Why Economic Development is preferred over Economic Growth
Why Economic Development is preferred over Economic Growth:
Economic development is when there is an improvement in the
quality of life, living standards, better literacy rates, better health
facilities and so on. Not only economic growth is only related to improvement
in the national income or national output. Since economic growth is narrow and
economic development is a broader term, economic development is preferred over
economic growth.
Developed countries are more economically developed
compared to developing countries. The literary rate, health facilities,
living standards in the developed countries are much higher compared to a
developing country.
For example, Canada is a developed country and
Afghanistan is a developing country. The standards of living and living style ,
and quality of life, in Canada much
better compared to those in Afghanistan. People in Canada are much more literate
in Canada compared to those in Afghanistan. Thus developed countries are
economically more developed than developing countries.
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