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Economic Growth and Economic Development

  • Concept of economic development is broader than economic growth.

  • Development is taken to mean ‘growth plus change’, whereas economic growth means growth only quantitative expansion of an economy. Economic growth is, thus, a quantitative concept, while economic development is a qualitative concept.
  • C. P. Kindleberger says that growth involves focusing on height or weight while development focuses on the change in functional capacity.

 

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