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Can there be economic growth without economic development?

Can any body differentiate b/w economics development and economic growth ??????

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    Economic growth is the increase in value of the goods and services produced by an economy. It is conventionally measured as the percent rate of increase in real gross domestic product, or GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to net out the effect of inflation on the price of the goods and services produced. In economics, "economic growth" or "economic growth theory" typically refers to growth of potential output, i.e., production at "full employment," which is caused by growth in aggregate demand or observed output. As economic growth is measured as the annual percent change of National Income it has all the advantages and drawbacks of that level variable. Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. That legal and institutional adjustments are made to give incentives for innovation and for investments so as to develop an efficient production and distribution system for goods and services. Economic development is a sustainable increase in living standards that implies increased per capita income, better education and health as well as environmental protection.

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Go with Charu's answer.

Sageandscholar

economic development is about development while economic growth is about growth so easy duh...

anlouise

Economic growth refers to the increase in production or consumption of a nation. On the other hand, economic development is the increase of these things by each person. It seems that a nation might grow economically, but not develop or improve people's living standards. Also, it could happen the other way, that a nation might not increase any of them but manage to distribute the goods and services to more people. Economic growth deals with gross domestic product (GDP), and economic development deals with per capita income. Hope this helps.

Catterpillar_Girl

The simplest way I know how to put it: Economic growth is what happens when an economy expands, and they have the ability to be more efficient in their production For example: The introduction of new technology allows a country to become more efficient and grow. A great example is China. They are growing at an unprecedented rate of 8%! Economic development is the sustained benefits cause by growth. It is the LONG-term benefit of growth. Example: Higher standard of living, more income per person, better governent funded projects.

Cherry Darling

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