Development Economics and Growth Economics Essay Example

n the other hand, economic growth can be described as the actual output per capita income for an economy in a given nation.
While Development has to do with the growth of human capital indexes, an inequality figures reduction, and changes of structures which improves quality of life for the general population, Growth has to do with gradual increase in one of the components of Gross Domestic Product which include consumption, government expenditure, investment and net exports. Economic development is more relevant to measure progress and quality of life in developing nations whereas economic growth is a more relevant metric for progress in developed countries. But it's widely used in all countries because growth is a necessary condition for development (Valickova et al, 2015). The two aspects o economy are therefore said to be related and but not similar. They however must go hand in hand for successful economy