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Unit 1: Economics of Growth and Development: Meaning, Measurement, Difference and Comparisions
Pavitar Parkash Singh, LPU
Unit 1 : Economics of Growth and Development: Notes
Meaning, Measurement, Difference and Comparisons
CONTENTS
Objectives
Introduction
1.1 Meaning of Economic Development
1.2 Definition of Economic Development
1.3 Characteristics of an Developed Economy
1.3 Economic Growth and Development: A Contrast
1.4 Distinction Between Developed and Underdeveloped Economies
1.5 Difference between Economic Growth and Economic Development
1.6 Comparison of Economic Growth and Economic Development
1.7 Economic Development and Economic Growth
1.8 Measuring of Growth and Production Possibilities
1.9 Factors Affecting Economic Growth
1.10 Summary
1.11 Key-words
1.12 Review Questions
1.13 Further Readings
Objectives
After reading this unit students will be able to:
• Describe the economic development and economic growth.
• Explain the economic growth and development : A contrast.
• Understand the growth performance of the world economy.
• Know about the study the process of economic growth.
• Learn the measurement of growth.
Introduction
In recent years, there has come into existence a new branch of economics known as the “Economics
of Development”. It refers to the problems of the economic development of underdeveloped or
backward countries. In addition to the illuminating reports of the U.N.O. on the subject, some top
ranking economists like Nurkse, Dobb, Staley, Buchanan, Rostow and Ellis have made some original
contributions to the Economics of Development. The main reason for the growing popularity of
“Economics of Development” as a separate branch of economic theory is the increasing tendency on
the part of the newly independent countries of Asia and Africa to resort to developmental planning
as a means to eliminate their age-old poverty and raise living standards.
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