CHARACTERISTICS OF ECONOMIC GROWTH AND DEVELOPMENT
Keywords:
Keywords: economic growth, economic development, GDP, living standards, technological innovation, human capital, income inequality, sustainable growth, policy recommendations, developing countries.Abstract
Abstract: In this paper, we review the main characteristics of economic growth and development, distinguishing between the two concepts and highlighting their key indicators. Economic growth refers to the quantitative increase in a country’s output, usually measured by gross domestic product (GDP), whereas economic development encompasses broader qualitative aspects, including improvements in living standards, education, health and social equality. We review the drivers of economic growth, such as technological innovation, capital accumulation and labor force expansion, as well as critical factors affecting economic development, including governance, institutions and human capital. The study then discusses the challenges faced by developing countries, such as income inequality and environmental degradation, and provides policy recommendations for promoting both economic growth and development in a balanced manner.
References
1. Todaro, M. P., & Smith, S. C. (2015). Economic Development (12th ed.). Pearson Education.
2. Sachs, J. D. (2005). The End of Poverty: Economic Possibilities for Our Time. Penguin Press.
3. Stiglitz, J. E. (2002). Globalization and Its Discontents. W.W. Norton & Company.
4. Sen, A. (1999). Development as Freedom. Alfred A. Knopf.
5. Barro, R. J., & Sala-i-Martin, X. (2004). Economic Growth (2nd ed.). MIT Press.
6. World Bank (2016). World Development Report 2016: Digital Dividends. World Bank Group.
7. Easterly, W. (2001). The Elusive Quest for Growth: Economists' Adventures and Misadventures in the Tropics. MIT Press.
8. Kuznets, S. (1955). Economic Growth and Income Inequality. American Economic Review, 45(1), 1-28.
9. UNDP (United Nations Development Programme) (2020). Human Development Report 2020: The Next Frontier – Human Development and the Anthropocene. United Nations.
10. Solow, R. M. (1956). A Contribution to the Theory of Economic Growth. The Quarterly Journal of Economics, 70(1), 65-94.
