ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economic Development is. considered as a Multidimensional phenomenon because it focuses on the income of the people and on the improvement of the living standards of the people of the country. Economic Growth is considered as a single dimensional in nature as it only focuses on the income of the people of the country.

Detailed explanation-2: -Development is a multidimensional concept incorporating diverse social, economic, cultural and political dimensions and economic growth, though necessary, is not sufficient in itself to bring about development in this broad sense.

Detailed explanation-3: -The terms ‘economic growth’ and ‘economic development’ sound similar. However, the two concepts are different. While economic growth is a quantitative concept, economic development is a qualitative concept.

Detailed explanation-4: -Economic growth is the increase of national income or national output, regarding economic goods and products compared to one form another time. On the other hand, economic development means long term economic growth, such as a country having an increased rate of income.

Detailed explanation-5: -Three key dimensions are innovation, inclusion, and growth. Innovation is a key driver of economic progress. It generates new products and new ways of producing goods and services. One way to measure innovation is by labor productivity.