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  • Difference Between Economic Growth and Development

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    रजनीश कुमार
    165 vues3 pages
    Economic growth is measured by increases in real GDP, representing the total value of goods and services produced. Economic development looks more broadly at how growth affects living standards, including literacy, health, housing, and life expectancy. A country can experience economic growth without development if increases in GDP do not improve average living conditions, such as when growth only benefits a small group, is lost to corruption, or harms the environment. Development indicators like the Human Development Index provide a more comprehensive view of a population's well-being than GDP alone. Factors like infrastructure, education, investment, and corruption influence growth in developing nations.

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    Difference Between Economic Growth and Development

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    Economic growth is measured by increases in real GDP, representing the total value of goods and services produced. Economic development looks more broadly at how growth affects living standards, including literacy, health, housing, and life expectancy. A country can experience economic growth without development if increases in GDP do not improve average living conditions, such as when growth only benefits a small group, is lost to corruption, or harms the environment. Development indicators like the Human Development Index provide a more comprehensive view of a population's well-being than GDP alone. Factors like infrastructure, education, investment, and corruption influence growth in developing nations.

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    165 vues3 pages

    Difference Between Economic Growth and Development

    Transféré par

    रजनीश कुमार
    Economic growth is measured by increases in real GDP, representing the total value of goods and services produced. Economic development looks more broadly at how growth affects living standards, including literacy, health, housing, and life expectancy. A country can experience economic growth without development if increases in GDP do not improve average living conditions, such as when growth only benefits a small group, is lost to corruption, or harms the environment. Development indicators like the Human Development Index provide a more comprehensive view of a population's well-being than GDP alone. Factors like infrastructure, education, investment, and corruption influence growth in developing nations.

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    sur 3

    Differencebetweeneconomicgrowthand

    development
    TejvanPettinger September23,2011 development

    ReadersQuestion:WhatisthedifferencebetweenGrowthandDevelopment?Explainthe
    factorsaffectingmacroeconomicsgrowthinaunderdevelopedcountry?Canacountry
    experienceeconomicgrowthwithoutdevelopment?
    Economicgrowth
    EconomicgrowthintheUK
    EconomicgrowthmeasuresanincreaseinRealGDP(realoutput).GDPisameasureofthe
    nationalincome/nationaloutputandnationalexpenditure.Itbasicallymeasuresthetotal
    volumeofgoodsandservicesproducedinaneconomy.

    EconomicDevelopment
    DevelopmentlooksatawiderrangeofstatisticsthanjustGDPpercapita.Developmentis
    concernedwithhowpeopleareactuallyaffected.Itlooksattheiractuallivingstandardsandthe
    freedomtheyhavetoenjoyagoodstandardofliving.
    Measuresofeconomicdevelopmentwilllookat:
    RealincomeperheadGDPpercapita
    Levelsofliteracyandeducationstandards
    Levelsofhealthcaree.g.numberofdoctorsper1000population
    Qualityandavailabilityofhousing
    Levelsofenvironmentalstandards
    Lifeexpectancy.

    Measuresofeconomicdevelopment
    MeasuringeconomicdevelopmentisnotaspreciseasmeasuringGDP,becauseitdepends
    whatfactorsareincludedinthemeasure.
    Thereareseveraldifferentmeasuresofeconomicdevelopment,suchastheHuman
    developmentindex(HDI)

    Humandevelopmentindex(HDI)
    TheHDIcombines:
    1. LifeExpectancyIndex.Averagelifeexpectancycomparedtoaglobalexpectedlife
    expectancy..
    2. EducationIndex
    1. meanyearsofschooling
    2. expectedyearsofschooling
    3. IncomeIndex(GNIatPPP)
    moreonHumandevelopmentindex(HDI)

    Factorsaffectingeconomicsgrowthindevelopingcountries
    Levelsofinfrastructuree.g.transportandcommunication
    Levelsofcorruption
    Educationalstandardsandlabourproductivity
    Labourmobility
    Flowofforeignaidandinvestment
    Levelofsavingsandinvestment

    Economicgrowthwithoutdevelopment
    Itispossibletohaveeconomicgrowthwithoutdevelopment.i.e.anincreaseinGDP,butmost
    peopledontseeanyactualimprovementsinlivingstandards.
    1. Economicgrowthmayonlybenefitasmall%ofthepopulation.Forexample,ifacountry
    producesmoreoil,itwillseeanincreaseinGDP.However,itispossible,thatthisoilis
    onlyownedbyonefirm,andtherefore,theaverageworkerdoesntreallybenefit.
    2. Corruption.AcountrymayseehigherGDP,butthebenefitsofgrowthmaybesiphoned
    intothebankaccountsofpoliticians
    3. Environmentalproblems.ProducingtoxicchemicalswillleadtoanincreaseinrealGDP.
    However,withoutproperregulationitcanalsoleadtoenvironmentalandhealthproblems.
    Thisisanexampleofwheregrowthleadstoadeclineinlivingstandardsformany.
    4. Congestion.Economicgrowthcancauseanincreaseincongestion.Thismeanspeople
    willspendlongerintrafficjams.GDPmayincreasebuttheyhavelowerlivingstandards
    becausetheyspendmoretimeintrafficjams.
    5. Productionnotconsumed.Ifastateownedindustryincreasesoutput,thisisreflectedin
    anincreaseinGDP.However,iftheoutputisnotusedbyanyonethenitcausesnoactual
    increaseinlivingstandards.

    6. Militaryspending.AcountrymayincreaseGDPthroughspendingmoreonmilitarygoods.
    However,ifthisisattheexpenseofhealthcareandeducationitcanleadtolowerliving
    standards.

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