The difference between economic growth and economic development

Economic growth measures changes in the physical quantity of goods and services an economy actually produces, or has the potential to produce, but growth does not necessarily improve the economic welfare of all or most of the people living in a country. Economic development is a better indicator of improved human happiness, and the ability to continue to improve happiness, that economic growth. Economic development, which includes the quality and not just the quantity of growth, is measured by:

• a…