Essay on Economic Growth and Development - 894 Words.
Economic development is a fairly new idea that arose during the early twentieth century. Many theorists attempted to define economic development and to differentiate it from the concept of economic growth.According to economists, Gerald Meier and Dudley Seers, these two concepts are different from each other and they stressed that economic development cannot be equated with economic growth.Second, economic growth leads to financial development and that where there is economic growth financial development follows (i. e. Robinson, 1952). The third view, however, contends that both financial development and economic growth Granger cause one another.The question is whether economic growth is the same as economic development. I am going to make fair points about them and decide whether they are the same. Economic growth refers to the rise in the value of everything produced in the economy. It implies the yearly increase in the country’s GDP or GNP, in percentage terms.
Economic Development As A Growth Process - Based on my reading I believe it is wrong to think of economic development as a growth process only. Economic development is a process where we improve the over all life of people and try to overcome absolute poverty. Economic development is about increasing income and health care of the individuals.Analysts are of the view that there is a huge difference between economic development and economic growth. Economic development involves the use of policies to bring changes to the country’s economy and to make sure that the country’s economy is aligned with the international development criteria.
Free economic growth papers, essays, and research papers. My Account. Your search returned over 400 essays. Economic Development is the sustaining of concerted actions of policy makers and communities that promote the standard of living and economic health of a categorical area or community. Economic development can withal be referred to as.
