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What are between material and non-material progress?
• Material progress considers to as economic growth. Growth is only one dimension of development. Growth doesn’t unavoidably mean development
• Non-material progress consider to as improvements into socio-political and cultural factors for example, increased life expectancy, improved education, greater access and capability to choose; freedom through fear of starvation.
Assume in country-A Central Bank cares only about keeping the price level stable & in country-B, its central bank cares only about keeping output & employment at their natural rate
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