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  • Growth and Development

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    RashidAli
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    Economic growth and economic development are often used interchangeably to refer to economic advancement. Economic growth is defined as a steady process that increases a nation's productive capacity over time, resulting in higher national output and income. It involves sustained rises in real national income, total population, and real per capita income. Economic development is a multi-dimensional process that accelerates economic growth while also transforming social structures, attitudes, and institutions to reduce poverty and inequality. Definitions characterize it as a long-term increase in a nation's real national income and per capita income.

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    Economic growth and economic development are often used interchangeably to refer to economic advancement. Economic growth is defined as a steady process that increases a nation's productive capacity over time, resulting in higher national output and income. It involves sustained rises in real national income, total population, and real per capita income. Economic development is a multi-dimensional process that accelerates economic growth while also transforming social structures, attitudes, and institutions to reduce poverty and inequality. Definitions characterize it as a long-term increase in a nation's real national income and per capita income.

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    20 views7 pages

    Growth and Development

    Uploaded by

    RashidAli
    Economic growth and economic development are often used interchangeably to refer to economic advancement. Economic growth is defined as a steady process that increases a nation's productive capacity over time, resulting in higher national output and income. It involves sustained rises in real national income, total population, and real per capita income. Economic development is a multi-dimensional process that accelerates economic growth while also transforming social structures, attitudes, and institutions to reduce poverty and inequality. Definitions characterize it as a long-term increase in a nation's real national income and per capita income.

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    Growth and Development

    In general, the terms Economic Growth and Economic Development are used to express the same idea i. e., Economic Advancement.

    Economics Growth
    According to Micheal Todaro :

    Economic growth is a steady process by which the productive capacity of the economy is increased over time to bring about rising levels of national output and income

    Economics Growth
    According to Simon Kuznets :

    Economic growth may be defined as a long term process wherein the substantial and sustained rise in real national income, total population and real per capita income takes place

    Economics Growth
    According to Maddison :

    The rising of income levels is generally called Economic growth in rich countries and in poor ones

    Economics Development
    According to Micheal P. Todaro :

    Development must be conceived for as a multi-dimensional process involving major change in social structures, popular attitudes and national institutions as well as the acceleration of Economic-growth, the eradication of poverty and reduction of inequality of wealth.

    Economics Development
    According to Meier and Badwin :

    Economic development is a process whereby an economys real National Income increases over a long period of time and if the rate of development is greater than the rate of population growth, then per capita real income will increase

    Economics Development
    According to Prof. Benjamin Higgins:

    Economic development means, continuous increase in aggregate and per capita income of a country which extends to all professions and income earning groups

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