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Economic Growth and Economic Development Assignment Help
Understanding Economic Growth:
As the word suggests, economic growth is increase in the total income in the economy through which people can buy goods and services in the economy according to their needs and wants. Now question arises: when does economic growth takes place? Economic growth takes place when there is increase in the productivity which lowers the input for a given output. Economic growth also increases with the increase in population and introduction of more and more products and services in the economy.
Understanding Economic development:
Economic development is a wider and broader concept than economic growth. Economic development is that when there is a rise in the standard of living in some area of the economy. There are continuous and prolonged efforts to increase the living standards in that area of economy. When these prolonged and continuous efforts are put in the areas like imparting education, decreasing illiteracy rate, controlling population, controlling sex ration, making new and good policies for the economy etc. then it is called as Economic development. Thus, we can say that economic development is done by keeping in mind well being of the people in the economy.
Related topics to Economic growth and Economic development:
- Adam Smith Theory
- David Ricardo Theory
- Endogenous Growth
- Keynesian View
- Karl Mark Theory
- Neo Classic View
- Neo Classic Models with Micro- Foundations
- Post Keynesian View
Assignment and Homework help for Growth and Development at AssignmentHut:
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