Economic Growth And Development


 
 
Concept Explanation
 

Economic Growth and Development

Economic growth is a physical concept through which physical growth is indicated. The long - term continuous increase in per capita income is called Economic Growth. This indicates an increase in the size of GDP and GNP In comparison, economic development is a larger concept, which incorporates the physical dimensions of development as well as the social dimensions.

Interconnection of Economic Growth and Development

  • Economic growth is economic growth along with social equity. This is possible only when there is a relatively equitable distribution of the benefits of economic growth. In such a situation, not only the per capita income increases, but the standard of living and quality of life also improve.
  • While the level of health, education and nutrition is better than before, the percentage of people below poverty line and the percentage of the population deprived of basic minimum requirement also fall.
  • Amartya Sen defines economic development in terms of competence and extension of empowerment According to him, empowerment means creating favorable conditions for people in which he can try to improve his life and which can make him aware of his rights.
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    Sample Questions
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    Question : 1

    Human Development Index refers to the level of human development in the context of which index ?

    Right Option : D
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