(I) State of Development: Generally speaking, economic development refers to the problems of underdeveloped countries and economic growth to those of developed countries.
(II) Nature and Level of Change: Development is a discontinuous and spontaneous change while growth is a gradual and steady change in the long run.
(III) Scope of Change:
1. Growth simply means more output.
2. But development refers to efficiency in production i.e. output per unit of input.
3. It also implies changes in composition of output and in allocation of resources, reduction of poverty, inequality and unemployment.
(IV) Extent of change: Economic development (wider concept than economic growth) is taken to mean growth plus structural change.
