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OCW Scholar - Principles of Microeconomics 22 Online
OpenStudy (anonymous):

My teacher said to me an economy can grow but it cannot develop can anyone explain this to me

OpenStudy (anonymous):

Economic growth is measured in terms of Gross domestic Income(or per capita income) which refers to the total income per head.An increase in gdp implies economic growth.Economic development,on the other hand,means improvement in standards of living,healthcare,access to quality food,education and lifestyle. The gdp may increase - as a result of people working overtime hence poor lifestyle(i.e. less recreation and sleep) -increased economic activities which lead to pollution -but the income is only generated and distributed to a few people. Henceforth,Economic growth does not translate to economic development.

OpenStudy (anonymous):

correct that is how i also understand it we can look more into welfare economics , think about a place where there is surplus consumption and surplus production that is the most economic growth and development a society can get

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