Concept Of Economic Development In Kakistan

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The level of importance on the improvement in the quality of life of the people has made it absolutely necessary to highlight the distinctions between Economic Growth and Economic Development.
Economic growth is a pure economic process whereby there is an increase in the economy’s GNP due to the increase in the productive capacity of the economy. Economic development, on the other hand, is a multi-dimensional process involving major changes in the social structures, popular attitudes and national institutions, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.
Economic growth is quantitative in nature and it is measured in terms of the increase in the per capita income accompanied by the expansion in its labour force, consumption, capital and volume of trade. Economic development is qualitative in nature as it is usually defined as growth plus change. The change should reflect in the improved performance of factors of production, technique of production, structural and sectoral changes, development of economic and social institutions along with changes in attitudes and values.
The term Economic growth is a narrow concept, whereas the term Economic development is a wider concept. The latter is a more comprehensive concept than the former. Development goes beyond the rise in output and income to cover several facts of economic and social life such as quality of life,
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