Economic development or Economic Growth?

Yes it is equated but it doesn't mean that if there's an economic growth there would be economic development. There is a big difference between the two when we say economic growth there is an increased on the goods and services produced by the economy, increase in resources,and this can be measured through GDP. While Economic development is more relevant to measure progress and quality of life in developing nations. Therefore i choose Economic development than economic growth. Because if there's an economic development the socioeconomic of a country is improved,and the quality of living of the citizens are improved too.

For me..i prefer ECONOMIC DEVELOPMENT because this generally is the quality of the economy...in terms of the standard of living and the economic health for the possible benefactors inside the economy which will affect the economic growth of the entire economy.

for me, i prefer economic development because the concern of this is the policymaker and communities that promote the standard of living and economic health of a specific area. to avail a perfect economic growth you must consider first the health of every people, human capital, critical infrastructure, competitiveness, environmental sustainability,the safety, literacy, and other initiatives, without this economic development, the economic growth that we want to avail will not come true.

For me I prefer economic development than economic growth. Economic development refers to the sustained,concerted actions of policymaker and communities that promote standard of living and economic health of a specific area.It also referred to as the qualitative and quantitative changes in the economy. Such action can involve multiple areas including development of human capital,critical infrastructure. While the economic growth is the increase in the amount of the goods and services produce by an economy overtime.It is conventionally as the percent rate of increase in real gross domestic product or real GNP. economic development differs from economic growth,whereas economic development is the policy intervention endeavor with aims of economic and social well-being of people.While economic growth is a phenomenon of market productivity and rise in GNP.

For me i choose economic development ,because economic development concerned is to create more and better goods and serves-es to the economy and also development means more than imposing buildings,beautiful houses, elegant cars and modern machines. we also conclude the fundamental changes in the society , ways of life, values and institutions.so that i choose economic development.

For me..i prefer ECONOMIC DEVELOPMENT because this generally is the quality of the economy...in terms of the standard of living and the economic health for the possible benefactors inside the economy which will affect the economic growth of the entire economy.

Well as a student base on our past disscussion that's right the higher the GNP, the higher is the economic growth but before anything else the ECONOMIC GROWTH is the increasing of the capability of producing goods and services compared to the other period of time while the ECONOMIC DEVELOPMENT is the maintaining of certain actions of policymakers that promotes highstandard living ang standard of living in specific areas. On my own opinion i much prefer to the economic development because it focuses to the concern of a country or societies people and also with rising incomes and related increases in consumption, savings and investment. But there is something came on my mind the economic development wont be more successful if there is no economic growth.

Economy will not grow without development. Economic development is all about how people act in society, the living standard, improvement and freedom of choice. The human development contribute a lot in measuring to lead in economic growth. It also lead to many changes in economy like making opportunities that will increase the income of every citizen. But when we speak on GNP, it will surely really on Economic Growth which is all about the countries level of national output caused by the improvement of technologies and quality of resources resulting to increase quality and quantity of goods and services produced by the economy.

Economy will not grow without development. Economic development is all about how people act in society, the living standard, improvement and freedom of choice. The human development contribute a lot in measuring to lead in economic growth. It also lead to many changes in economy like making opportunities that will increase the income of every citizen. But when we speak on GNP, it will surely really on Economic Growth which is all about the countries level of national output caused by the improvement of technologies and quality of resources resulting to increase quality and quantity of goods and services produced by the economy.

for me economic development because economic development is the policy intervention endeavor with aims of economic and social well being of people, economic development can also be considered as a static theory that document that state of economy at a certain time and also initiative,for instances in cases where they have functioned mainly as resource providers to wealth industrialized countries that's all thank you.

Economic growth an increase capacity of an economy to produces goods and services ,copared from one period at time yo another. economic growth can be measured to nominal terms, which enclude inflation or an real term,which are adjusted for imflation .for comparing one country.economics growth to another,GDP and GNP per capita should be used as these take into acount population differences between countries.

I prefer in economic growth because it increase on the amount of goods and services produce by economy over time. it is conventionally measured at the percent rate of increase in real gross domestic product, or real GDP. growth is usually calculated in real terms, in order to obviate the distorting effect inflation in the price of the good and services produced. As an area of study economic growth is generally distinguished from development economics. the former is primarily the study of how countries can advance their economies. as economic growth is measured as the annual percent change of gross domestic product it has all the advantage and drawbacks of that measure.

as i research on these two concept of economic growth and economic development. there can be an economic growth in one country but it does not an assurance that there can be also a economic development. economic growth is just a part of development , and i can say that in order to be successful and to be progressiveness country we should impose economic development than growth .

Economic growth cannot be equated with economic growth. There is a real big difference between the two concept. A a future economist, I prefer for Economic development over economic growth. Let me justify this by details: Economic Development vs Economic Growth While Economic Development is a normative concept - meaning, it takes its definition variably, the definition by Michael Todaro however best suits it: an increase in living standards, improvement in self-esteem needs, and freedom from oppression as well as a greater choice. The best and most accurate method to measure development is the Human Development Index (HDI) which takes into account the literacy rates and life expectancy within a country or economy which then affect productivity and definitely lead to full Economic Growth. Meanwhile, Economic Growth is an increase in a country's real level of national output which can be caused by an increase in the quality of resources by education etc, increase in the quantity of resources and improvements in technology. Growth then can be measured by an increase in a country's GDP. However, this does not necessarily mean that development has occurred within an economy or country. Flaws of Economic Growth as measured by GDP Economic Growth technicality does not account the following major factors: * Depletion of Natural Resources - which might lead to pollution, congestion and disease. Development is however concerned with long-run sustainability and maximum yields which means meeting the needs of the present without compromising the future needs. Environmental effects are becoming more of a problem for Governments now and this pressure had increased on them due to the recent Global Warming crisis. * Size of the Informal Economy or Black Market - which is highly unrecorded economic activities and in most cases, illegal. This stifles development as it creates urban congestion and allows disease to be spread more quickly. Hence, black market has very little regards for health and public safety issues. Moreover, governments cannot enforce taxation over them and thus, cannot use that money to for basic social services. Development rather alleviates people from low standards of living into proper employment with suitable shelter. * Proper Distribution of Income - it is generally thought that an increase in a country's GDP means everyone benefits however, this increase might really be attributed to the rich people only. This economic setting creates alienation, encourages crime and threatens social cohesion is is very important in an economic society. This can be further justified on the grounds that wealth will eventually trickle down, the 'trickle down' effect. But the problem this creates is that it is far too slow compared to other development policies for example an increase in government spending on basic social services. * FOREX and the Actual Income Level - hence, the two factors reality might be very different. However, this can be resolved if the Purchasing Power parity is used which considers the varying price level in country's. The HDI is likewise more effective in measuring development. However, this also has to be taken with close caution as there are other elements such as access to clean water; and doctors per 1000 people - which can be used and is not included in the HDI criteria. Thus, Growth is just one dimension in a certain Development within an Economy. Economic Growth is of course, necessary but not a sufficient condition for development because GDP per capita might be rising but at the same time, poverty, inequality and massive environmental degradation might horribly creep into an economic society.

Economic Growth because,it have important effects even over a decade or two; for example,since about 1973 the United States and other industrialized countries have experienced a sustain slowdown in their rates of growth.On the other hand,the map contrasts the wealth of industrialized nations and the developing nations, scaling each country to show the size of its GNP relative to other countries.Thus,the united state, which has largest GNP,in the world,i the largest area on the map. Countries with smaller GNP,are scaled accordingly.In 1991,43 counties had per capita GNP of less than $500. According to Figure 20.1, the majority of these countries are in Africa and Asia.

Economic development,relates to growth of human capital indexes,a decrease in inequality figure and structural changes that improve the general population's quality of life.ECONOMIC GROWTH Relates to a gradual increase in one of the components of gross domestic product,consumption goverment,spending investment net export.

"Economic development is a measure of the welfare of the human in a society while on the other hand Economic growth is the measure of the value of output of good and services within a time period. . .in these definition we can say that development is not equated to growth. . . "And, for me i prefer most in Economic Development ..Development Because it is a measurement of the welfare of the human in the society since it is a welfare, society well not improve there goods without these. . . a society cant produce well if there will be no consumer who will consume the product. .and the rate of the said society will be low.. economic growth can be a one aspect of economic development but is not the same,..they are not the same in the sense that both of them has there own particular part of in the society but i can say that development and growth can be merge if they interact to each other and it well result a good and progressive economy...XD

Economic growth because is an increase in the total output of the economy.It occurs when a society acquires new resources or when it learns to produce more by using existing resources.A measure of the value of output of goods and services within the period of time.While economic development a measure of the welfare of humans in a society..

For me if one country experience economic growth there is an instance or a chance that it will lead to economic development for that particular country or economy. In my own opinion economic growth is a process or a step to reach economic development. Achieving economic development is the end goal of every economy or country and to achieve this, there must be an economic growth first plus positive changes within the economy. Because sometimes a particular country experience economic growth but never attain economic development for the reason that there is only increases in output but there is no positive changes happening in the other sectors of the economy. I would prefer economic development because it is the improvement of all aspects and areas within the community. It is the improvement of the community as a whole. And you would experience economic growth in attaining economic development.

Economic growth maybe equated with economic development.Let me define first,ECONOMIC GROWTH is the process by which productivity,living standards and output increases.An increase in the total output of a nation over time.Economic growth is usually measured as the annual rate of increase in a nations real GDP(or real potential GDP).While ECONOMIC DEVELOPMENT is a progressive process of improving human conditions,such as the reduction of elimination of poverty,unemployment,illiteracy,inequality,disease and exploitation. I prefer to choose economic growth because it is where the production of our economy's total output of goods and services are increasing.And the average of our population growth rate has been increasing also.And without economic growth the development of our economy will not be improving. -edenmaepanong