'Difference Between Economic Growth and Economic Development Essay\r'

'Economic ingathering is a narrower concept than economic nurture.It is an gain in a untaught’s real level of subject field output which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & axerophthol; improvements in technology or in another way an increase in the value of sizeables and services produced by every(prenominal) welkin of the economy. Economic Growth can be calculated by an increase in a country’s GDP (gross domestic product). Economic development is a normative concept i.e. it applies in the linguistic context of people’s sense of morality (right and wrong, good and bad). The definition of economic development given by Michael Todaro is an increase in vivification standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice.\r\nThe nigh accurate method of measuring development is the military personnel Development Index which takes in to nib the literacy rates & life expectancy which affect productivity and could speck to Economic Growth. It in any case leads to the creation of more opportunities in the sectors of education, healthc are, employment and the conservation of the environment.It implies an increase in the per capita income of every citizen. Economic Growth does not take into account the size of the informal economy.\r\nThe informal economy is also k directn as the black economy which is bouncy economic activity. Development alleviates people from low standards of living into proper employment with suitable shelter. Economic Growth does not take into account the depletion of natural resources which faculty lead to pollution, congestion & disease. Development even is concerned with sustainability which means meeting the needs of the bribe without compromising future needs. These environmental effects are becoming more of a problem for Governments now that the pressure has increased on the m due to orbicular warming. Economic growth is a necessary only when not sufficient condition of economic development.\r\n'