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Amartya Sen, a nobel memorial prize winner in economic sciences, http://en.wikipedia.org/wiki/Amartya_Sen, defined economic development in terms of personal freedom, freedom to choose from a variety of options. Economic growth may lead to an increase in the purchasing power of people but if the economy is repressed then there is lack ot choice and thus personal freedom is restricted. This clearly implies that growth has taken place without any development. Taking another example into consideration, increase in defence output of a nation accounts for an increased GDP but does not contribute to economic development. When we measure economic growth we are limited to increases in national income or per capita but when we measure economic development factors such as GDP, per capita income, poverty, life expectancy, infant mortality, etc is all taken into consideration. While economic growth may lead to improvements in the standard of living of a relatively small proprotion of population whilst the majority of the population remains poor. It is how the economic growth is spread among the population that determines the level of development. Economic development involves a more complex process than economic growth. According to economist, Gerald Meier, economic growth remains an important signal of the achievement of development, in agreement with certain other stipulated outcomes. The concept of economic development differs from economic growth and has eventually more dimensions. Thus after reaching to a conclusion, economic growth and economic development are interrelated. Economic development may be considered our short term goal towards the achievement of an ideal life in the long run, and economic growth is one of the important factors necessary for bringing about economic development. It is a much broader term concerned with a lot more than just the monetary aspect of development. Hence it is true and it can be said that ‘Economic growth is a necessary but not sufficient condition of economic development.’
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