Measurement of Growth and Development
The Measurement of development is through what are commonly called economic indicators, however, there are measures, both qualitative and quantitative that need to be taken into account when rendering a judgement on whether or not growth and development are taking place in a society. As there are no well settled norms for judgement of growth and development, comparison of economic performance is utilized. The rate of increment is also used as basis for judgement.
The Gross National Product
The GNP is the sum of the value of goods and services created in the economy in a given year. As such it is a measure of economic performance and vitality. The growth of the GNP indicates the productive capacity of the economy on the year to year basis.
