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.
Nobody downloaded yet

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 paper
GRAB THE BEST PAPER
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 - THEY ALSO FIT YOUR TOPIC
GDP Growth
The fiscal crises of 2007-2008 provide the prospect to re-evaluate our considerations for prevention of crises in the future. All monetary crises are at core bank flows, since bank debt of any kind is vulnerable to abrupt exit by bank arrears holders. The crisis raises concerns for crisis hypothesis.
8 Pages(2000 words)Essay
GDP growth
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 this controversy of whether a company can borrow at all instead of sourcing the required funds through equity capital.
6 Pages(1500 words)Essay
Economic Growth
However, the real GDP per person in the country more than doubled between 1963 and 2003 (Parkin 425). In the rest of the world, specifically Asia, the growth in real GDP was even greater. Specifically, a look at the world's seven biggest economies (United States, Japan, Canada, France, Germany, Italy and United Kingdom) shows that real GDP per person has grown steadily from 1963 to 2003.
11 Pages(2750 words)Essay
Economic Growth Of GDP, Unemployment And Inflation For 5 Years Of A Country - Japan
One distinguished attribute of the economy is how manufacturers, dealers, and distributors work mutually in strongly-weaved clusters called keiretsu. A second essential aspect has been the assurance of life span employment for a significant segment of the urban labor strength.
6 Pages(1500 words)Essay
The effect of liberation on economic growth of China
It also allows the countries to enjoy the benefit of economies of scale from the large-scale production of the goods they are best at producing. Under global trade arena countries can also buy other things which other nations are best at
32 Pages(8000 words)Essay
Econometrics ; GDP growth in US
Between 2004 and 2008, the Chinese economy, which holds the current record as the fastest growing economy in the world, registered a GDP surge by 106%. The performance of the USA during this period has been relatively slack considering the fact that the growth deficit
2 Pages(500 words)Essay
Economic Growth
Percentages encompassed in 1980 sum to less than 100 owing to the explanation that contributors depicted meager values. For instance, population in 1980 encompassed undersized statistics. This expounds
3 Pages(750 words)Essay
GDP Growth of Apple Company
However, such a simplistic strategy cannot be so easily accomplished without understanding the unique dynamics that economic factors have with regard to purchasing power parity and the overall economic strength of a region. As Apple products
2 Pages(500 words)Essay
Economic Growth
In addition to that, a sustainable economic growth does not solely focus in ensuring that people live a good life it also focuses on
8 Pages(2000 words)Essay
About GDP, Unemployment, Inflation and economic growth
High-income countries continue to invent new technology that low-income countries apply when already easy to comprehend. With an already built technology, coming up with innovations to improve the technology is simplified. Low-income countries
1 Pages(250 words)Assignment
Let us find you another Essay on topic Comparison of the Economic Ideas of GDP Growth for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us