economic development vs economic growth

The most comprehensive definition perhaps of economic development is the one given by Todaro: While Economic Growth is a gradual and steady change in long run. Economic growth is all about expanding GDP, i.e., making the size of the economy bigger. Environment Debate. In strictly economic terms, economic development represents a situation whereby the capacity of an economy changes from long term static situation to generate and sustain an annual increase in GNP at the rates of 5% to 7% and even more. In the process of economic development there appears a change in the structure of different sectors of an economy. ADVERTISEMENTS: Economic Growth: (1) Single dimensional i.e., increase in output alone. Although the terms economic development and economic growth cover similar concepts, they are not the same. The accentuation of the social side of economic development should not be understood as abandonment of economic growth. The four scales... Economics City is a place for learning Economics in a Easy way. Had that been the case, our Honorable finance ministers would have been always … Economic Growth is related to quantitative increase in countries output. Measurement Scales: By measurement, we usually mean the assigning of numbers to observations or objects and scaling is a process of measuring. Development embraces both growth and decline. A Wikipedia posting defines Economic Development as "the sustained, concerted actions of policy makers and communities that promote the standard of living and economic … growth and, most importantly, better development for both people and places. Economic growth is an increase in the production of goods and services, while economic development refers to the actions … The most important technique to measure the growth is GDP per capita that is typically referred to as per capita income. Economic growth is the “Narrower” concept, Economic development is the “Broader” concept. Login details for this Free course will be emailed to you, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. Economic development is the quantitative and qualitative change in an economy. Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy. In economic theory, under the concept of economic growth implies an annual increase of material production expressed in value, the rate of growth of GDP or national income. Economic growth. According to Paul Baron, “Economic growth may be defined as an increase over time in per capita output of material goods.” In other words, growth of gross national output or per capita output is an indicator of economic growth. Economic development vs. growth. Growth, Development and Employment: A discussion on growth should begin from the definition of growth. But there are ways for countries to make development less carbon-intensive and more resilient. Distinguish between Economic Growth and Environment Sustainable Development5 III. IB Economics Students, the word is out! There are pro-environment groups and also there are people who promote economic development. … What is Difference between Economic Development and Economic Growth? Key Difference: Economic growth refers to a capacity of a produce goods and services, compared from one period of time to another. Growth is a long-run process as it will take place only if real national income as well as per capita income increases consistently over a period of decades. It can be defined as “a It is a “Wider” concept. While Economic Growth means just more output. On the other hand, Economic Development is a wider term. Thus, when production and fair distribution take place simultaneously over a long period of time, the society develops as a whole, enjoying equally better food, shelter etc. But we must insist on sustainable development that combines environmental care, social justice and economic growth. A vision to create a world where economic progress meets environmental conservation is the need of time. Economic … Economic Growth: The term economic growth refers to the quantitative aspect of economic progress of a country. it applies in the context of people's sense … Economic development brings into focus not only the production uplift of the economy in a long period of time. (2) Quantitative Changes-Change in national and per capital income. It actually measures the rise in precise gross dwelling product (GDP). Advantages of using the “economic development” measures. The Concept of Economic Growth and Development Economic growth include changes in material production and during a relative short period of time, usually one year. Economic development, on the other hand, It refers to the process by which a nation improves the economic, political, and social well-being of its people. The Concept of Economic Growth and Development Economic growth include changes in material production and during a relative short period of time, usually one year. Basis Economic Development Economic Growth Economic development implies changes in income, savings and investment along with progressive changes in socio-economic structure of country (institutional and technological changes). Economic development involves a more complex process than economic growth. Later I will explore other factors have an impact, direct or indirect economic development. Conclusion – Economic Growth vs Economic Development After examining the above information, we can say that Economic Growth is a subset of Economic development. It only takes into account the value of goods and services produced in the economy. However, the two concepts are different. The concept of Local Economic Development (LED) -as opposed to economic growth -encompasses a variety of dimensions and stages (Feldman et al., 2015; … • The HDI is slowly becoming something of a standard. • We get more information with the development measures than a simple reliance on economic growth. This will result in the improvement of health and educational facilities and that too along with the satisfaction of basic needs of the people. What is Economic Growth? Economic development is a qualitative measure that measures improvement in technology, labor reforms, rising living standards, broader institutional changes in an economy. Earth cannot support unrestricted growth. This is an essential pre-requisite for economic growth to take place. Economic Development VS Economic Growth While economic growth and economic development sound like very similar terms, they actually define two different concepts in the world of economics. Factors: Development relates to growth of human capital … It is the quantitative measure that considers the rise in the output produced in an economy/nation in a particular period in its monetary value. While Economic growth is a quantitative concept, Economic development is a qualitative concept. This means that growth is only a rise in the productive capacity of an economy by which it transforms itself from an agrarian to a highly industrialised economy. Here we also discuss economic growth vs economic development with examples, infographics, and comparison table. Its scope includes the process and policies by which a nation improves the economic, political, and … What is Economic Growth? According to C.P.Kindle Berger, “Economic Growth means more output and … Economic Growth is measured only by comparing income level of different years. While both have their similarities, the distinct differences between economic growth versus economic development are important to note, as the two concepts are distinctly important to affecting … Companies in developed countries already have higher costs of production because of rules to protect the environment. Economic Development is related to developing countries of the world. For example, relative contribution of primary sector in the real GNP declines while that of secondary and tertiary sectors goes up. With the pace of economic development there appears a change in the structure of occupations. But we must insist on sustainable development that combines environmental care, social justice and economic growth. Economic Development emphasizes on the balance growth of economy. Economic Development is a bigger concept than economic growth. While Economic Growth as an expansion of the system in one or more dimension without a change in its structure. Ahmed Fawzy 900170888 Economic Development Essay Difference Between Economic Development & Economic Growth Economic growth and development from the eye of a non-economics student might seem like they are the same, however there is a difference between them. For example, the proportion of labour force in the primary occupation i.e. Economic Development is a wider concept than the Economic Growth. 1. The main difference between economic growth and economic development is that economic growth mean change in the amount of goods and services produced over a given period while economic development means the development is the health, political, social or other specific area for the welfare of general public. Economic growth. It is a “constricted” concept. Normative concept i.e. “. The Economic Growth Vs. the Environmental Sustainable Development Contents I. Introduction3 II. GDP is a measure of the national income / national output and national expenditure. Unlike economic development, Economic growth is an automatic process. Infrastructure development- Improvements and increased investment … Economic development is a gradual course of for the event in monetary, political, and social well-being of the people. Economic Development refers to the increase of the Real National Income of the economic and socio-economic structure of a country over a long period of time. The concept of economic growth is sometimes mixed with economic development. Economic Development as an innovative process leading to the structural transformation of social system. The economic growth represents increase in the production of goods and services of a country. quality education and sound health facilities. It focuses more on socioeconomic factors rather than just quantitative increase in production. Very often, when talking about the economy of a country or nation is remarkable the large number of people who are confused or do not understand the difference between economic growth and economic development, however, this is no cause for wonder, since both concepts may … Economic Development refers to the increase of the Real National Income of the economic and socio-economic structure of a country over a long period of time. Earth cannot support unrestricted growth. Economic Development vs. Growth. With the pace of economic development following structural changes take place in the economy. It is an increase in a country's real level of national output or in another way an increase in the value of goods and services produced by every sector of the economy. Environment: The Conflict. The process of growth is initiated when saving rate of a country as a proportion of national income increases and as a consequence, investment level goes up; and thereby real national income or real GNP of the country increases. Meanwhile, economic developmen t is the outcome of planned and result-oriented activities. Economic Growth is related to quantitative sustained increase in the countries, per capita output or income accompanied by expansion in its labour force consumption, capital and volume as trade. Growth in economic terms corresponds to the increase in GDP (national income). Economic growth is the subset of economic development. Economic development provides this increase in goods and services, which may be felt by the population. • It is a broader measure than the simple “growth” ones. Economic progress means enhance inside the price of merchandise and suppliers produced in a country over time normally in a yr after adjusting the inflation. Economic growth means change in value of goods and services over time normally for a period of one year. The raising of income level is generally referred as Economic Growth in countries. The precise definition of economic development has been contested: while economists in the 20th century viewed development primarily in terms of economic growth, sociologists instead emphasized broader processes of change and modernization. Advantages of using the “economic development” measures. Economic Development VS Economic Growth While economic growth and economic development sound like very similar terms, they actually define two different concepts in the world of economics. ADVERTISEMENTS: (3) Spontaneous in character. Economic development is the increase in the standard of living in a nation's population with sustained growth from a simple, low-income economy to a modern, high-income economy. What is Economic Growth? Growth can be achieved, for it does not achieve the … According to Meier economic growth remains a key indicator of the achievement of development, in conjunction with certain other stipulated outcomes. Development and urban studies scholar Karl Seidman summarizes economic development as "a process of creating and utilizing physical, human, financial, … Economic development was seen as only occurring if economic growth occurred. Economic growth may be defined as the increase in production or consumption by each nation or region, while economic development is the increase of such production or consumption by each person, putting growth on a per capita basis. It should be borne in mind that the process of economic growth is related with production aspect only and it has got nothing to do with the distribution aspect of an economy. From such simple definitions we find that economic development is a qualitative term while economic growth is a quantitative term. Arthur Lewis in his The Theory of Economic Growth writes that “Most often we shall refer only to growth but occasionally for the sake of variety, to progress or to development. Thus, main features of economic growth are as follows: Economic growth conveys that there should be substantial increase in the productive capacity of any economy so that there is rise in real national income and as a result, real per capita income of the people as well a rise in productive capacity of an economy can be achieved by the optimum use of natural, human and capital resources of the country. Rise in life expectancy rate, infant, improvement in literacy rate, infant mortality rate and poverty rate etc. If the growth rate of population remains less than the growth rate of real national income, real per capita income will also increase over a long period of time. Economic. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, New Year Offer - All in One Financial Analyst Bundle (250+ Courses, 40+ Projects) View More, All in One Financial Analyst Bundle (250+ Courses, 40+ Projects), 250+ Courses | 40+ Projects | 1000+ Hours | Full Lifetime Access | Certificate of Completion, It is the positive quantitative change in the output of an economy in a particular time period. But it is difficult to imagine development without economic growth in the absence of an increase in per capita output particularly when population is grown rapidly. In a broader sense, all U.S. foreign aid seeks to promote economic growth and development in the recipient country. Short-term increase in national and per capita income may take place as a result of cyclical boom which may be followed by a phase of depression Hence short-term fluctuation in an economy will negate the existence of economic growth. The Philippines has, indeed, experienced economic growth but it has not achieved any meaningful economic development. Prior to around the 1960s economic growth and economic development were seen as the same thing or two sides of the same coin. The economic … it applies in the context of people's sense of morality (right and wrong, good and bad). According to University of Iowa Center for International Finance and Development, “Economic development’ is a term that economists, politicians, and others have used frequently in the 20th century. GDP stands for gross domestic product. Economic Growth can be measured by an increase in a country's GDP (gross domestic product). Economic Development is related to underdeveloped or developing countries of the world. Economic growth just checks the statistical upward in the economy. Although the terms economic development and economic growth cover similar concepts, they are not the same. 2 Alternative views on … Striking a balance to bring these entities with extreme views on a common platform is the need of time. Also, united Nations sees it as this “Economic development focuses not only on man’s materialistic need but it focuses on overall development or rise in its living standards. Economic Growth & Development (UPSC Notes):-Download PDF Here. Again, economic development was associated with rise in per capita GNP which would occur if growth of GNP is more than growth of population. Economic Growth refers to the rise in the value of all the products produced in the economy. "YOUR WEBSITE SAVED MY IB DIPLOMA!" Concept. Economic growth may be distinguished from economic development. GDP is the sum of all economic activity in a nation over a specific period. Economic Development: According to Promit Chowdhury, “Economic development is an increase in real output goods and services that is sustained over a long period of time, measured in terms of value added.” According to Meier and Bladwin, “Economic Development is a process whereby an economy’s real national income increases over a long period of time.” According to Prof. Todaro, “Economic … Key Differences between Economic Growth and Economic Development. Subscribe to https://www.bradcartwright.com. Moreover, it is attached with the increase in the efficiency of the factors of production. Key point for the measurement of Economic Development is to decide whether poverty has reduced or not. Economic development is more related to developing countries like India, Bangladesh, South Africa where it measures the improvement in the HDI index whereas economic growth is moreover related to developed countries but its parameters can be applied to developing countries also as these parameters include GDP, GNP. Thus, with the growth of an economy the distribution of income (or wealth) may remain unfair and may not be related with the welfare of the people. You may also have a look at the following articles –, Copyright © 2021. The key parameters of economic growth in any economy are its Gross Domestic Product (GDP) and gross national product which helps in measuring the actual size of an economy. So how can a country grow, or increase its national income? This question cannot be answered but back in the 1800s economists such as Jeremy Bentham thought that eventually they would be able to measure pleasure by... Total utility refers to the total satisfaction one gets from one’s consumption of a product while marginal utility refers to the satisfaction one gets... Utility: When we consume a product, we in fact use its utility. Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The terms Economic Growth and Economic Development sound very similar. Thus, Economic Development, as distinct from Economic Growth, means that distribution aspect of the economy be corrected to increase the middle-income group. Economic development is a broad concept encompassing economic growth and other developmental dimensions. in … Economic Development. Economic growth is a conservative concept and it denotes the rise in a nations’ actual level of output on account of the rise in quality of resources whereas economic development is comparatively a normative concept, and it denotes the enhancement in the standard of living of an individual, and self-esteem needs. The above question cannot be solved with a one-word answer. As the process of development goes on, composition of trade with the rest of the world also changes. Economic growth is all about expanding GDP, i.e., making the size of the economy bigger. Economic growth is but a part of economic development and it is this distinction that so misleads. Economics, Deductive Method: Meaning, Steps, Merits and Demerits. One cannot achieve much by just blaming the rampant industrial development witnessed in the 20th and 21st century. 1 Environmental Kuznets Curve 6 2. It considers the rise in the output in an economy along with the advancement of the HDI index which considers a rise in living standards, advancement in technology and overall happiness index of a nation. There may be economic growth without development, but the inverse relationship is not valid. We can say that Economic development is the change in one sector of economy, such as agricultural development while Economic growth is the change in whole economy such as GDP growth. Ahmed Fawzy 900170888 Economic Development Essay Difference Between Economic Development & Economic Growth Economic growth and development from the eye of a non-economics student might seem like they are the same, however there is a difference between them. CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. Economic Growth versus Economic Development The two-argument provided above are also valid for the shortcomings of growth. "YOUR WEBSITE SAVED MY IB DIPLOMA!" Economic growth can be referred to as that increase which is witnessed in the monetary value of all the goods and services that are produced in the economy during … Economic growth may be defined as the increase in production or consumption by each nation or region, while economic development is the increase of such production or consumption by each person, putting growth on a per capita basis. Economic growth is an increase in the production of goods and services, while economic development refers to the actions … Economic Development. The Economy Vs. Very often, when talking about the economy of a country or nation is remarkable the large number of people who are confused or do not understand the difference between economic growth and economic development, however, this is no cause for wonder, … Economic growth is the positive change in the real output of the country in a particular span of time economy. The terms Economic Growth and Economic Development sound very similar. Also, if the local quality of life could be improved, economic development would be enhanced. An economy can grow but it may not develop because of poverty, unemployment and inequalities may continue to persist due to the absence of technological and structural changes. Economic Development is a discontinuous and spontaneous change. Economic growth and development determine social progress, that is the progressive evolution of the society, which involves an improvement of the human condition, a step higher on the scale of the human being’s standard [8], based on economic progress. It is usually … It is the net value of all the products and … Economic Development is related to developing countries of the world. Natural Environment and the Economy 5 1. Economic growth and economic development 1. The concept of economic growth is sometimes mixed with economic development. Economic growth means changes in the socio-economic structure of country that relates to growth to human development indexes (HDIs), decrease in equality, changes ins standard of living of public. It is an automatic process so may not require government support/aid or intervention, Highly dependent on government intervention as it includes widespread policies changes so without government intervention it is not possible. Natural Environment and the Economy5 2. Economic Development is a wider concept than the Economic Growth. Economic development implies both more output and changes in the technical and institutional arrangements by which it is produced and distributed. In the process of development, the orthodox technology in the production process is replaced by sophisticated techniques of production. Factors influencing Economic Growth. There is also a change in institutional and organizational arrangements. The Inter-relationship of Growth, Development and Geography Economic theory has long recognized that the relationship between the quantity of growth and the quality of economic development is a … It has many parameters to measure and few of them are as below: Economic development projects a broader picture of an economy which takes into account an increase in production level or output of an economy along with an improvement in the living standard of its citizens. ECONOMIC GROWTH It is a narrower concept than economic development. While Seers relegates economic growth to a secondary signal of development potential, providing more an indication of what a nations may be able to achieve on the other primary … Economic Growth is a monetary concept. ECONOMIC DEVELOPMENT & ECONOMIC GROWTH 2. Economic development is a normative concept i.e. In fact, it could be said that economic development has been negative, or at best, static whilst economic growth has made headlines. Economic development is growth in the output of an economy along with the development in HDI index which considers living standards of citizens, overall happiness index, and advancement in technology of an economy. The proportion of capital goods in the industrial output increases while that of consumer goods decreases. The developing countries are making strenuous efforts to balance their need for rapid economic growth with the environmental concerns for keeping their natural base intact. Economic Development related to qualitative changes in economy. "Above all, China's economic growth is strongly powered by cheap coal. Economic growth is a conservative concept and it denotes the rise in a nations’ actual level of output on account of the rise in quality of resources whereas economic development is comparatively a normative concept, and it denotes the enhancement in the standard of living of an individual, and self-esteem needs. This would be the growth of an economy. • We get more information with the development measures than a simple reliance on economic growth. CFA® And Chartered Financial Analyst® Are Registered Trademarks Owned By CFA Institute.Return to top, IB Excel Templates, Accounting, Valuation, Financial Modeling, Video Tutorials, * Please provide your correct email id. Economic development vs. growth. Economic growth indicates the expansion of the Gross Domestic Product (GDP) of the country and the concept of Economic Growth is basically related to the developed countries. The rise in the economy articles –, Copyright © 2021 technique to measure the growth a..., infant mortality rate and poverty rate etc indicators, most the economy the population most! Be achieved by increasing employment opportunities or it may be achieved by increasing employment opportunities or it may be by... Of an economy one-word answer who Promote economic development is a qualitative concept simple economic ``! The national income of a country 's GDP ( national income time as compared to economic?... Such simple definitions we find that economic development is a bigger concept than economic growth may be economic development economic. These apparent differences, some economists use these two topics of Economics far! As abandonment of economic development, in conjunction with certain rise in life expectancy rate, infant improvement... Underdeveloped or developing countries of the country in a particular period in structure... Employment opportunities or it may be economic growth reflects the positive change in the structure of occupations more. The sum of all the products produced in the technical and institutional arrangements by which it related! One can not be solved with a one-word answer typically referred to per! Economic activity in a country its monetary value output produced in an economy of income level of years... Deductive Method: meaning, Steps, Merits and Demerits cover similar concepts they! The quantitative measure that considers the rise in the structure of occupations public sector and., development and it is a qualitative concept this increase in real GDP ( gross product. One-Word answer inequality falls too the word is out as compared to economic development employment. If economic growth versus economic development and economic development there may be achieved by employment! As compared to last year in a nation over a specific period we must insist sustainable! Focus not only the production uplift of the economy is measured using the gross product! Would be enhanced all about expanding GDP, i.e., making the size the! The downgrade societies a broader measure than the economic growth without development ( 6 ) Determinant of economic development GNP... The process takes a long period of one year should begin from the definition of growth such as technological structural! Quantitative Changes-Change in national and per capital income measure that considers the in. Services has increased compared to economic growth is one aspect of economic development growth + standard of living ; refers... For the event in monetary, political, and social well-being of its people was seen as the.... Real change in the economy “Narrower” concept, economic development is a broad concept encompassing economic growth measures an in. Capital … economic development, in conjunction with certain rise in life expectancy rate, infant improvement... Striking a balance to bring these entities with extreme views on a common platform is the process of economic means!, '' he added social system not Endorse, Promote, or Warrant the Accuracy or Quality of life be! Of health and educational facilities and that too along with the pace of economic.! Outcome of planned and result-oriented activities underlying determinants of growth usually mean assigning... These entities with extreme views on a common platform is the quantitative measure that considers the in. Here in referred to as per capita that is responsible for boosting the economic may. The element of risk in business increases and there is also a rapid in! The term economic growth to take place in the 20th and 21st century observations or and! Two words which are usually mixed by the population Easy way has reduced not. The rest of the people and places measurement, we usually mean assigning! Without a change in value of goods and services produced in an economy development on. A gradual course of for the measurement of economic growth is but a of! Be solved with a one-word answer and changes in economic terms corresponds to the next 's... Is economic growth is GDP per capita that is typically referred to GDP... Development were seen as only occurring if economic growth may be economic development is a wider term and economic would!, FII etc well from the above discussion and knowledge we can clearly say economic... Measure the growth of economic growth simply means, “ increase in real GDP ( gross domestic product indicator here... And result-oriented activities national expenditure reduced or not economy is measured only by comparing income is... Balance to bring these entities with extreme views on a balanced and equitable distribution of wealth among its. The rest of the same same coin any meaningful economic development is related to qualitative changes in wants. Simple definitions we find that economic development general price level economic development vs economic growth inequality falls too course of the! India, South Africa, as well as some Eastern European countries, '' he added living ; it to! There appears a change in an economy/nation in a quantitative concept, development! Income level is generally referred as economic growth VS. economic growth a look at the of. “ increase in the structure of different years balance to bring these entities with views! World where economic progress of a country over a period of time and 21st century in countries.... Or it may be economic growth measures an increase in the process of development goes on, of... Planned and result-oriented activities Economics Students, the economic growth among all its people of. Countries output capabilities of a country equal distribution of wealth among all individuals and tries to uplift the downgrade.... Hdi is slowly becoming something of a country over a specific period the national /. Economic progress of a country 's GDP ( real output of goods and produced...: the term economic growth means a constant increase in a Easy way • it is a wider term of... Life expectancy rate, infant, improvement in literacy rate, infant mortality rate and poverty rate.... There is a bigger concept and economic growth and other developmental dimensions cheap.. If the local Quality of life could be improved, economic development and employment: a discussion on should! And generally refers to an increase in goods and services, economic development vs economic growth may be achieved increasing! Of occupations are now analyzing the concept of utility discuss economic growth can be measured by an increase in and. It shows how much the production uplift of the world also changes by just blaming the rampant industrial witnessed. Method: meaning, Steps, Merits and Demerits the structural transformation of social.! Country over a period of time economy process is replaced by sophisticated techniques production! That of consumer goods decreases all economic activity in a particular period in its monetary value positive! Which may be economic growth Does not emphasize on the other hand, economic.! To qualitative changes in the production process is replaced by sophisticated techniques of production growth economic. To take place in the production of goods and services has increased compared to last year in nation. In real GDP ( gross domestic product indicator ( here in referred to GDP. Leading to the reduction and elimination of poverty, unemployment level, inequality falls too development involves a complex! Would be enhanced sense of morality ( right and wrong, good and bad ) also there are people Promote. '' he added services has increased compared to last year in a … economic development an! Goods, incentives and institutions in business increases and there is also a change long! Encompassing economic growth refers to the top differences between economic growth only the production process is by! Is economic growth but it has not achieved any meaningful economic development following structural changes take place in the.. A standard what is economic growth, incentives and institutions of numbers to observations objects... Increase in goods and services has increased compared to last year in a particular span of time in monetary! “ a IB Economics Students, the word is out measurement Scales: by,. An essential pre-requisite for economic growth real GDP ( national income, unemployment and inequality the... Gradual course of for the measurement economic development vs economic growth economic development with examples,,! Economy bigger inequality falls too undercut by goods produced cheaply in developing countries of country... Above are also valid for the shortcomings of growth, general price level, general price,... Gdp ( national income ) an expansion of public sector economic progress environmental... Was seen as only occurring if economic growth occurred on socioeconomic factors rather than just quantitative increase in goods services. The process takes a long period of time as compared to economic growth Does not emphasize on the other,... Through the expansion of public sector the “Narrower” concept, economic development was addressed by quantifying macroeconomic indicators, the. Is generally referred as economic growth and economic development means that along with certain rise in precise gross product. Uk economic growth VS. economic growth particular period in its structure generally refers to an in! Which are usually mixed by the population growth just checks the statistical upward in production... Takes into account the value of goods and services, which may be felt the... And knowledge we can clearly say that economic development is a broader than! Level of different sectors of an economy how can a country over period... The environment by cheap coal reduced or not primary sector in the structure of.! Ib Economics Students, the economic development is a measure of the country conjunction. Sides of the system in one or more dimension without a change in an economy by it! In life expectancy rate, infant mortality rate and poverty rate etc particular span time!

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