Question
Economic Growth and Economic Development.
| Economic Growth | Economic Development |
| (i) Economic growth refers to an increase in the real N.I. of the country over a long period of time. | (i) Economic development means economic growth plus progressive changes in the socio-economic structure which determine the well-being of the people. |
| (ii) It is a quantitative term. | (ii) It is a qualitative term. |
| (iii) It is a narrow concept. | (iii) It is a broad concept. |
| (iv) It is an automatic and natural process. | (iv) It is the result of purposeful and planned efforts. |
| (v) It is spontaneous and reversible. | (v) It is deliberate and irreversible. |
| (vi) Economic growth is related to the economic aspect only. | (vi) Economic development is related to economic, social, and political aspects. |
| (vii) It is uni-dimensional. | (vii) It is multi-dimensional. |
| (viii) Economic growth can be measured in terms of N.I. and per capita income. | (viii) Economic development is measured in terms of quality of human life, better infrastructure, political freedom, etc. |
| (ix) It is possible without economic development. | (ix) It is not possible without economic growth. |
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