difference between economic progress & economic dev
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Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care. Ceteris paribus, we would expect economic growth to enable more economic development.
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economic development, Economic growth is an automatic process. ... Economic Growth can be measured through an increase in the GDP, per capita income, etc. However, Economic Development can be measured through Improvement in the life expectancy rate, infant mortality rate, literacy rate, and poverty rates.
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