Zaikova I.A.National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ZAI91@yandex.ru
Subject The paper discusses the issues of qualitative component of economic growth, which is evinced mainly in the standard of living of the population. Objectives The paper aims to identify the correlation of the concepts of economic growth and economic development, on the basis of statistical data. Methods The paper analyzes the correlation of the concepts of economic growth and economic development. Results On the basis of analysis of the economic growth data in leading countries and their position in the International Monetary Fund ranking, I found that economic development is the economic growth results transformation into factors to improve the public welfare and reduce socio-economic inequalities. Based on the data of differentiation of incomes of the population of the Russian Federation, I built the Lorenz curve and calculated the Gini coefficient. As well, I have estimated the R&D expenditures among the foreign countries and inside Russia. Conclusions I conclude that economic growth and economic development are interrelated concepts, but they are not equivalent. Economic growth is the basis for economic development, and it is reflected in the high standard of living, if the growth trend is continuous. If the period of time is short, high economic growth does not indicate a high level of economic development. For the successful economic development of Russia, a series of State measures and actions, focused on the qualitative indicators of economic growth rather than on the quantitative ones, is absolutely urgent.
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