The Difference Between Growth And Development: Growth Vs. Development

Growth Vs Development
“The United Nations International Strategy (1970) spells out “the ultimate objective of development must be to bring about sustained improvement in the well-being of the individual and bestow benefits on all.”
The difference between growth and development is quantitative and qualitative. On one side growth refers to the increase in money. It is the statistical representation of economy, which focuses on increase in quantity. On other side development talks about quality, it not only about increase in production but it also talk about development of social, political, economic and cultural life of human beings. Both the concept could be vary in different countries, the difficulties of underdeveloped countries are being denote by economic development. While advance countries like American and European countries mentions economic growth.
Growth and Development are not much varied from each other. But development is dynamic, which is always changing and looking for betterment of the society. By improving social, political and cultural

By giving the example of pin factor, smith said “by improving the skill and specialization of labour the profit can maximise.” The skilled labour produces more goods and services and save time. “The division of labour improve three areas of production one is to increase a dexterity of in every particular workman, second is saving time which labour were spending from passing one piece of work to another and third is invention of machines which maximise the production activities.” The specialisation of labour permitted full use of machineries and produce goods and services rapidly. The economic development depends upon the division of labour. “A larger market generates a larger division of labour among people and, therefore, among firms, and a larger division of labour generates a larger productivity of labour for all