Question

Why is economic development preferred over economic growth?

Answer 1

Answer:

Increases in real GDP. Economic development is more relevant to measure progress and quality of life in developing nations. Economic growth is a more relevant metric for progress in developed countries. But it's widely used in all countries because growth is a necessary condition for development.

Explanation:

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. ... Higher real GDP enables more to be spent on health care and education.

Answer 2

Economic development is preferred as it focuses on the improvement of quality of life.

• A rise in real national income or national output is referred to as economic growth.
• Whereas, Improvements in the life quality of people and living standards, such as literacy, life expectancy, and health care, are examples of economic growth
• Development refers to a broader set of data than merely GDP per capita. The study of development is concerned with how individuals are impacted in the real world.
• It also examines the real living conditions of individuals as well as their freedom to enjoy a high quality of living.