What Is The Difference Between Economic Development And Economic Growth?

Economists often tend to use the two terms economic development and economic growth interchangeably, as they appear to be synonymous with each other.

The economic development of a country is defined as the development of the economic wealth of the country. Economic development is aimed at the overall well-being of the citizens of a country, as they are the ultimate beneficiaries of the development of the economy of their country.

Economic development is a sustainable boost in the standards of living of the people of a country. It implies an increase in the per capita income of every citizen. It also leads to the creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment.

Economic growth on the other hand, is a narrower concept than economic development. It is defined as the increase in the value of goods and services produced by every sector of the economy. It is usually expressed in terms of the gross domestic product or GDP of the country.

Just gonna use some commonsense here!  I am no economist so bear with me!

Economic development causes economic growth.  It works the other way also.  Economic growth causes economic development.  Building a McDonalds is economic development.  That same McDonalds selling a million happy meals is economic growth, which in turn causes more economic development when that McDonalds decides to build 2 more McDonalds, which will cause more economic growth.  I believe the markets truly are commonsense, we just let some pretty nasty people convince us that we needed them to watch out for things.  Sorta like the government!  I know this is not the answer you would get in a classroom but it is a lot shorter and cheaper!  Have a great day!