Question

Why in many countries an increase in economic growth has not translated into an overall improvement in economic/social welfare?

Answer 1

Economic growth means goods and services production is increases .Economic growth tells about monetary gain of country.but it is not symbol of overall improvement.Economic gain means a country is having finanical gain but it does not mean welfare is increases.As higher growth does not mean that there is no income inequilities.When we say income inequilities in a country then how can we say that there is economic welfare.Higher inequility of income tends to lower level of welfare.

if there is increase in industries and factories then it caused to higher pollution.when there is high pollution then how can it increase social welfare.Hence social welfare means increases of satisfaction of people,higher living standard.

hence economic growth and social welfare this both are different perspective.Increment of one may causes of reduction in other.If happiness is increases then we can say that there is social welfare.Welfare means when there is increment of happiness,education and life style.but when we go for economic growth then we do not consider about these facts.

Hence economic growth can be measure in quantitive facts but social welfare is only a feeling which can not be determind in figures.Social welfare is like a feeling .