Raychel

@Raychel (1)

Age 32

Joined myLot 13 years ago

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Raychel's Activity

Economic development or Economic Growth?

socballais @socballais (71) • Philippines 12 Sep 12

Countries around the world benchmark their economic performance by the amount of the Gross National Product (GNP) that they attained. The higher the GNP, the higher is the economic growth. Is economic growth equated with economic...

59 responses

Raychel In common parlance, seldom any distinction is made between growth and economic development. They are generally taken to be synonyms. In development economics, however, they don't have the same connotation. Economic growth means only a sustained increase in the...

19 Sep 12