Limitations of the concept of economic development:
1. Economic development is a much broader concept than economic growth. It has the ability to reflect the progress of a nation. Even though in real sense, it cannot tell about the human development that is taking place. Whether human progress has taken place or not cannot be known from economic development.
2. The way we can measure economic growth we cannot measure economic development. The reason for this is that economic development includes changes that took place in the society. It is very difficult to measure what changes have taken place and the quantitative method to measure them.
3. When economic development takes place, the standard of living of people improves.
Now, although economic development is taking place in India today, there is not much improvement in the standard of living of the people. Hence, we cannot say that economic development means improvement in standard of living.
