Growth Economics Assignment Help
Economic growth will take place whenever people get hold of resources and rearrange them in ways that are more valuable and useful. Economic growth takes into account mainly numerical calculations. We consider an economy to be economically growing when its income indicators grow. Like when there is an increase in total income in an economy. Or when per capita income is growing.
Economic Development is a broader concept:
Economic development is a broad term that generally refers to the sustained and continuous efforts to promote living standards in a specific area. Such effort can involve multiple areas including development of literacy, infrastructure, education, sex ratio, population levels, good sanitation, food policies etc . Economic development differs very much from economic growth discussed above. Whereas economic development aims of economic and social well-being of people, economic growth is a process of growth of GDP . Consequently, as economist points out: “economic growth is a subset of the process of economic development.”
