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Economic Growth and Development

Economic Growth and Development
Economic Growth

An exact definition of economic growth has not been developed yet. However, it is defined as an increase in aggregate output of goods and services in a country during a given period of time.

In the words of Kuznet,"Economic growth is a long-term rise in the capacity to supply increasingly diversified economic goods and services to its population.

Economic Development

The concept of economic development changes along with changes in human attitudes, behaviour and activities. The definition given in a special period may not be suitable for another period. Hence, it is a dynamic subject of study. Economic development in the decade of 1950, compared in terms of per capita income. Similarly, in the decade of 1960, it was linked with human resource development.

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