Distinguished between Economic Growth, Economic Development and Sustainable Development.

Economic Growth

Economic Development

Sustainable Development

1. It refers to long–term increase in real per capita income.

1. It refers to long–term increase in real per capita income and economic welfare.

1. It refers to increase in real per capita income, and economic welfare of both the present and future generations.

2. This concept is generally used with reference to developed economics.

2. It is generally used in the context of under developed economics.

2. It is used for both developed and underdeveloped economics.

3. It ignores protection of income.

3. It does not ignore distribution of income.

3. It does not ignore distribution of income.

4. It ignores protection of environment.

4. It lays no special emphasis on environmental protection.

4. It lays special emphasis on environmental protection.

5. It does not account for the exploitation of natural capital.

5. It does not account for the exploitation of natural capital.

5. It emphasises rational utilisation of natural capital to safeguard the interests of future generations.

6. It does not account for structural technical and institutional changes in the economy.

6. Lays special stress on the structural, technical and institutional changes in the economy.

6. It does not lay any special stress on the structural, technical and institutional changes in the economy.