Inter-Country Variations in Economic Welfare and Economic Costs and their Relation with Economic Development: Some Evidence from 58 Countries

This paper aims to derive both MEW and MEC for 58 countries from their GDP figures for the year 1980 with an aim to derive inferences about: (i) inter-country variations in MEW and MEC in the countries considered; and (ii) the relation with economic development (which is always associated with increase in the level of economic activity or the GDP per capita) on the one hand and MEW and MEC on the other to answer the question “Is Growth Obsolete?”