of economic planning. Promecher and Waldwein said that 'Economic development is a process by which the real national income of an economy increases in the long run. Prof Roslow said that economic development is an established relationship between the rate of increase in labour force on the one hand and population growth on the other.

From literary point of view there is no difference between development and growth. Economics differentiates between growth and development. Economists Hicks and Dr. White Singh have used the term growth in relation to economically developed nations while the term development has been used in the context of under developed economy. Maddis has also talked about the use of the term economic growth in the context of wealthy nations and development for the for nations.