what is the difference between human development and economic growth?
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Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
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Definition and terminology Economic development implies economic growth plus progressive changes in certain important variables which determine well-being of the people,e.g: health, education. ... Economic development can also be considered as a static theory that documents the state of an economy at a certain time.
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The economic growth is closely related to the industrial structure, health, demography and income distribution of the economy. The most used measure for national economic growth is the change in Gross Domestic Product (GDP). GDP measures the value added of all goods and services produced in the economy.
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⏭️The UNDP publishes Human Development Report that measures the development of a country in terms of literacy, health and per capita income. ... World Bank depends on Acreage income (per capita income) for classifying countries while UNDP uses education and health indicators along with income.
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What's the difference between: Actual economic growth is measured by the annual percentage change in a country's real national output (GDP). Potential economic growth is also known as trend growth and is measured by the estimated annual change in a country's potential level of national output.
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Human capital treats humans as just another resource, like land and building (fixed capital) or inventory (variable capital). ... Human development is the overall process of widening humans' skills and giving them to opportunity to grow, whether in an organisation or at a personal level.
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Economic growth refers to increases in Y levels, GDP and GDP per capita, measured by the percentage increases in real GDP. ... Economic development refers to the process of structural change needed in an economy for economic growth to occur.
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Human capital is the investment humans make in factories and machinery, whereas, capital goods are the investment humans make in education to produce technology.
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Growth and Development. Human development is a lifelong process of physical, behavioral, cognitive, and emotional growth and change. In the early stages of life—from babyhood to childhood, childhood to adolescence, and adolescence to adulthood—enormous changes take place.
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Human capital is a comparatively narrow concept. Human development is a comparatively broader concept. Central theme. It considers that health and education are the best means to improve the productivity of the labour force.
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The difference between the function and what it solves for is the difference between human resources and human capital. ... Human capital is how people contribute to growth. It is about allowing the individual to influence more. The individual needs to define the business – and thus should define the work that HR does.
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Compared to GDP, the HDI has a greater emphasis on human development. It takes the quality of life into account, not just production capacity of a country. Education and health are considered as important to a country as economic power. GDP is considered a means to human development, but not an end.
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Development: expansion of the economic capacity of a country and of the state of society and its institutions as whole (Rodney, 1972, p. 9, 20). Underdevelopment: the term is only meaningful in comparison to levels of development; when one group appears to become wealthier, is happens with a contrasting outcome.
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The higher growth rates have helped significantly in the reduction of poverty. Therefore, it is becoming clear that there is a strong link between economic growth and poverty reduction. Economic growth widens opportunities and provides the resources needed to invest in human development.
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Community development is a process for making a community a better place to live and work. Economic development is purely and simply the creation of wealth from which many community benefits are created.
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Growth and development Economic growth deals with an increase in the level of output, but economic development is related to an increase in output coupled with improvement in the social and political welfare of people within a country. Therefore, economic development encompasses both growth and welfare values.
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Gross domestic product (GDP) per capita is a measure of a country's economic output that accounts for population. ... The Human development index (HDI) was created with a goal to emphasize that not only economic growth but also people and their abilities could be the key criteria to evaluate the country's development.