'Economic Growth is a Necessary but not Sufficient Condition of Economic Development"

Explain this statement. Does economical Development always lead to Improvements in Livind Standards?

Economic egress and economic development are often thought to be synonymous but although the two are closely linked, at that place are crucial differences in their meanings. Economic evolution is delimitate as a rise in the total output (goods or services) produced by a country. It is measured by the percent target of attach in the gross domestic product (GDP). Economic development as delimit by Todaro is not strictly an economic phenomenon but rather a multidimensional go involving reorganization and reorientation of entire economic and social ashes.

Economic egress measures growth in monetary edges and looks at no other aspects of development. Economic development looks at increase in productivity while pickings into account factors wish economic, social and political issues. Very often economic growth in a nation does not bring somewhat economic development. Economic growth of a nation send away also be attach to by increase in poverty and growing levels of unemployment. This type of growth if not accompanied by economic development in the vast term is bound to have adverse affects on society. Not sole(prenominal) does it affect people, it also has a negative impact, as to increase profits, the environment is callously polluted.



Economic growth can start out place if there is efficient use of peoples knowledge and readiness and good government policies.

Development is a long-term process. It looks into all aspects of growth, taking into account factors like the environment and human inevitably. Economic growth can only take place in the long run if there is development simultaneously. Sustainable development is defined as the world bank as development that meets the necessitate of the present without comprising the ability of future generations to meet their own needs. This sort of development is important as it means the...

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