Economic Development Growth Defintion

ECONOMIC DEVELOPMENT

Economic Development is a branch of economics that deals with the study of macroeconomic causes of long term economic growth, and microeconomics; the incentive issues of individual households and firms, especially in developing countries. This may involve using mathematical methods from dynamical systems like differential equations and inter-temporal optimization, or it may involve a mixture of quantitative and qualitative methods.

Development is a phenomenon which occurs over a long period of time but economic growth is increase in GNP which can occur when we are able to achieve increase in number of resources or increase in technology or by the combination of both.

Freidman defines growth as an expansion of the system in one or more dimensions without a change in its structure and development as an innovative process leading to the structural transformation of social systems.
Thus Economic growth is related to a quantitative sustained increase in the country’s per capita output or income accompanied by expansion in its labor force, consumption capital and volume of trade. On the other hand economic wants goods incentives and institutions.

MEASUREMENT OF ECONOMIC DEVELOPMENT

Apart from measuring income with the help of per capita GNP we have one more method to calculate Economic development, It is HDI.

HDI does not replace GNP but adds considerably to an understanding of the real position of as society in many respect as would be clear from the following discussion
1. Besides Y the HDI measures education and health and is thus multi dimensional rather than One Dimensional
2. It focuses the attention of the policy makers on the ultimate objective of development not just the means
3. It is more meaningful as a rational average than GNP because there are much greater extremes in Y distribution than in the distribution of life expectancy and literacy.
4. It shows that Human development gaps between nations are more manageable than the ever widening disparities in income The search for a comprehensive measure that could capture the various dimensions of human development led to the definition and formulation of Human Development Index by the United Nations Development programme in human dev report published in 1990.
HDI is composite of 3 basic indicators of human development– longevity, knowledge and standard of living.
Longevity is measured by life expectancy at birth; knowledge by a combination of adult literacy and combined primary and secondary and tertiary enroll. Ratios and standard of living is measured by real GDP per capita.

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