Economic growth is not necessary for economic development.discussQuestion asked by: Agricola
Asked on: 14 May 2010
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This is saying are development and growth one and the same thing.
Clearly they often go hand in hand such as the case when there is an industrial revolution. And many developments lead to growth when a new sector is created; such as the internet created both development and growth as a whole new economic area opened up.
But an economy does not need to grow to develop; for instance it could diversify, change methods and procedures whilst cutting back in other areas: therefore they do not have to go hand in hand although they often do.
Replied at: 23 May 2010Rate Answer
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