Economic growth an development
Economic growth refers to an increase in output and income, often measured on a per capita basis. Economic development refers to a process that leads to improved standard of living for population as a whole.
The many dimensions of economic development
iEconomic development can be defined as the process where increase in per capita output and income are accompanied by improvements in standards of living of the population and reduction in poverty, increased access to good and services that satisfy basic needs increasing employment opportunities and reduction of unemployment, and reduction of serious inequalities in income and wealth
Human Development: is a process of expanding human freedoms: the freedom to satisfy hunger; the freedom to be adequately fed; to be free of preventable illness; to have access to clean water and sanitation; to be able to read, write and receive appropriate eduction ; to be knowledgeable; to be able to enjoy work; to enjoy legal protection; to participate in social and political life; and, in general, to have the freedom to develop one's potential and lead a full productive life.It covers three main type of freedoms: Life sustenance: refers to access of merit goods like eduction. Self-esteem: dignity, honour and independence that cannot be attained in poverty. Freedom: from want, ignorance and squalor. UNDP distinguishes between human poverty and income poverty. Income poverty is when an individuals income falls below the national or international minimum income level. Human poverty involves lack and deprivation of opportunities that allow an individual to lead a long, healthy, creative life and to enjoy a decent standard of living, freedom, dignity, self-esteem and respect for others.
Sources of economic growth