Explain this statement. Does Economic Development always lead to Improvements in Livind Standards? Economic growth and economic development are often thought to be synonymous but although the two are closely linked, there are crucial differences in their meanings. Economic growth is defined as 'a rise in the total output (goods or services) produced by a country'. It is measured by the percent rate of increase in the gross domestic product (GDP). Economic development as defined …
showed first 75 words of 899 total

showed last 75 words of 899 total
…centred development. Improvements in human standards are very important and it is for that reason that that development is no longer measured only in terms of monetary wealth but also in terms of quality of life enjoyed by the citizens of the country (by the human development index). Todaro has given a comprehensive definition of development, which takes into account an economic approach and a human needs approach, which is the ideal way of development.