Answer

Economic Development and Economic Growth

Economics as a subject is concerned with the improvement of human life through a process known as development. Economic development is  therefore the qualitative changes in an economy which is proven by improvements in the various economic variables. This is unlike development which is majorly concerned with qualitative changes in the values of goods and services produced in a country on annual basis (.Tharnpanich, 2014).The measure of  economic growth is done through Gross Domestic Product (GDP) which is part of development indications. Development is a choice which has to be made. This choice is defined by economists as a freedom which extends to gender inclusion, provision of the basic requirements and improvement in civic freedoms.  For savings to take place which in effect lead to investment, the basic requirements must first be satisfied. A country’s ability to provide the basic requirements is used to gauge its economic development.

Other than provision of basic requirements, a developed nation must operate in a manner that will protect its nature. This is known as environmental sustainability.  Development is also dependent on the political goodwill (Yusuf, Deaton & World, 2009). A country with civic freedom and supports gender inclusivity stands a higher chance of growing faster through the development initiatives that will be set.  It is, therefore possible to conclude that development overlaps to growth, environmental sustainability, and provision of basic needs and improvement of governance.

Measure of Happiness of Thailand Citizens between 2006 and 2017

Thailand is one of the countries that has faced tremendous economic transformations over time based on the commitment of the political leadership.  The diagram below explains the trends on the country’s GDP since between 2006 and 2016;

Thailand’s Gross Domestic Product Between 2006 and 2016

Adapted from Tharnpanich (2014) p.117

Based on the fact that the country’s economy has grown it is clear the living standards of the citizens has increased, thereby increasing their level of happiness in 2017 as compared to 2006.