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 eco...