Economic Growth and Economic Development
Points
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Economic growth
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Economic Development
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Meaning
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Economic growth means a continuous long term process where a country’s national income increases.
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Economic development refers to economic growth plus progressive changes in certain variables which determine well being of the people.
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Scope
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Economic growth is a narrow and quantitative concept.
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Economic development is a broader and qualitative concept.
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Possibility
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Economic growth is possible without economic development
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Economic development is not possible without economic growth.
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Priority
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In economic growth much importance is given to the production of goods and services.
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In economic development the share of agriculture declines and that of industry and service sector increases.
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Share in N.I.
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In economic growth the share of agriculture is more in national income.
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In economic development the share of agriculture declines and that of industry and service sector increases.
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Dimension
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Economic growth is one dimensional concept as it deals with only economic aspect.
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Economic development is multidimensional concept which covers economic and noneconomic factors.
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Nature
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Economic growth is spontaneous and reversible
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Economic development is deliberate and irreversible.
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