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Difference Between Economic Growth And Economic Development

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demand tilts away from goods towards services. Increased government spending on services (such as education and health) adds to this process. Because comparative advantage between countries changes over time, we expect to see nations switching their resources to industries where they can exploit a new advantage. In Britain’s case, it is widely held that financial service is a sector where they hold a significant advantage over other nations. However the rate at which this structural transformation takes place must vary from country to country. Even within the so-called advanced economies that make up the OECD (Organization for Economic Cooperation and Development) there are wide differences in the contributions to output from each industry. …show more content…

Economic growth refers to an increase in the real output of goods and services in the country. Factors Development relates to growth of human capital indexes, a decrease in inequality figures, and structural changes that improve the general population's quality of life. Growth relates to a gradual increase in one of the components of Gross Domestic Product: consumption, government spending, investment, net exports. Measurement Qualitative HDI (Human Development Index), gender- related index (GDI), Human poverty index (HPI), infant mortality, literacy rate etc. Quantitative. Increases in real GDP. Effect Brings qualitative and quantitative changes in the economy Brings quantitative changes in the economy Relevance Economic development is more relevant to measure progress and quality of life in developing nations. Economic growth is a more relevant metric for progress in developed countries. But it's widely used in all countries because growth is a necessary condition for …show more content…

India embarked upon industrial development following socialist-inspired-policies for most part of its independent history including state ownership of many sectors, extensive regulation and red tape known as “License Raj” and isolation from the world economy. Since mid-1980s India has slowly opened up its market through economic liberalization and moved towards a free market economy, especially after more fundamental reforms since 1991 and their renewals in the succeeding years. The liberalized regime has paved the way for increasing direct and indirect investments in different sectors pushing level of income and employment in the

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