Film development is, in essence, stopped early in order to achieve the desired density range and contrast. Film is formulated to take advantage of this. If you developed film until it stopped changing density, you would have an unusable negative.
Increasing development for film increases the density range (up to the max possible, that is) and increases image contrast, moving the mid-tones and the highlights up the curve and making them more dense. Reducing development has the opposite effect. Changes in development time also affect film speed; more development = a bit more speed, less development = a bit less speed. This is a less pronounced effect, but careful workers take film speed changes into account when changing development, especially when reducing development time. I add extra exposure for those cases to compensate for the loss of effective film speed and to preserve shadow detail.
Read up on the Zone System if you are interested in more.
Paper, on the other hand, is almost always developed just about as much as possible. In fact, usually extending development of paper simply moves the curve, in effect, increasing the effective paper speed, but does little to the contrast. Papers are formulated to work this way.
Really, although film and paper both rely on the development of exposed silver halides, they are very much different beasts.
And, do time your paper development!
Best,
Doremus
www.DoremusScudder.com