Political Economy Economic Systems Questions
Economic growth refers to an increase in the quantity of goods and services produced in an economy over a specific period of time. It is typically measured by the growth rate of the Gross Domestic Product (GDP). Economic growth focuses on the expansion of the overall size of the economy and the increase in material wealth.
On the other hand, economic development encompasses a broader concept that includes not only the increase in the quantity of goods and services but also the improvement in the quality of life and well-being of individuals within a society. Economic development takes into account factors such as education, healthcare, infrastructure, social welfare, and environmental sustainability.
While economic growth is primarily concerned with the quantitative aspect of economic progress, economic development emphasizes the qualitative aspects and aims to achieve sustainable and inclusive growth. Economic development seeks to address issues of poverty, inequality, and social justice, and aims to create an environment where individuals have access to opportunities and can lead fulfilling lives.
In summary, economic growth focuses on the expansion of the economy's size, while economic development encompasses a broader range of factors that contribute to the overall well-being and progress of a society.