Question

Please respond to the following two Questions and post here by the due date above. Also please post your comments on at least one other posting by your class mate in this from. Your comment must be your own critical view on the topic with valuable contribution.

Q1. Distinguish between concept of Economic Growth and Economic Development as two separate studies of discipline in the context of developing nations. In your response, please make sure you give examples of country case studies to substantiate your answers.

Q2. How do you distinguish between the study of economic development and that sustainable economic development? Are they compatible in the context of economic policy implications? If so, what are the trade offs, if any? Please provide relevant examples of real world country case studies to substantiate your answers.

Please respond to the following two Questions and post here by the due date above. Also please post your comments on at least one other posting by your class mate in this forum. Your comment must be your own critical view on the topic with valuable contribution to substantiate.

Answer 1

Economic Development
Implications	Economic development means an rising movement of the whole social system in terms of income, savings and investment besides progressive changes in socioeconomic organization of country .

While as Economic growth means an increase over time in a country`s real output of goods as well as services (GNP) .

Factors

Development is related to growth of human capital indexes, a decrease in inequality figures as well as structural changes that develop the common population's quality of life.

Growth is related to a steady increase in one of the components of Gross Domestic Product such as consumption, government spending, investment, net exports.

Measurement

Qualitative.it is measured in terms of HDI (Human Development Index), gender- related index (GDI), Human poverty index (HPI), infant mortality, literacy rate etc.

Quantitative. It is measured in terms of Increases in real GDP.

Effect

It brings qualitative as well as quantitative changes in the economy

It brings only quantitative changes in the economy

Relevance

Economic development is more applicable to measure improvement and quality of life in developing nations.

Economic growth is a more pertinent metric for progress in developed countries, however it's extensively used in all countries because growth is a necessary condition for development.

Scope

It is concerned with structural changes in the economy

While as growth is concerned with increase in the economy's output

Let us take an example that a unique berry grows naturally only in the country of Utopia. While Natives of Utopia have been using this berry for many years, however lately, a wealthy German traveler revealed the berry and brought the sample of these berries back to Germany. AS loved by his friends, the traveler funded a large berry exporting business in Utopia. This exporting businesses hired hundreds of Utopians to farm, harvest, wash, box and ship the berries to grocers in Germany.

The berry exporting business supplemented over one million dollars to Utopia's GDP. While Utopia's GDP increased, which meant that Utopia experienced economic growth.

Now take a look at the economic development, a country’s economic development is typically indicated by way of increase in quality of life that is time and again measured by human development index, an economic development model which considers personal built-in factors not considered in economic growth like life expectancy, literacy rate and poverty rate.

As literacy helped to enhance the skills of workforce in India with a resultant positive influence on work behavior, which enhanced the skills of workforce and thus earnings earn, which has brought economic prosperity at both Micro level and Macro level . Secondly literacy has developed a sense of responsibility among the common man, thus a good citizen. The above said are clearly the examples of economic development