(a) Differentiate between the economic concepts of short-run and long-run economic growth and analyse the main causes of economic growth in a country. (b) GDP per capita is often considered to be the...

(a) Differentiate between the economic concepts of short-run and long-run economic growth and analyse the main causes of economic growth in a country.

(b) GDP per capita is often considered to be the most important indicator of living standards, but critics often claim that it does not measure of all the elements that contributes to a person’s happiness. Discuss the extent to which you agree that GDP per capita is the most effective measure of living standards of a country.