TOPIC INFO (UGC NET)
TOPIC INFO – UGC NET (Economics)
SUB-TOPIC INFO – Growth and Development Economics (UNIT 8)
CONTENT TYPE – Detailed Notes
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1. Introduction
2. Growth and Development
3. Economic Growth
3.1. Characteristics
3.2. Modern Economic Growth
3.3. Measurement
4. Economic Development
4.1. Structural Approach
4.2. Institutional Approach
4.3. Distributional Approach
4.4. Basic Needs Approach
4.5. Capability Approach
4.6. Economic Development and Development
5. Concept of Development Still Evolving
5.1. Sustainable Development
5.2. Quality of Life
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Economic Growth and Economic Development
UGC NET ECONOMICS
Growth and Development Economics (UNIT 8)
Introduction
Progress, expansion, advance, improvement, growth and development have all been used in literature to describe betterment in the conditions of human societies but growth and development have come to dominate the scene as two important technical terms. These positive terms have been used to describe changes as well as to prescribe changes. Because we shall primarily be looking at nations and countries as economies, we shall be using terms economic growth and economic development. We often try to distinguish ‘economic’ from ‘non-economic’ though there are cases where it really becomes difficult to do so.
Growth and Development
You might have noticed that word growth is used to describe increase in stature or size. It is used to describe a uni-dimensional change, as in the case of stature of a child or a uniform expansion in all directions, as in case of size of a balloon. When we do not refer to dimensional aspects we use word growth. Even schools and institutes, colleges and universities, hotels and hospitals grow, as do businesses and economies. But we are often quick to point out certain features that are not captured by the word growth. For example, we often say about a child that his growth is good but his development is not up to the mark. We are thus referring to different aspects when we use words growth and development.
It is rare, if ever, growth takes place without engendering development or development takes place without being accompanied by growth. In most cases they would accompany each other. There may be cases when one dimension is dominant and the other is dormant. In such cases, people talk of growth without development or development without growth. Yet development with negative growth would hardly be acceptable to any scholar, even if such a case may be made. It is therefore good to make an analytical distinction between the two concepts.
You may find that sometimes in scientific treatises and very often in colloquy, words growth and development are used in interchangeable fashion. But normally a distinction is made between the two. It is maintained along the following lines.