1- Definition

Economic Growth Economic Development

The term economic growth is only
concerned with raising income level and The basic feature of economic
volume of production of goods and development is to raise income level and
services. improve the human being.

2- Nature in Economic Literature

Economic Growth Economic Development
Economic growth is the key issue Economic development is the main issue
undertraditional economics. According to under modern economics literature.
this approach take care of growth and Accordingly, take care of poverty and
poverty would eliminate automatically. growth would take care of itself.
3- Scope
Economic Growth Economic Development
Scope of economic development is
wideand comprehensive than economic
Scope of economic growth is growth. Its link is not only with income
narrowbecause it is concerned with but also with the prosperity of the society
changes in income level only. and economy.
4- Institutional changes
Economic Growth Economic Development
Efficient institutional set-up is
In case of economic growth strong and necessary. Effective and strong
effective institutional set-up is not institutional revolution is the sign of
necessary. economic development.
5- Type of Approach
Economic Growth Economic Development
According to various economists,
economic growth is said to Economic development refers to
be quantitative approach. thequalitative approach.
6- Importance
Economic Growth Economic Development
 The Concept of economic development
Economic growth is less important due to ismore important because it discusses an
the attachment with income level only. economy in wider sense.
7- Time Span
Economic Growth Economic Development
Economic growth is a short-term Economic development is a long-term
process.We can measure income process about 20 to 25 years. Because it
changes yearly. So, its time span may be takes years to change social, economic
of one year. and institutional set-up.
8- National Problem
Economic Growth Economic Development
Economic growth is the problem Economic development is the problem
ofdeveloped countries of the world. ofdeveloping countries.
9- Political Changes
Economic Growth Economic Development
Economic growth is not concerned with The concept of economic development
the political stability. isincomplete without political stability.
10- Dependence and Self-Sufficiency
Economic Growth Economic Development
In case of economic development our
Economic growth does not ensure the dependence on other countries reduces
freedom from the dependence of foreign and country adopts the self-reliance
countries. policy.
11- Economic Application
Economic Growth Economic Development
Economic growth first checks Economic development basically
thestatistical upward movement in the emphasizes on the balanced growth of
economy. economy.
12- Social Impact
Economic Growth Economic Development
There may or may not be any social Social changes, in case of economic
changes in case of economic growth. It development, are compulsory. It refers to
ignores the human beings and it is only the better jobs, availability of food, better
concerned with income level etc. health and education etc.
13- Economic Welfare
Economic Growth Economic Development
Economic growth is not much In economic development, more
attachedwith the human beings. It has no importance is given to the mankind as
link with the good or bad. compare to the economic growth.
14- Practical Significance
Economic Growth Economic Development
Now, Pakistan is more developed
countryas compare to 1960s and 1990s.
Today in Pakistan there is more
In Pakistan, in 1960s, growth rate was industries, universities and other
higher than the growth rate in 1990s. infrastructure etc.
15- Measurement
A. Economic Growth Economic Development
Economic growth is measured only by Measurement of economic development is
comparing income levels of different based on the reduction in poverty,
years. It also can be measured development of human being and living
numerically. standard etc.
16- Quantity and Quality
Economic Growth Economic Development
Economic growth is concerned Economic development is concerned with
withquantity of goods and services only. not only quantity but also with the quality.
17- Problem of Assessment
Economic Growth B. Economic Development
It is very difficult to estimate exactly the Computation of economic development
level of economic growth in developing isnot a difficult task in developed nations
countries like Pakistan. of the world.