A question that pops up in our mind is whether economic development and economic growth are the same. I am going to compare them in this essay. Economic development is the how a nation improves the economy.
While GDP shows the total value of goods and services a country produces. It does not show the really important factors that matter the most. Things like working public services, clean air, accessible education, safety, and freedom. It can be measured with Sustainable Economic Development Assessment. It not only measures a country’s economic performance but it’s sustainability and investment. It shows how a country converts economic growth into well-being. A country does not need a lot of money to improve wellbeing. All it needs is good leadership, clear goals and policies.
Economic growth is an increase in the capacity of an economy to make goods and services, compared with one period of time to another. It can be measured by the values of all the products manufactured and sold in a country over the course of one year along with everything that people do and get paid for or that amounts to the GDP. When people earn more money and then buy products the economy grows.Economic growth is a measurement of the change in the country’s national output while economic development is a measure of welfare, a measure of the well-being of a country. In my opinion, it is much more important to measure the wellbeing of a country than the amount of money they have. Having a better education system is more important than money.
If there are better educational systems than there will be many people with a good diploma. And when people have a good diploma they can get great jobs. When they have great jobs, they will earn a lot of money.
The next one is the health care. It is very important that a country has a really good health care. It is not all about the money, it is all about the wellbeing. Money does not always make a person happy. The next one is Freedom. Everybody should have the right to do what he/she wants to do.
There should not be barriers to people. Money does not connect to freedom. People could reach what they wanted without money. For example, the video that I saw said that in Morocco the women were fighting for a promotion of women’s roles in politics and society as well as equal rights in marriage and property upon divorce led the greater gender equality. For the other example that I saw in one of the videos was that a central program in brazil’s successful drive to cut the poverty in half cost only half a percent of their GDP. As a moral of these examples, we can clearly see that money is not everything. In my opinion economic growth and economic development are not the same. economic growth is just a branch of economic development.
Economic growth belongs to economic development as economic development measures the money as well. It is really important to know these pieces of information of the countries as we get to know their economy. This is what differs between economic growth and economic development.