Environmental protection is often considered more important than economic development because without a healthy environment, economic activities cannot be sustained in the long term. Environmental protection ensures the preservation of ecosystems, biodiversity, clean air and water, and overall planetary health, which are essential for human well-being and economic prosperity in the long run. Ignoring environmental concerns can lead to irreversible damage to natural resources, loss of biodiversity, climate change, and negative impacts on human health and livelihoods.
The difference between economic growth and economic development lies in their scope and focus.
Economic Growth: Economic growth refers to the increase in a country's production of goods and services over time, typically measured by indicators such as Gross Domestic Product (GDP) or Gross National Product (GNP). It mainly focuses on the quantitative expansion of the economy, often measured in terms of rising income levels, industrial output, and employment rates. However, economic growth alone does not necessarily guarantee improvements in the overall well-being of a population or address issues such as poverty, inequality, or environmental sustainability.
Economic Development: Economic development, on the other hand, encompasses a broader concept that not only includes economic growth but also incorporates aspects of social progress, human well-being, and sustainability. It involves improvements in living standards, education, healthcare, infrastructure, environmental sustainability, and social equity. Economic development aims to ensure that economic growth benefits all members of society and is achieved in a sustainable manner that preserves resources for future generations. Therefore, economic development focuses on qualitative improvements in people's lives rather than just quantitative economic expansion.
In summary, while economic growth focuses on increasing the size of the economy, economic development emphasizes sustainable and inclusive growth that promotes human well-being and environmental protection.
Economic development, on the other hand, is a broader term. It indicates an increase in citizens' quality of life and is often measured using the Human Development Index. This index considers intrinsic personal factors not considered in economic growth, such as literacy rates, life expectancy and poverty rates. Protecting the environment is more important than the economic growth of developing countries because the economic growth of industrial nations has negatively impacted the environment to the point where the quality of life has been declining globally, both ecologically and in terms of health. The natural environment is central to economic activity and growth, providing the resources we need to produce goods and services, and absorbing and processing unwanted by-products in the form of pollution and waste. It underpins our economy, our society, indeed our very existence. Our forests, rivers, oceans and soils provide us with the food we eat, the air we breathe, the water we irrigate our crops with. We also rely on them for numerous other goods and services we depend on for our health, happiness and prosperity. Economic growth is considered one dimensional as it focuses only on income. Economic development is a 'Multidimensional' concept as it focuses on income, social welfare and other dimensions. It is possible even without economic development. Economic development is the wider concept for describing the economic conditions of any country. Economic growth is the short-term process. Economic development is the long-term process. Economic growth is the process that happens automatically as the changes are made in the economy over time. Ecosystems provide the factors of production that promote economic growth: land, natural resources, labor and capital. Sustainable economic growth is about managing these resources so that they are not exhausted and remain available for future generations. Environmental protection is often seen in conflict with individual freedom and economic growth. The proponents of environmental protection suggest that the environment is a global resource that must be protected for future generations, even at the expense of economic growth and individual freedoms. Sustainable development strives for moderate and responsible use within the economic activity of the limited resources of our planet, whereas economic growth does not limit the resource exploitation and energy, being mainly focused on productivity increase.