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The Main Factors For An Economic Growth - Term Paper Example

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The writer of the paper "The Main Factors For An Economic Growth" analyzes the factors that influence economic growth in the context of the international community. The review of the literature published in this field showed that economic growth is likely to be influenced by a series of factors…
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The Main Factors For An Economic Growth
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Download file to see previous pages At this point, the following problem appears: how can investment benefit quickly the local economy if bureaucracy sets obstacles in the completion of the relevant processes? From this point of view, it could be stated that the effects of investment on economic growth are not standardized. Investment contributes to economic growth but the terms of the success of the relevant plans are depended on a series of factors, such as the local regulations, meaning especially the laws on investment, the availability of sources, the political and social stability and so on.
Another factor which can also affect economic growth is the human capital. Nijkamp notes that the term ‘human capital’ can be used for describing the workforce, i.e. those involved in the production processes of the local economy. There is no differentiation between locals and foreigners, meaning that human capital would also include expatriates who are asked to participate in the business projects developed within a particular country. However, when referring to ‘human capital’ as influencing economic growth, it would be preferable to consider a particular team of persons: the locals who are able and willing to be engaged in the business activities developed across their country. From this point of view, the value of ‘human capital’ within a specific country can be influenced by the education and training available to people of different age and gender.
Human capital is not directly related to the macroeconomic conditions of each country....
Investment, in any case, contributes in economic growth but the terms of success of the relevant plans are depended on a series of factors, such as the local regulations, meaning especially the laws on investment, the availability of sources, the political and social stability and so on. Another factor which can also affects economic growth is the human capital. Nijkamp (2010) notes that the term ‘human capital’ can be used for describing the workforce, i.e. those involving in the production processes (products and services) of the local economy. There is no differentiation between locals and foreigners, meaning that human capital would also include expatriates who are asked to participate in the business projects developed within a particular country. However, when referring to ‘human capital’ as influencing economic growth, it would be preferable to consider a particular team of persons: the locals who are able and willing to be engaged in the business activities developed across their country. From this point of view, the value of ‘human capital’ within a specific country can be influenced by the education and training available to people of different age and gender (Nijkamp 43). Human capital, as a term used in the explanation of economic growth, is not directly related to the macroeconomic conditions of each country; however, its existence and its quality is reflected in these conditions. For example, a high GDP level would indicate that people across the country are appropriately educated and trained, supporting the growth of their organization, as this growth result also in the growth of the economy. From a similar point of view, it is noted that the promotion of research and ...Download file to see next pagesRead More
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