Economic Development and Economic Growth (Discuss Completely)
Economic Development and Economic Growth (Discuss Completely) – Economic development is a process of increasing total and maximum income, taking into account the per capita income of the population population increase as well as fundamental changes in the economic structure of a country and equal distribution of income for the population over time the long one.
Economic Development and Economic Growth (Discuss Completely)
In summary, economic development can also be interpreted as a process that causes the per capita income of a population in a country to increase over a long period of time. There are three very important things related to economic development, namely:
Development as a process
Which means that development is a stage that every society or nation must undergo and pass through. For example: humans from birth will not immediately become big, but to become big there are many stages of growth that must be passed.
Likewise, the people or residents of a country must undergo stages or processes of development in order to achieve prosperity, prosperity and peace.
Development is an effort to increase per capita income
What this means is that development is a positive action or effort that must be carried out by every country to increase per capita income. Therefore, the role of society, government, and all elements in a country to actively participate and contribute to a development process is very much needed.
The increase in per capita income must last in the long term
An economy can be said to be developing if per capita income tends to increase in the long term. However, this does not mean that per capita income must always increase continuously.
For example, if a natural disaster or other disaster occurs in a country, then the country will experience an economic decline. But the most important thing is that activities or businesses in developing the economy always increase every year on average.
This can also be done through capital investment, management, use of technology, increasing skills, increasing knowledge, and increasing organizational capabilities.
In economic development, it cannot be separated from economic growth, where economic development encouraging economic growth, and vice versa, economic growth can facilitate the development process economy.
As for what is meant by economic growth according to Boediono is a process of increasing per capita output continuously in the long term.
According to Adam Smith Economic growth is characterized by population growth and total output growth. Three things that influence the output growth that will be achieved are natural resources, labor and the amount of inventory.
One indicator of success in economic development is economic growth. The higher the economic growth, the higher the equality of social welfare, although there is another indicator, namely income distribution.
The difference between the two is:
Success in economic growth is usually quantitative. This means there is an increase in income standards and the level of production output produced. Meanwhile, success in this case is more qualitative, not just increasing production. However, with changes in input allocation and production structure in various economic sectors.
From the explanation above, it can be concluded that economic development is a process that is carried out continuously resulting in a change in the economy for the better in various fields where the final result is an increase in income per capita.
And what is meant by economic growth is a process of increasing per capita output that is carried out continuously in the long term.
That's the discussion regarding Economic Development and Economic Growth (Discuss Completely), Hopefully it can make a positive contribution to readers and is of course useful. That's all, thank you 🙂
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