Difference between Social Development and Economic Development
- Certain economists have allegedly used the terms "economic development" and "economic growth" interchangeably.
- Economic development is described as an increase in income and a change in the economic and social structure, whereas economic growth is defined as an increase in per capita income. As a result, economic development and growth are referred to as the quantitative and qualitative components of development, respectively.
- Numerous economists have noted that capital formation and technological advancement are the two main challenges surrounding economic development are capital formation and technical advancement.
- Political and economic growth is necessary for the definition of social development, and it has a close connection to these two. The concept of social development was developed to evaluate the dynamics of evolving societies.
- Social scientists have categorized the development components into several categories: output and income, production conditions, living levels, attitudes toward life and work, institutions, and policies.
- These categories include nutrition, shelter, health, education, leisure and recreation, security, and luxury.
What is the difference between social development and economic development?
Economic development refers to the economy's growth, and social development refers to the population's overall well-being regarding education, health, and other elements is the difference between social development and economic development.