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Developent

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Submitted By goldenm
Words 3517
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INTRODUCTION
This essay seeks to show an understanding of the interface between economic growth and economic development and offer recommendations of what a country like Zambia needs to do in order to achieve them. Firstly this essay will define terms such as development, economic growth as well as economic development. It will then proceed with a brief discussion of the various measures of development, and show why the human development index, has in recent years become a widely accepted measure of development. This essay will then highlight the interface between economic growth and economic development and finally offer resolutions of what a country like Zambia needs to do in order to achieve both economic growth and economic development before drawing to a conclusion
DEFINITIONS
Development: Development according to Todaro (2003,16) “must be conceived of as a multidimensional process involving major changes in social structures, popular attitudes, and national institutions, as well as the acceleration of economic growth, the reduction of inequality, and the eradication of poverty”. He further went on to explain that development, in its essence, must represent the whole range of change by which an entire social system, tuned to the diverse basic needs and evolving aspirations of individuals and social groups within that system, moves away from a condition of life widely perceived as unsatisfactory toward a situation or condition of life regarded as materially and spiritually better. With regards to the above it, is prudent to add that people and social structures should move from their current situations to better ones then you can safely say development has taken place.
Economic Growth: According to Schumpeter (1934) economic growth means more output, and changes in the technical and institutional arrangements by which it is produced. Economic growth also entails

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