Critically examine the conceptual difference between ideas of economic growth and economic development. How growth of an economy is conventionally measured?
Comparison Chart
| BASIS FOR COMPARISON | ECONOMIC GROWTH | ECONOMIC DEVELOPMENT |
| Meaning | Economic Growth is the positive change in the real output of the country in a particular span of time. | Economic Development involves rise in the level of production in an economy along with the advancement of technology, improvement in living standards and so on. |
| Concept | Narrow | Broad |
| Scope | Increase in the indicators like GDP, per capita income etc. | Improvement in life expectancy rate, infant mortality rate, literacy rate and poverty rates. |
| Term | Short term process | Long term process |
| Applicable to | Developed Economies | Developing Economies |
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