Question

Describe the origins of the term “economic development” in the English language.

What were the competing perspectives of economic development and how did the concept shift over time? make an argument as to why or why not economic development is synonymous with economic growth.

Answer 1

After the second world war, economic development was emphasised as a major requirement for all the nations especially underdeveloped economies. Development comprises of socio economic and political welfare of the people while economic growth is a part of economic development. Economic growth in terms of GDP per capita has been used as an indicator of a country's welfare or standard of living but it is just a measure of productivity and development is a more broader phenomenon which should be considered for a true measure of a country's standard of living and welfare of the people.  

Economic development works towards people's capacities and entitlements, while education and sanitation are also relevant indicators deriving socio economic conditions of people.