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 ofliteracy, life-expectancy and health care. Ceteris paribus, we would expecteconomic growth to enable moreeconomic development.
Answer:
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.
Ceteris paribus, we would expect economic growth to enable more economic development.
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 ofliteracy, life-expectancy and health care. Ceteris paribus, we would expecteconomic growth to enable moreeconomic development.