Why Economic Development is preferred over Economic Growth. Do you think Developed countries are economically more developed than developing countries? Explain it with examples (250-300 words max)
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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.
We would expect economic growth to enable more economic development. Higher real GDP enables more to be spent on health care and education.
However, the link is not guaranteed. The proceeds of economic growth could be wasted or retained by a small wealthy elite.
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