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Development: Economic and Human

  • Charles Smith
Chapter
Part of the Economics Today book series (ET)

Abstract

In Chapter 1 we distinguished between actual and potential growth. In this chapter we will discuss development, both economic and human. First, however, we must define ‘development’: is it the same thing as growth? The word ‘development’ signifies changes which are permanent. It is true that actual growth can sometimes lead to a ‘ratchet’ effect, where a country continues to achieve a progressively higher level of welfare. However, it is quite possible for actual growth to be short-lived: during a war, for example, a country might achieve remarkably high growth rates; but its physical output would be turned to dust immediately as bombs and missiles are exploded, and at the end of this growth period the country as a whole could well be worse off than before.

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Copyright information

© Charles Smith 1994

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  • Charles Smith

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