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Development and economic growth: Theoretical analysis from a quantitative approach

Abstract:

At present, the concepts of economic growth and economic development are the subject of frequent discussions when they are used to characterize and qualify the changes that occur in the economy of a given country or region. The objective of this article is to make a comparison of the similarities and differences between the two concepts used, using the Pareto Diagram. Such analysis was supported by the contributions of Solow (1956), Kuznets (1966), Myrdal (1974), Barre (1977), Mahbub (1987), Todarov (1988), Meadows (1993), Mesarovic (1997), Sen (1999) and Lauchlin (2012) among others, who contributed their definitions. Being the documentary descriptive research. Among the results is that Development refers to the transformation of economic strategies, in order to convert reality and achieve the satisfaction of the needs of the population, for the enjoyment of life. And, Growth is evidenced by the increase in income and value of goods and services, as well as the increase in products and services. It is concluded that, within the dynamism of national and international economies, the two definitions present similarities, but also differences, going hand in hand, each keeping its own space.