The Link Between Economic Growth and Development: Explained

The video explores the distinction between economic growth and development, emphasizing that while growth is a one-dimensional measure of GDP increase, development is multidimensional, focusing on living standards and welfare. It discusses the traditional link between growth and development, highlighting criticisms and the need for sustainable growth. The Lewis dual sector model is introduced as a framework for understanding structural change in developing economies. The video concludes by stressing the importance of the right type of growth and structural change for development.

In what ways can economic growth lead to negative externalities?

How can developing countries create the conditions for economic growth?

What is the Lewis dual sector model and how does it relate to economic development?

What role does structural change play in economic development?