File Name: distinguish between economic growth and economic development .zip
It can be measured as a percentage increase in real gross domestic product. Where a gross domestic product GDP is adjusted by inflation.
- Economic Growth vs Economic Development
- Economic Development vs. Economic Growth
- Difference Between Economic Growth and Economic Development
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We have started our discussion of development by addressing very broad issues relating to the concept of development. However, much of the literature and thinking about 'development' focuses on economics. Indeed 'development' and 'economic development' have often been treated as synonymous concepts. The economic development of a country or society is usually associated with amongst other things rising incomes and related increases in consumption , savings, and investment.
Economic Growth vs Economic Development
If you create an account, you can set up a personal learning profile on the site. You may have noticed that a lot of building work for new roads, schools and hospitals is taking place in Ethiopia Figure 3. All these are the result of economic growth in the country, especially since the year You may think economic growth and economic development are the same thing and use the terms interchangeably, but they are not exactly the same. The economic growth of a country is an increase in worth of the national economy and is measured by its Gross Domestic Product GDP.
GDP is a measure of the total value of goods and services produced by a country in a year. It is usually measured in US dollars. Economic development is a broader concept than economic growth that also includes aspects of human welfare. It is linked to technological and social progress, and general improvements in living standards. Economic development means improvements to infrastructure such as roads, schools, water and wastewater treatment plants, hydropower, etc.
One of the indicators of economic development is GDP per capita. GDP per capita is the total GDP value divided by the population of the country, giving an indication of the economic output per head of population. So, can we say that India is more economically developed than Norway? India has a higher total GDP than Norway, but it also has a much larger population. In reality, therefore, Norway is more economically developed than India. GDP is a purely economic measure. Economic growth does not necessarily lead to human development.
This is because a country can have an increase in GDP without improving the quality of life of the majority of people. Human development is the continuous improvement of human well-being and the quality of life. Some of the characteristics associated with countries that are not highly developed are a low literacy rate, high poverty level, high unemployment rate, high malnutrition, low water supply coverage, low health service coverage, poor roads, poor public transport and poor environmental conditions.
The most widely used indicator for human development is the Human Development Index HDI , which measures the relative development status of different countries on a scale from 0 to 1. It looks beyond economic assessment and brings in other ways of measuring well-being.
HDI is a composite index that focuses on three criteria:. The first criterion, life expectancy , is the average number of years that a person may expect to live. If people live long and healthy lives, this will increase the HDI of a country.
Ethiopia is one of the top six countries where life expectancy has increased the most in recent times, from 45 years in to 64 years in WHO, This can be attributed to many factors such as better health services, increased safe water supplies and improved access to sanitation. The second criterion in the HDI, education, comprises two components: years of schooling for the adult population, which is the average number of years of education received in a lifetime by people aged 25 years and older; and the expected years of schooling for children of school-entrance age.
Developed countries are expected to have people in education for longer. Average years of education of adults in Ethiopia increased from 1. This is because, since , many schools have been built, teachers have been trained and emphasis has been placed on creating a child-friendly teaching and learning environment in schools Figure 3.
Alternative ways of providing basic education for children in remote areas have also been established, such as making the time of learning flexible e. The final criterion in the HDI is standard of living , which means the level of wealth, comfort and material goods available to people. The Human Development Index for Ethiopia is low. The value for was 0. The country is ranked rd out of countries UNDP, The goals were grouped into eight areas:.
Each of these goals had more specific targets associated with them. For example, Goal 7 had four targets, including one for improvements to water and sanitation. The report on MDG progress stated that Ethiopia was on track to achieve six out of the eight goals, i. For Goal 7, the picture is a little more complicated. Ethiopia successfully achieved the target for water supply but not for improvements to sanitation.
Water supply coverage has increased and in March Ethiopia celebrated achieving the target of halving the number of people who were without access to safe water Figure 3. For further information, take a look at our frequently asked questions which may give you the support you need. Skip to main content. Explore OpenLearn. Sign in. Get started Create a course Free courses. About this course 30 hours study 1 Level 1: Introductory Course description.
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Economic Development vs. Economic Growth
The key parameters of economic growth in any economy are its Gross Domestic Product GDP and gross national product which helps in measuring the actual size of an economy. For example, we say the GDP of India is 2. It shows how much the production of goods and services has increased compared to last year in a quantitative manner. It has many parameters to measure and few of them are as below:. Economic development projects a broader picture of an economy which takes into account an increase in production level or output of an economy along with an improvement in the living standard of its citizens.
means an increase in real national income / national output.
Difference Between Economic Growth and Economic Development
Economic Growth is a narrower concept than economic development. It is an increase in a country's real level of national output which can be caused by an increase in the quality of resources by education etc. Economic Growth can be measured by an increase in a country's GDP gross domestic product. Economic development is a normative concept i.
Economic Growth refers to the rise in the value of everything produced in the economy. It alludes to considerable rise in per-capita national product, over a period, i. Economic Growth is often contrasted with Economic Development , which is defined as the increase in the economic wealth of a country or a particular area, for the welfare of its residents.
Human development and economic growth are two different paradigms that imply different objectives, measurement techniques, and policies. However, a broad literature has shown that economic growth and human development are intrinsically interconnected, co-evolutionary, and mutually reinforcing each other. The key aim of this chapter is to discuss and compare these two paradigms and outline their elements of specificity as well as their potential linkages.
Readers Question: What is the difference between growth and development? Can a country experience economic growth without development? Economic growth measures an increase in Real GDP real output.
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