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unit-1-alternative-paradigms-of-development

Unit-1 Alternative Paradigms of Development

In this unit, we will distinguish between growth and development and discuss the various institutional approaches to development.

What is the basic difference between growth and development?




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Learning Pundits Content Team

Written on Jun 26, 2019 1:04:25 PM

  • But in a strict sense ‘growth’ and ‘development’ do not mean the same. To appreciate the complexity of problems associated with development, it is necessary to understand the difference between ‘growth’ and ‘development’.
  • First, ‘growth’ refers to increase in per capita GDP, which is measured in terms of annual changes and is a short-term phenomenon. ‘Development’ refers to long-term aspects of the changes in per capita income.
  • Second, growth focuses on the end product of the economic activity viz. per capita income.
  • Development refers not only to change in per capita income but also the accompanying processes of structural changes. That is why growth is referred to as a narrow concept while development is a broader one. Development is growth-plus something more which cannot be captured by changes in per capita income alone