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4.1A
The Connection between
Economic growth and
Economic Development
Chapter 27
pp. 330-335
How Section IV is unique
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read page 331 for further ideas
Easy/Same because….
Difficult/Different because …
Learning Objectiveshttp://www.bized.ac.uk
1. Distinguish between economic growth
and economic development.
2. Explain the multidimensional nature of
economic development (major aspects)
3. Explain the most important sources of
economic growth: resources, technology
and institutions
4. Explain why long term economic growth
is necessary but insufficient for economic
development
1. Which of these describes
growth or development?
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high level of goods and services?
Productive efficiency?
Allocative efficiency?
Material satisfaction for people?
Equal distribution of income?
Standard of living?
Quality of life?
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2. How does one describe “quality of
life”?
Suggested major aspects of development
major aspects of development
Political freedoms
Basic sustenance
A clean, natural environment
Access to health and education
A “just society”
A safe and secure country
“A life that one has reason to value”
How linked to Growth?
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3. Revision: how do resources, technology
and institutions lead to growth
1. Resources
2. Technology
3. Institutions
4. Add what is needed to promote http://www.bized.ac.uk
development; i.e. why is economic growth
insufficient for development?
1. Resources
2. Technology
3. Institutions