CONCEPTUAL APPROACHES TO ECONOMIC GROWTH AND DEVELOPMENT

Abstract

The paper begins with an analysis of the changes that took place in the world economy in the past three decades against the backdrop of deepening globalization, and underlines the differences between economic growth and economic development, on the one hand, and human development, on the other hand. The second part of the paper reviews the historical evolution of the concept of economic development, tracing the increase in its complexity as well as the implications of the linear growth paradigm. The third part explores the possible implications of economic growth, and recommends the avoidance of transforming it into a fetish, along with the rejection of the hypothesis of its automatic transformation into development.

Keywords

• economic growth
• economic development
• human development
• development paradigm
• globalization