Economic Growth, Development and Planning — full notes
Economics · Macroeconomics - Growth, Development and Planning
Economic Growth, Development and Planning
1. Economic growth vs economic development
Economic growth - an increase in the quantity of goods and services produced, measured as percentage change in real GDP. Economic development - a broader concept covering living standards, health, education, and quality of life.
2. Sources/determinants of economic growth
Increases in quantity or quality of factors of production, technological progress, improved productivity, infrastructure investment, sound institutions.