Q: Why Economic Development is preferred over Economic Growth. Do you think Developed countries are economically more developed than developing countries? Explain it with examples.
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We have started our discussion of development by addressing very broad issues relating to the concept of development. However, much of the literature and thinking about 'development' focuses on economics. Indeed 'development' and 'economic development' have often been treated as synonymous concepts. The economic development of a country or society is usually associated with (amongst other things) rising incomes and related increases in consumption, savings, and investment.
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