who defined the economic development is the improvement of economic welfare
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Amartya Sen
Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development".
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economic welfare (MEW) was developed in 1972 as an alternative to GDP. It was developed by William Nordhaus and James Tobin.
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