Tag: economics of development

Economic growth refers to the process of using natural resources for the development of the economy in order to increase the per capita income of the economy. The growth mainly measures the per capita income rather than the overall income of the economy. 

Simon Kuznets was one of the earliest writers on the development of the economies where economic development refers to the development and growth of the economy in all terms which includes all aspects and has become a main and central theme of economic thought throughout the years. 

National Income refers to the income of the whole economy including all the sectors at a given point of time. It only estimates the income of all the sectors and does not say the exact figure as it is impossible to tell the exact income figure of an economy. Therefore, national income is only the imputed figure of the income of the economy. Economic growth of any nation is measured in national income aggregates of that nation.