1994 | OriginalPaper | Chapter
Development: Economic and Human
Author : Charles Smith
Published in: Economic Development, Growth and Welfare
Publisher: Macmillan Education UK
Included in: Professional Book Archive
Activate our intelligent search to find suitable subject content or patents.
Select sections of text to find matching patents with Artificial Intelligence. powered by
Select sections of text to find additional relevant content using AI-assisted search. powered by
In Chapter 1 we distinguished between actual and potential growth. In this chapter we will discuss development, both economic and human. First, however, we must define ‘development’: is it the same thing as growth? The word ‘development’ signifies changes which are permanent. It is true that actual growth can sometimes lead to a ‘ratchet’ effect, where a country continues to achieve a progressively higher level of welfare. However, it is quite possible for actual growth to be short-lived: during a war, for example, a country might achieve remarkably high growth rates; but its physical output would be turned to dust immediately as bombs and missiles are exploded, and at the end of this growth period the country as a whole could well be worse off than before.