Explanation
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP, usually in per capita terms.
Human resource is different from other resources like land and physical capital in the following ways:
"Economic Growth can be defined as an increase in overtime in per capita output of material goods". This definition is given by Paul Baran. A sustained increase in real per capita income is the true index of economic growth. It talks about quantitative increase but not qualitative increase.
An increase in the amount of goods and services produced per head of the population over a period of time is called economic growth. It includes increase in per capita production, per capita real income and structural change in economics. It talks about quantitative increase but not qualitative increase.
Economic development is the economic growth accompanied by imporvement in well being of man. For example just increase in national income or increase in production of goods and services is not an economic development but it is economic growth. It should be accompanied by improvement in the quality of life like improvement in the technology involved, improvement in production, improvement in distribution system.
It is characterized by Structural change in the economy and also Change in the occupational structure. It talks about quality of life.
Economic development is the economic growth accompanied by improvement in well being of man. For example just increase in national income or increase in production of goods and services is not an economic development but it is economic growth. It should be accompanied by improvement in the quality of life like improvement in the technology involved, improvement in production, improvement in distribution system.
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