BASIC DIFFERENCE BETWEEN GROWTH AND DEVELOPMENT

BASIC DIFFERENCE BETWEEN GROWTH AND DEVELOPMENT:-

Basic difference between growth and development is explained point by point. I hope this will make your concept. Basic difference between growth and development is given below.

Growth:- It is nominal. It is calculated in numbers or can be measured.

Development:- It is real concept (actual) or we can say it can be observed by mature behavior.

Growth:- Growth is quantitative approach.

Development:-Development is quantitative as well as qualitative approach.

Growth:-National income will be measure of groups(per-capita).

Development:- Human developing index (HDI), Human poverty index (HPI).

Growth:-It  focus only on income criteria.

Development:- It Focus on income plus other criterias.

Growth:- It is for limited period.

Development:- It takes place till death.

Growth:- Growth tells about one aspect of personality but it is in limited scope.

Development:-Development deals with or tells us about all the aspect of personality and has a vast scope.

It is said that“By 2040 it will not be about Washington consensus (private sector development)  or about Beijing consensus (state led growth) but about Mumbai consensus (people led growth)”.

CAPITALIST , SOCIALIST , MIXED:-

CAPITALIST:- This concept was given by ADAN SMITH.

• Government has no role (Laissez Faire).
• Market decides the price (demand and supply).

Book written be him was “wealth of nation“.

SOCIALIST:- This concept was given by KERL MARKS.

• Administered Price (By Government).
• Public Enterprises (Eg:- Like Beijing(China)).

MIXED:- This includes features of both Capitalism and Socialism.

• Public Private Partnership (PPP) .
• All the state owned Enterprises will be listed on stock exchange.

DO YOU KNOW?

• What is growth and development?

For answer go to “growth and development“

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