Distinguish between Economic Development and Social Development?
Difference between Economic Development and Social Development.
Some economists have claimed that the concepts of economic growth and economic development are interchangeably. The meaning of economic growth can be defined as the augment in per capita income whereas economic development can be defined as ascend in income and alteration in economic and social structure. Therefore the economic growth and the economic development are said as quantitative and qualitative aspects of development in nature respectively. The subjects of economic development as pointed out by a variety of economists plays around two central issues:
- Capital formation, and
- Technical progress.
Technical growth generally endorses capital formation and capital formation enhances technical growth. Economic development of the society independently cannot lift up the standard of living of the society to a great extent. The routes of distributive justice are pretty important for guaranteeing a fairly balanced development of society. Putting spotlight on this framework, state grows to be a valuable implement of political development and legitimizes economic and social institutions and their networks.
Social development can only be defined only with the help of economic and political development. It is very much interconnected with these two. The idea of social development had been set up to assess the dynamics of the developing societies. Social scientists have listed the filling of development under various classes they are nutrition, shelter, health, education, leisure and recreation, security and opulence level are under the groups like output and income, conditions of production, levels of living, attitude towards life and work, institutions and policies.
The term development is loaded with the various theoretical and ideological issues. Therefore an appraisal of wide range of hypothetical places existing till date is attempted. Concept and meaning of development has seen a positional, theoretical and ideological drift from economic development to human development.