How are Population Growth and Economic Development related

The relationship between population growth and economic development has been a recurrent theme in economic analysis for a very very long time.

As far as I consider, the answer to it depends on the context, type of economy and standard of living of the average population. While economic development can mean a lot of different things, like it can just refer to the economic growth in terms of monetary value as a whole or principally economic development can be said to be the continued, progressive, and active efforts of the public and private sectors of a country that promote the standard of living and economic health of the country. 

The effect of population growth on the economy can be positive or negative depending on various factors and circumstances. While, on the one hand, a large population has the potential to be great for economic development, as the more people you have, the more work is done, and the more work is done, the more value (or, in other words, money) is created. Based on the history of all the developed economies, we see that human capital is a major component of growth. This can be basically deduced from the fact that resources required for economic growth are driven by the availability of human capital. Other positive affects of population growth are economies of scale, the possibility of increasing the market for the goods produced in the country and the new outlook, attitudes, ideologies, creativity they bring compared to the older population. But population growth may also have adverse effect on a nation’s growth as many resources has to be spent on the rising population and it would create pressure on the limited resources the country has and diverts the resources to maintain the capital than increasing the stock of capital per worker.

There are generally 3 schools of thought and views:

a) Opposing the positive impacts on economic development

b) Supporting the negative effects on economic development

c) Believe that there is no correlation between economic development & population growth

What are your thoughts: Is population growth good or bad for economic development?