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Fruitloops

Distinguish between Economic Growth and Economic Development?

The Caveman:

Traditionally economists have made little if any distinction between economic growth and economic development using the terms almost synonymously. In practice, there are significant differences between economic growth and economic development.

Economic development, as a practice, focuses on the recruitment of business operations to a region, assisting in the expansion or retention of business operations within a region or assisting in the start-up of new businesses within a region. Economic growth models provide theoretical guidance for the day-to-day decisions made by economic developers.

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