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2 Economic Growth and Economic Development

This chapter discusses economic growth and economic development. The relationship between growth and development seems to be highly interrelated and share significant overlap. On the one hand, it has been said that economic growth is a necessary condition for development. Growth is essential to poverty reduction. If development is understood as poverty reduction, or at least poverty reduction is taken to be a key component of development, then by extension, growth is a prerequisite for development. On the other hand, it has been argued that growth also depends on development. This is premised on the understanding of development as structural transformation. The argument is that for there to be continuous growth, the economy and society must undergo transformation to become more productive. The chapter then considers how the concepts of economic growth and economic development may relate to competition law enforcement.