Economic Development And Economic Growth
2.2.2 Economic development and Economic growth
Economic development is defined as the attainment of a number of ideals of modernization such as a rise in productivity, social and economic equality, improved institutions and values (Adedeji et al, 2014).
Economic development is thus an important aspect of general development in any nation (faodun et al, 2010). According to litman (2010), economic development refers to progress toward a community’s economic goals such as increased employment, income, and productivity and tax revenues.
Loveride and morsedefined economic development as “A sustained community effort to improve both local economy and the quality of life by building the areas capacity to adapt to economic change”.
Alan Dearoff professor of economics and public policy, university of Michigan defined economies development as “sustained increased in the economic standard of living of a country’s population, normally accomplished by increasing its stock of physical and human capital and improving its technology”. Comel article explained that economic development is measured in terms of jobs and income, but it also includes improvements in human development, education, health and environmental sustainability. For economic development to occur there must be sustained quantitative and qualitative improvements in almost all the sectors of the economy (Litman, 2010).
Many people use economic growth and economic development interchangeably, however, there is difference
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