Economic Growth vs. Development
Economic development and Economic growth are concepts that everyone thinks mean the
same, but expressing deeply different things. It is not that hard to understand the difference
between the two. If we understand the index representing these concepts properly, we will
also understand the difference between Economic development and Economic growth.
Economic development is usually measured with the human development index.Economic
development does not only mean economic, it also represents the social status of the people,
education, unemployment rate and health care. Perhaps these are the factors that best explain
the difference. When we look at the other side, it is mostly measured by GDP. Economic
growth is mostly measured by unemployment. It represents a decrease in the rate of
employment, an increase in the employment rate, an increase in trade, and an increase in
incomes. It also represents the increase in living conditions. By looking at the countries, we
can find easier answers to the question of why these two concepts differ from each other.
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