Economic Growth vs. Economic Development

Introduction
Economic development is a fairly new concept that came about during the early twentieth century. Some theorists have argued that Karl Marx introduced this concept as early as 1887. In his book “Capital”, Karl Marx mentioned that development is a process through which societies move and change.
During the last century, several theorists attempted to define economic development and to differentiate it from the concept of economic growth.
In my analysis of these two concepts, I will examine the perspectives of two development economists, Gerald Meier and Dudley Seers. I will summarize both economists’ views on economic development and economic growth and determine how these two concepts differ from each other.
Meiers Views on Economic Development & Economic Growth
Meier’s definition of economic development is as follows:
“Economic development is the process whereby the real per capita income of a country increasse over a long period of time – subject to...