Economic Growth and Development

Economic growth is an indispensable condition for economic development but insufficient conditions. There is no single definition covering all aspects of economic development. The most comprehensive definition of economic development by Todaro is as follows. "Development is not a simple economic phenomenon, it is a multidimensional process including reconstruction and reorientation of the whole economic and social system, a process to improve the quality of life for all people.

Ranis et al. According to the economic growth and development is a two-way relationship. According to them, the first chain involves economic growth that contributes to human development, as economic growth can increase expenditures by family and individuals using their increased income, thereby promoting human development. At the same time, as consumption and expenditure increase, health, education and infrastructure systems are growing and promoting economic growth. In addition to increasing personal income, economic growth creates additional resources that can be used to improve social services (health care, safe drinking water, etc.). By generating additional resources for social services, such social services are evenly distributed among each community and benefit everyone, so unequal revenue sharing will be mitigated. In other words, the relationship between human development and economic development can be explained in three ways.

Human development arises from the global debate on the relevance of economic growth and development in the second half of the 20th century. By the early 1960s, there was increasing demand for "abolition" of gross domestic product. Economic growth is a major goal in many countries and it is an indicator of the progress of the country. . II. In the 1970s and 1980s, the development forum discussed the use of alternative priorities to exceed GDP, including emphasis on employment and subsequent redistribution, and then met the basic needs of people.

Economic development is different from economic growth. Economic development is a phenomenon of market productivity and rising Gross Domestic Product (GDP), but economic development is policy intervention aimed at realizing the economic and social well-being of people. Amartya Sen said, "Economic growth is an aspect of the economic development process." Good governance means effective, open and open accountable audited public services with bureaucratic ability to support the design and implementation of appropriate public policy, as well as independent judiciary. To protect the law. Good governance is a governance system that clearly identifies the social fundamental value, its value is an economic, political, socio-cultural problem including human rights, and it is pursued through responsible and sincere management . Clearly, good governance is a prerequisite for the development and growth of the country.