According to Kindleberger, economic growth means more output while economic development implies both more output and changes in technical and institutional arrangements by which it is produced and distributed.
Friedman defines growth as an expansion of the system in one or more dimensions without a change in its structure and development as an innovative process leading to the structural transformation of social system.
Charecterstics of Economic Development (3)
Economic growth means transformation of an economy from a state of under-development to a state of development, from an agrarian to highly industrialized society, from a low saver to a high saver and from rural to urban one. This kind of transformation is reflected more in sustained and steady rise in national and per capita income.
Economic development is the economic growth accompanied by the rise in productivity.
Economic development is a process whereby per capita income of a country grows over a long period of time subject to the conditions that absolute poverty does not increase and income distribution does not become more unequal.
Development in all societies must have three objectives:
To increase availability and widen the distribution of life sustaining goods.
Higher incomes, better education, more jobs, more attention to the humanistic values.
Expand the range of choices both economic and social available to individuals and nations freeing them from servitude and dependence.
Topic: Economic Growth and Economic Development
Subtopic: Role of Economics
Sub-Subtopic: Perspectives on economic growth
Level: Easy
Difficulty: Direct
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