Respuesta :
Although growth and development are thought to be similar, they are actually very different. Actually, both terms allude to advancement, stage after that, etc. In third world economies, ecodevelopment is extremely popular and desirable. Although the idea seems to be timeless, it really dates back to the 17th century. It's actually a process by which a person, organization, or nation strives to advance from a lower to a higher economic stage. Economic statistics show increases in output, employment, and income, to mention a few. In general, some other indices of economic progress include decreased poverty rates, increases in living standards, savings and investment levels, and overall improvements in quality of life. Actually, the idea is more theoretical than numerical. It has always been and always will be in the center of economic objectives, targets, and goals in all types of economies, including developed, developing, and underdeveloped ones. It immediately addresses additional intended economic goals. Because it is so well-known and specialized, development economics is a distinct subfield of economics. Research has become more exact and useful as a result of the introduction of innovative ideas, concepts, and tools.
Economic development, on the other hand, is a distinct idea. Actually, it is a result or byproduct of economic growth. It is quantitative and of a numerical nature. Most economists describe it in terms of a % increase in output or production. In reality, increasing productivity will increase income and employment as well. When comparing various economies throughout the world in economic and financial terms, economic growth is more frequently employed. Additionally, it has an own area of economics called the economics of growth. more accurate and useful as well.
Therefore, rather than being substitutes for one another, both ideas are complementary. Without one, V is unable to envision the other. While the other has a quantitative basis, the first has theoretical foundations. Basically, in order to advance, one must be conscious of their limitations, restrictions, and restraints. It is here that the importance of economic growth is highlighted. On the other hand, progress requires ongoing efforts and endeavors. It is the area where we must anticipate economic growth. To reach a specific degree of economic development and consequently economic growth in the modern period, improvements in housing, health care, and education are just as important as improvements in energy, transportation, and telecommunications.
I believe I have somewhat answered your question.
Thank you,
Eddie
