Columnist David Harsanyi has an illuminating piece explaining the difference.

Politicians in both parties obsess over jobs they’ve supposedly created or saved, but, Harsanyi points out, our focus ought to be on the creation of wealth — i.e., goods and services that people want to consume. The more people governments employ, the fewer workers and resources are left for the private sector, which is where wealth is produced.

Silly Keynesian theory gets people thinking that government adds to national wealth, so it’s good when it expands and hires more people. Long ago, people were smarter and could see through such nonsense. Suppose that, ca. 1700, a group of French peasants were talking about their plight and someone piped up, “But think of all the jobs the King has created at his court, in the army and the bureaucracy, for architects to design palaces, sculptors to produce statues, and so on.” I doubt that his argument would have been well received. The peasants would have understood that those jobs existed at their expense.