Distinguish, differentiate, compare and explain what is the Difference between Human Economic Development. Comparison and Differences.
Human development is a social, economic and political process by its nature and human beings are its object and tools, and at the same time, its objective. The process of development allows human beings to renew, create and innovate. It is one of the most important processes because it generates unlimited energy, through education, health, nutrition and the improvement of the standard of living. Therefore, human development considers economic growth to be a necessary condition, but not a sufficient one.
The concept of human development is an evolving one to previous development concepts, which considered that investing in improving human capabilities to contribute to economic development is no less important than investing in material capital, but disagreeing from these concepts it’s what makes individuals focus on the development and participation, bringing people back into their place.
The correct thing in the development process, after several decades has passed, was the focus in which capital accumulation increased production and wealth, and the growth of national income as a measure of economic development, focusing on the benefits of society members from the fruits of economic growth in a more equitable way.
Difference between Human Development and Economic Development
1. Human Development is a broader aspect of development as it includes monetary as well as the non- monetary aspects. Economic Development is a narrow concept as it includes only the monetary aspects.
2. Human Development is the process of both quantitative and quantitative growth. Economic Development includes only qualitative growth.
3. Human development is the end of the final goal of all developments. Economic Development is a means to achieve human development.
Relationship between Human Development and Economic Growth
Human development is the knowledge, skills, capabilities, attributes, and various characteristics inherent in individuals that are related to economic activity. Also, not only focuses on the knowledge and skills that individuals possess but on the wealth, attributes and characteristics they possess. It is a set of skills, capabilities and experiences that the individual acquires, and enables him to participate in economic life and gain income, which can be improved through investment in education, health care, training and other forms of human capital.
The relationship between what is known as human development and economic development is a two-way relationship, as each of them is reflected negatively and positively on the other, that economic growth takes place through improving human capabilities, and achieving the desired growth reflected in human development as it expands options in front of human resources in particular for individuals in general.
Difference between Economic Development vs Human
Human vs Economic Development
Differences between Economic Development vs Human