Chapter23: Growth And Less Developed Countries
Section23.2: Economic Growth And Development Around The World
Problem 1GE
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What is economic development? Explain its nature and importance.
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Economic growth can be defined as an increase in output through increase in factors of production where economic development is growth plus structural changes in the economy. According to Schumpeter economic development can be achieved through innovations breaking the circular flow of income and bringing about structural changes in the economy.
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