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This means that enhancing human capital will increase the quality of labor, which will in turn increase economic growth. The third factor that has to be considered is capital, an increase of which will increase economic growth. Capital is best increased by focusing on investment that improves the technology used. This will ensure that capital used in production produces more output with less usage of resources.
However, the factors mentioned above have some detrimental effects, for example, using more resources to enhance economic growth results in the depletion of available resources. This means that future generations will have fewer resources with which to benefit themselves. The second detrimental factor is pollution, which usually occurs as resources are used to produce. The third factor is job displacement, which occurs because of an increase in technology that replaces human capital. The last detrimental factor in economic growth is cultural change, where existing cultures are continually replaced as economic growth is
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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.
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.
In those days, concrete was a very basic substance made of lime, calcium, rock, sand and shale. With the several ingredients assembled in the proper proportions, its importance was again realized. When sand and rock were added and mixed with water, it hardened and made primitive concrete similar to what we use for our buildings and structures today.
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 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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