Growth and Development
The difference between Growth and Development
To grow is to augment in number or size and to develop is to amplify one’s ability & craving to convince one’s own needs & legitimate requirements & those of others.
Difference between Economic Growth and Economic Development
Economic Growth is an increase in a real level of country’s national output which can be cause by a boost in the distinction of resources, boost in the number of resources and enhancements in technology or in another way a rise in the worth of goods & services produced by every segment of the economy. Economic Growth can be calculated by an increase in gross domestic product of a country.
Economic development is a normative notion that is; it applies in the framework of people's intellect of ethics. Economic Growth doesn’t take into consideration the size of the informal economy. Informal economy is also recognized as black economy which is the unrecorded economic action. Development assuages people from low standards of living into suitable employment with apposite shelter.
Economic Growth doesn’t take into consideration the diminution of natural resources which might lead to congestion, pollution and disease. Development on the other hand is concerned with sustainability which refers to meeting the requirements of the present without finding the middle ground for future needs.