Economic Growth in the U.S. Free Essay, Term Paper and Book Report
Economic growth is a necessary but not sufficient condition of economic development.
There is no single definition that encompasses all the aspects of economic development. The most comprehensive definition perhaps of economic development is the one given by Todaro:
Development is not purely an economic phenomenon but rather a multi dimensional process involving reorganization and re orientation of the entire economic and social system.
Development is a process of improving the quality of all human lives with three equally important aspects. These are:
1. Raising peoples living levels, i.e. incomes and consumption, levels of food, medical services, education through relevant growth processes.
2. Creating conditions conducive to the growth of peoples self esteem through the establishment of social, political and economic systems and institutions which promote human dignity and respect.
3. Increasing peoples freedom to choose by enlarging the range of their choice variables.
Economic growth may be defined as an increase in a country's ability to produce......
Word Count: 884
Page Count: 3.5 (250 words a page / double spaced)
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