It involves changes in the composition of output as well as more just distribution of output , income and wealth among the members of society.
Growth and Development
Economic development is development is economic wealth of countries or regions for the well-being of their inhabitants
Economic growth and development are two different terms used in economic.
Generally speaking Economic Development refers to the problems of Undeveloped countries and Economic Growth to those of Development countries.
The terms Economic Development is for more comprehensive. It implies progressive changes in the socio-economic structure of a country.
Viewed in this way Economic Development involves a study of decline in the share of Agriculture in GDP and corresponding increase in shares of industries , trade , banking , construction and other services.
Economic Growth merely refers to rise in output ; Development implies change in technological and institutional organization of production as well as in distributive pattern of income.
Compared to the objective of Development , Economic growth is easy to realise. By larger mobilisation of resources and raising their productivity , output level can be raised.
The process of Development is far more extensive. Apart from arise in output it involves changes in composition of output , shift in the allocation of productive resources , and elimination or reduction of poverty , inequalities and unemployment.
Economic development is not possible without growth but growth is possible without development because growth is just increase in GNP. It does not have any other parameters to it.