Let us write or edit the essay on your topic
"Economic growth is one of the macroeconomic objectives of the Australian government . Outline the problems that arise in measuring economic growth"
with a personal 20% discount.
Download file to see previous pages...
It also fails to consider the externalities that may be negative like those caused by pollution as well as depletion of resources. (tradingeconomics.com, 2011)
Globally, the process by which the wealth of a nation is determined or poverty is a complex task since there lies a predicament while trying to obtain compatible type of data. Different nations may be having different data types and thus, comparison in performance fails to be objective at the end.
GDP as mentioned earlier is the method that is mostly used in the world to measure a country’s growth and Australia has followed this method as utilized by United Nations. This GDP method does not consider the incomes that come from corporations and individuals. This is especially if these incomes come from foreign sources and this approach further shows the weakness of measuring the growth of a nation.
The alternative method, (just to mention), that was usually used to measure an economy’s growth and that was applied universally in the world was GNI. The difference arises where GNI considers income from outside the country while GDP does not. (Kendall, 2010
...Download file to see next pagesRead More
Economic growth is one of the major macroeconomic objectives. Economic growth is regarded as a necessary and desirable feature of modern economies . Economic growth is widely defined as ‘the sustained increase in real per capita incomes’ .
These theories include the exogenous growth model as well as endogenous growth model. This paper will represent an examination of the viability of several governmental initiatives aimed determining the if certain policies will facilitate economic growth whereby a developing nation is able to catch up with already developed nations and to maintain a steady-state after catch up.
Although it is true that economic growth alone can not bring sufficient changes in the average level living standard of people living in a particular country, it is an important component for obtaining higher quality of life. So, one of the major aims of any country across the world is to attain higher level of 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.
Since economics is thought of being the bridge between scarce resources and unlimited human wants, a holistic definition of economic growth would be to increase the efficiency of an economy. This happens as a corollary of growth where an economy will grow over time to the next higher level in terms of production of goods and services, employment, foreign trade and other macroeconomic factors.
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
The term economic development is broader and more inclusive of the economic factors than economic growth. When a region experiences economic development, it implies that there is an improvement in the aspects that affect human welfare. Economic development is
The modern methods uses construction of an aggregate index that combines different attributes such as HDI index used by UNDP. HDI combines health, income and education to make a weighted average index. The index is used to
Negative growth is when the economy is in recession and depression and vice versa and that is, the reason and features the article covers effectively. I suggest that an increase in economic growth is associated with improvement in the living standards of people.
2 Pages(500 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic Economic growth is one of the macroeconomic objectives of the Australian government . Outline the problems that arise in measuring economic growth for FREE!