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Pumping Up The ECONOMIC GROWTH - Essay Example

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The first factor that has to be taken into consideration is natural resources, meaning that increasing them increases the economic growth. However,…
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Pumping Up The ECONOMIC GROWTH
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Pumping up the economic growth Economic growth is an important part of everyday life, so some factors have to be taken into consideration to grow theeconomy. The first factor that has to be taken into consideration is natural resources, meaning that increasing them increases the economic growth. However, since many resources have been discovered, an increase in natural resources can only be realized through an improvement of the technology used to extract these resources.
The second factor to consider is labor, where economic growth is increased through an increase in labor. This can be realized through increasing the quality of labor needed, which can be done by enhancing human capital. 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 realized. Read More
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