SELECT
CONCEPTS ON DEVELOPMENT
MEANING OF ECONOMIC GROWTH
annual increase in output
typically measured through the gross national product and gross domestic
product or their per capita measures
MEANING OF ECONOMIC DEVELOPMENT
·
advancement
in the capacity of the economy to have sustained growth over time
·
usually
interpreted by mainstream economists in terms of economic restructuring which
for them consist in economic liberalization, trade liberalization,
deregulation, privatization, and removal of institutional and other constrainst
in the operation of a free market
·
other
economists, however, would interpret economic development in terms of
industrialization
·
indicators
are oftentimes used or devised for assess economic development
·
meeting
the needs of the present without sacrificing the capacity of future generations
to meet its own needs
·
development
in which the development vector d does not decrease over time
REFERENCE:
ECONOMIC DEVELOPMENT IN THE THIRD WORLD, latest edition, Edition by Michael
Todaro (most the above is a
reformulated version by Prof. Art Bouqiren, UP Baguio 17 November 2003).
The definition of sustainable development, however, is from a United Nations assembly in 1983.