What is the Difference between Social Development and Economic Development?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The difference between social development and economic development is that economic development relates to the growth of the economy, whereas social development refers to the total well-being of the population. While social development refers to the population’s overall well-being in terms of education, health, and other characteristics, economic development refers to the increase in the economy.
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Difference between Social Development and Economic Development
Because of ideological, theoretical, and strategic transformations, the concept and meaning of development have evolved from economic development to human development.
The major difference between Social Development and Economic Development are:
- Certain economists are accused of interchangeably using the terms “economic development” and “economic growth” or simply Economic Growth and Development.
- Economic development is defined as an increase in income and a shift in economic and social structure.
- In contrast, economic growth is defined as increased per capita income.
- As a result, the quantitative and qualitative components of development are referred to as economic development and growth, respectively.
- Numerous economists have emphasized that capital formation and technology innovation are the two fundamental problems underlying economic development.
- Political and economic growth is required to define social progress, which is inextricably linked.
- The concept of social development arose to examine the dynamics of evolving societies.
- Output and income, production conditions, living levels, attitudes toward life and work, institutions, and policies are some of the development components classified by social scientists.
- Nutrition, shelter, health, education, leisure & entertainment, security, and luxury are among these categories.
Summary:
What is the Difference between Social Development and Economic Development?
The key difference between Social Development and Economic Development is that economic development refers to the economy’s growth, whereas social development refers to the population’s overall well-being regarding education, health, and other factors.
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