MWD = Measurement While Drilling. Technically this refers to the tool that measures hole angle and azimuth and takes care of the transmission of real time data from all tools to surface via a pulser or siren. MWD tools were developed first and many people use the term to cover both MWD and LWD tools.
LWD = Logging While Drilling. Any tool incorporated in the drill string that acquires data normally acquired using wireline logging tools. These days most wireline tools have an LWD equivalent.
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