Distinguish between economic development and economic growth.

Question

Distinction between Economic Development and Economic Growth:Economic GrowthEconomic Development(i) Economic growth is a...

Accepted Answer

Distinction between Economic Development and Economic Growth:Economic GrowthEconomic Development(i) Economic growth is a...

Economic Growth	Economic Development
(i) Economic growth is a short-term measure and generally refers to year to year in national and per capita income in real terms.	(i) It is a long-term measure over a long period. It refers to overall rise in standard of living and a better quality of life.
(ii) The income index does not take into account the distributional aspects of national income.	(ii) Besides income index some non-income indices are also taken into account.
(iii) Income approach does not take into account the unproductive growth.	(iii) There are high life expectancy at birth, low mortality and high rate of literacy.