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Chapter 29: Problem 962

Is there any difference between growth and development?

Short Answer

Expert verified
Growth and development are related but have differences. Growth refers to the quantitative increase in size, mass, or number over time, while development refers to the process of qualitative change and improvement in skills, abilities, and overall quality.

Step by step solution

01

Define Growth

Growth refers to the increase in size, mass, or number of something over time. In the context of a high school student, it could mean the increase in their height, weight as they grow older, or the increase in their knowledge as they learn more.
02

Define Development

Development, on the other hand, refers to the process of change and improvement over time. It involves the qualitative aspect of growth; focusing on the improvement in skills, abilities, and the overall quality of something rather than just the quantitative increase. In the context of a high school student, development would mean how they improve their skills, abilities, and understanding, allowing them to become more capable individuals.
03

Compare Growth and Development

Although growth and development are related, they do have differences. Growth focuses on quantitative increases, such as size, mass, or number. Development, on the other hand, emphasizes qualitative changes and improvements, like skills, abilities, and overall quality. In summary, growth is a measure of the increase in certain aspects of something (size, mass, or number), while development is the process of change and improvement in qualitative aspects (skills, abilities, and quality).

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Most popular questions from this chapter

If an economy recovers from a recession (like the American recession of \(1974-75\) ), is the recovery considered growth?

In highly centralized, socialist countries, the government can decide directly how much capital accumulation there will be. In capitalist countries, the government can only influence the rate of capital accumulation indirectly. Describe some measures the government of a capitalist country can take if it wants to increase the rate of capital accumulation.

Given that the aim of growth is to increase per capita consumption, is it possible for there to be too much investment?

Why are slight differences in growth rate percentages so important?

Give a simple explanation of the mechanism of the Harrod-Domar growth model.
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