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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.

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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