![]() The most accurate method of measuring development is the Human Development Index which takes into account the literacy rates & life expectancy which affect productivity and could lead to Economic Growth. ![]() The definition of economic development given by Michael Todaro is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice. it applies in the context of people's sense of morality (right and wrong, good and bad). ![]() Economic Growth can be measured by an increase in a country's GDP (gross domestic product).Įconomic development is a normative concept i.e. Economic Growth is a narrower concept than economic development.It is an increase in a country's real level of national output which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. ![]()
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