'Do the two terms—'Economic Growth' and 'Economic Development' mean the same thing'. Discuss


#1

No, Economic growth and Economic development are distinct and different in terms of their contents and coverage.
Economic growth can be defined as a process whereby a country’s real national income increases over a long period of time.
In other words it is concerned with increase in national income.
Economic development however not only concerns itself with increase in income, but with its composition and distribution as well. It covers the process of long-term increase in income, as well as with achieving a more equitable income distribution and poverty alleviation.
Thus, economic development is a wider concept than economic growth.
Economic development = Economic growth + change