- Economic Growth (GDP): Increase in a country’s capacity to produce goods and services.
- Economic Development: Broader concept, reflects social and economic progress.
- Economic growth is necessary for development but not sufficient.
- Development includes better health, education, infrastructure, poverty reduction.
- Human Capital: Human resources (like students) turned into productive assets (engineers, doctors).
- It considers education and health as means to increase labor productivity.
- Human Development: Based on the idea that education and health are integral to well-being.
- It focuses on people’s ability to read, write, and lead healthy lives.
- Higher human capital can lead to higher income growth.
- Higher income can also lead to building high levels of human capital.