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Therefore, the small statistics resulted to minor percentage. The ideology that populaces were small depicts that fewer investments counted. These affected contributors owing to GDP. Contrary, 2010 depicted percentage that exceeded 100. This gains exemplifications from the ideology that entailed a population outburst in 2010. Therefore, greater populaces depicted increased investments, consumptions and per capita earnings (Romer, 2007: pp, 1). These aspects entailed summations of the percentages.
The contributing factors to GDP kept changing concerning 1980 until 2010.These changes emanate from crucial factors. Increased populaces contribute exceptionally to GDP. This entails explanations from the ideology that greater populaces result to increased demand. With increased demands, another instigated aspect would be greater supplies in market places. Therefore, demand influences consumption. This counts greatly to GDP owing to the information that entails considerations involving consumption while calculating GDP. Another aspect involves government spending. This draws explanation from the information that increased populaces result to greater spending by governments (Romer, 2007: pp, 3). This exemplifies that the government undertakes offering extra programs because of increased populace. These programs involve health and developments like roads.GDP changes owe their predicament to alteration of per capita. This exemplifies that per capita earnings influence contributors to GDP.
Romer expounds that technology entails the intrinsic importance of steering economic intensification. Romer’s argument that people’s innovations count greatly to economies encompasses inevitable intensity. He exemplifies that technology comprises the greatest portion in economies. Technology developments result to rich opportunities. These opportunities expound that people’s ideas and ingenuity count mostly (Romer, 2007: pp, 4). This revolutionized
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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’ .
To create value, unmet needs and opportunities are identified and ways to meet these needs are developed. There is a strong link between entrepreneurship, innovation, and economic development. This link arises from the fact that less entrepreneurship means fewer innovations, which in turn business development negatively.
Most of the countries around the world, that have shown rapid economic progress, have achieved this progress usually during the reign of a single leader e.g. Dubai’s economic growth in particular and that of the UAE’s in general primarily happened in the past three to four decades which was the reign of Sheikh Mohammed bin Rashid Al Maktoum and his father.
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.
A brief background of the country is provided. Macroeconomic indicators and market development changes are discussed. The paper includes a brief analysis of future economic trends in Indonesia. Implications for the future of economic development in Indonesia are
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.
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