StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Comparison of the Economic Ideas of GDP Growth - Essay Example

Comments (0) Cite this document
Summary
This essay talks about the most common contrasting views of economists on the economic development of a country. The ideas to predict development in different countries include United Nations Development Programme human development ideas, the neoclassical view of utility and the macroeconomic idea…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.4% of users find it useful
Comparison of the Economic Ideas of GDP Growth
Read TextPreview

Extract of sample "Comparison of the Economic Ideas of GDP Growth"

Download file to see previous pages 27). The human development idea of the UNDP emphasises some factors like education, life expectancy, gross national income and other issues that are standardised in the three main factors as a measure of people’s capability. The idea is that those who have a long life, have attained high education in a country that has high gross national income are likely to be very productive. This is because these people will be able to choose different economic activities that can bring income for their own as well as contribute to the economy of their country. On the other hand, it implies that if a person lives a short life, have low education attainment in a country that has low gross national income he or she is likely to be very unproductive. This is because they will contribute to very little benefit to the country in which they live since they have very few choices to make in the pool of economic activities available to all people. The human development idea of the UNDP emphasises the importance of both resources and capability to exploit them so that they can increase the income or benefit to the people and consequently impact the national economy. According this idea, availability of resources without capability to exploit them has no advantage to the people who have them (United Nations Development Programme, 2000, p. 12). The neoclassical view of utility is an idea that presents a different perspective into the explanation of development or the economic growth of individuals and consequently that of the country. The idea of the neoclassical view of utility explains that people’s preferences are important in determining the things they can do in the economy to increase their individual income and consequently that of the country. This means that a...
This essay presents one of the best examples of theoretical comparison of three most common ideas of economic scholars on the growth and development of economy. For the UNDP’s human development, capability is important to enhance economic growth, to the neoclassical view of utility, what people choose to do is important and according to the macroeconomic idea of constant growth, the economic performance of the wider economy is key in determining growth in an individual or institution.
The UNDP idea of human development as a determinant for growth of economy explains that management of abilities of the people is important because it influences their involvement in economic activities. Economic growth happens in situations where people have wide areas for making choices.
The neoclassical view of utility is an idea that presents a different perspective into the explanation of development or the economic growth of individuals and consequently that of the country. The idea of the neoclassical view of utility explains that people’s preferences are important in determining the things they can do in the economy to increase their individual income and consequently that of the country.
The macroeconomic idea of constant growth of GDP is an important way of explaining the development of a country or an individual. This idea focuses on the performance of the larger economy as a factor in determining the growth of individuals. The economic growth therefore is not dependent on the opportunities’ availability or an utilities.
...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Comparison of the Economic Ideas of GDP Growth Essay”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1485867-comparison-of-the-economic-ideas-of-gdp-growth
(Comparison of the Economic Ideas of GDP Growth Essay)
https://studentshare.org/macro-microeconomics/1485867-comparison-of-the-economic-ideas-of-gdp-growth.
“Comparison of the Economic Ideas of GDP Growth Essay”, n.d. https://studentshare.org/macro-microeconomics/1485867-comparison-of-the-economic-ideas-of-gdp-growth.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Comparison of the Economic Ideas of GDP Growth

GDP growth

...In today's economic climate, any company that hasn't borrowed as much as it can is crazy Introduction Economic growth of a country depends upon its GDP growth. GDP is an indicator of a country's production of goods and services. Finance (capital) a scarce factor of production is required by firms at the highest possible level to maximize production. All over the world, of late, countries follow the pattern of consumption economy wherein consumption is encouraged by giving out loans to consumers for purchase of goods, services and even homes.. This in turn leads to spurt in volume of production of goods and services at all levels to cope which firms need funds for working capital and capital expenditures. However there has been always...
6 Pages(1500 words)Essay

Economic Growth Of GDP

A second essential aspect has been the assurance of life span employment for a significant segment of urban labor strength. Both aspects are now wearing down. Japan's industrial segment is a great deal reliant on foreign raw materials and fuels.

After accomplishing one of the uppermost economic development rates in the world from the 1960s throughout the 1980s, the Japanese economy paced down noticeably near the beginning of the 1990s, when the "bubble economy" distorted, distinct by plunging stock and real estate values.

Japan's basin of industrial management and technicians, well-knowledgeable and hard-working labor force, far above the ground savings and investment rates, and concentrated encouragement of...
7 Pages(1750 words)Case Study

The Role of Telecommunications in Growth

If information is significant to advancement, then telecommunications, as a way of sharing information is not only a relationship between people, although a connection in the sequence of the advancement processes itself. The role of telecommunications in broadcasting information can be predominantly important in rural regions where other methods of acquiring and transmission information for instance personal contact, transport, and postal services are expected to be less available.
Distance signifies time, in an all the time more time-conscious world. In economies that rely forcefully upon agriculture or the mining of resources, remoteness from urban markets has usually been improved only with the setting up of enhanced trans...
23 Pages(5750 words)Assignment

The Growth of the Service Industry

The expansion of the service sector has unquestionably generated economic prosperity, but it has eminently contributed to social injustice and inequality. Consequently, I believe that while the growth of the service industry has great economic intuition, it is eventually socially detrimental and distancing society from achieving paradigms of social equilibrium.
Service, by definition, is the exchange of a commodity that has no tangible form; whereas industry is described as the people or organizations engaged in a particular type of enterprise. The service industry is then simply defined as an aggregation of commercial entities that provide services rather than physical objects. The non-material nature of services can be dist...
9 Pages(2250 words)Case Study

The Economic Impact of the Emergence of China and India

The main macroeconomic variable that toys in the global economy’s shift are the emergence of India and China as new superpowers. This emergence certainly has a number of implications, but among the most relevant are: disruption of the equilibrium of the global economy which results in rising demand of goods, giving way to worldwide inflation; the attractiveness of outsourcing to these countries due to low cost but high talent workforce of these countries for cheaper operations.
The growing middle class of China and India results in booming demand for the automobile industry. This increase in demand, with the increasing purchasing power of these countries’ people, is not limited to automobiles but more apparent in...
10 Pages(2500 words)Assignment

Stop Animation and the Comparison to Newer Techniques in CGI

As with many films, a great creative license is taken with the story, although it retains the original thrills and spectacle.

The great Ray Harryhausen created some of the most advanced special effects of the time within this film. The scenes are exciting and thrilling, although by today’s standards it is easy to spot the differences between what is created and what is filmed from life. Still, the special effects in Jason and the Argonauts are some of the best examples of Ray Harryhausen’s stop-motion animation available. The movie is a mythological creature that is the eighth collaboration between producer Charles Schneer and Harryhausen. Ray Harryhausen’s contributions included those of co-producer,...
13 Pages(3250 words)Term Paper

Economic Analysis of India

The country’s economy is fast growing with a stable political system that encourages foreign investment although with certain restrictions. The country generally has good energy, transport and communication systems which make the cost of doing business affordably.

The Republic of India found South of Asia is by far the world’s most populous democracy and ranks seventh largest in terms of geographical area (Brown, 1994). India is also the second most highly populated country in the world. The country has a rich culture with four major religions having originally emerged from it; Sikhism, Buddhism, Hinduism, and Jainism. The Indian Republic consists of seven union territories and 28 states and ranks twelfth la...
8 Pages(2000 words)Case Study

Comparison of Leading Womens Role in Portrait of Teresa and Salt of Sea

... Number] Comparison of leading Women’s role in Portrait of Teresa and Salt of Sea Every society has different values,traditions and perceptions regarding the role of women that fit within their historical, cultural and social contexts. The cinema being an important cultural institution and reflector of social values tends to depict the role of women in movies to refer their current status as well as to motivate them playing a non traditional role for some specified purposes. In the movies “Portrait of Teresa” and “Salt of the earth” also, the directors Pastor Vega and Herbert Biberman have presented the roles of women in quite encouraging manner to show the women’s potential of playing a revolutionary and defining role in setting up trends...
7 Pages(1750 words)Case Study

Bernard Madoff : A Scapegoat of the Economic Crisis

Darwin was condemned and treated with contempt by the Church for proposing the theory of evolution that linked all living matter in the earth, including humans. In the case of Bertrand Russell, he was imprisoned as a conscientious objector, for expressing his opposition to British participation in the First World War. These are typical examples of people being wrongfully punished when they were guilty of no crime or fraud or misdoing. It would be highly improper to associate Bernard Madoff with the aforementioned luminaries, for he was truly guilty of carrying out the biggest financial fraud in modern history. At the same time, it would be simplistic to classify him as a victim of the contemporary judicial system. The truth, in fa...
6 Pages(1500 words)Assignment

International Business: World Economic Forum and Davos 2010

...Introduction Globalization, one of the most hotly debated issues means global capitalism to some while others consider it to be the continuation of modernism with the forces of wealth, progress, democracy and happiness at play (Kellner, 2002). Globalization is considered to be beneficial which promotes economic prosperity, cultural diversity and technological advancement. According to the critical social theory, technology and capital work together to create a new globalized and interconnected world. While each force of globalization is important, technological revolution has impacted the business models, value creation and differentiation (Spelman, 2010). The cloud computing technologies that have made the popular social networking...
7 Pages(1750 words)Coursework

Juvenile Delinquency and Education: A Comparison of Public and Private Education

... used to describe the behaviour of children and adolescents that would be punishable by law if found being exhibited in adults. Serious criminal activity can be found most frequently to be occurring in the 16 to 20 year age group. This age group is actually considered to be ‘adults’ in many places around the world. This is supported by the fact that most adult criminals have histories of criminal activity during their youth. The most common offences which children or young adults commit are theft, vandalism, and rape in the slightly older strata. Internationally, juvenile delinquency is most common and found in the highest extreme in countries which have better economic and technological resources. Statement of the Problem: Where and how...
6 Pages(1500 words)Research Proposal

Globalization and World Economic Forum at Davos 2010

... economy and national culture (Mittelman, 2000). World Economic Forum and Davos 2010 The theme of this annual meeting is to improve the state of the world and rethink, redesign and rebuild. This annual meeting was to rethink the business models, financial innovation and risk management. This rethinking is sought to trigger redesign attempts at the institutions at the national and international levels. The aim of redesign is to close the gaps in governance, prevent systemic failures and restore growth. This effort requires common vision, collaborative innovation and public-private partnership to succeed in the long term. The prerequisite would be to rebuild trust. The meeting focused on the following six areas of enquiry: 1. strengthening...
7 Pages(1750 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Comparison of the Economic Ideas of GDP Growth for FREE!

Contact Us