Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Different aspects of econimic growth - Essay Example

Comments (0) Cite this document
Economic growth, simply defined as the expansion of a national economy's capacity for the production/manufacture of goods and services, constitutes that one challenge which confronts all world economies and, accordingly, has been the focal point of a large array of economic theory…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.3% of users find it useful
Different aspects of econimic growth
Read TextPreview

Extract of sample "Different aspects of econimic growth"

Download file to see previous pages Upon undertaking the stated consideration through reference to the classical and the neo-classical economists, one finds that growth is alternately linked to capital accumulation and technological progress.
Classical economists maintain that economic growth is inextricably linked to the unlimited supply of labor. As Lewis (1954) explains, plentiful supplies of cheap labor comprise the key to both economic growth and sustained growth. The presence of unlimited labor supplies at subsistence wages functions as a predicator of expanded growth, insofar as cheap labor implies low production costs and plentiful labor enables the evolution of several labor-intensive industries, implying that growth is not reliant on one industry and sector but on several.
The neoclassical economists, as may be inferred from both Lewis (1954) and Allen (2005) largely concede to the above-mentioned but highlight their limitations. Quite simply stated, unlimited supplies of labor is not a permanent situation with the American South's reliance on slave labor and the subsequent abrupt halt of that reliance, functioning as a case in point. This means, and as borne out by the history of both the British Industrial Revolution and the South's large-scale plantation era that growth as predicated on unlimited supply of subsistence wage labor is not a stable strategy/means for economic growth. Accordingly, technological innovations, especially as in the automation of the means of production, step in as a central component of economic growth (Lewis, 1954; Allen, 2005). Consequently, one may argue that technological innovations and developments pick up from where labor leaves of, in which case both explanations for economic growth emerge as complimentary, rather than as alternatives.
The pace of economic growth, however, is determined by variables other than those outlined in the preceding paragraphs. Within the context of neoclassical economic theory, the predominant growth model is the Kuznets cycle. As per the aforementioned, the pace, or rate of economic growth is measured in terms of cycles, ranging from 10 to 60 to 100 year cycles, with the twenty-year one being the most popular or viable. In accordance with this particular perspective on economic growth rate, during a long swing/rate of growth cycle, an economy first experiences an expansion stage, supposedly accompanied by the accumulation of capital. The expansion phase is followed by a continued period of sustained growth, although with growth rates measured lower than in the preceding phase. The third phase, marking the termination of the second, is the depression stage, where economic growth slows down to a halt, possibly culminating in negative growth. From the neoclassical perspective, the aforementioned theory of the pace of economic growth is validated through historical examples, encompassing the experiences of the United States and Great Britain, among others.
A close reading of both Lewis (1954) and Allen (2005) explanations of growth and pace of growth, alongside class notes, highlight another important set of economic factors. These are surplus and capital accumulation both of which, when taken in conjunction, effectively explain why nation economies are able to sustain themselves during periods of depression, supposing of course, that the latter is not extended and extensive. Basically, periods of rapid economic growth ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Different aspects of econimic growth Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved from
(Different Aspects of Econimic Growth Essay Example | Topics and Well Written Essays - 750 Words)
“Different Aspects of Econimic Growth Essay Example | Topics and Well Written Essays - 750 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Different aspects of econimic growth

Econimic Wealth and Happiness

45). Similarly, the determination of the government to improve on the national income is a significant technique of distributing wealth uniformly hence attainment of happiness and healthy existence. Economic wealth is defined as the great quantity of precious resources or possessions of material nature or the power over such possessions. On that account, many people have come with various claims linking economic wealth and happiness. Therefore, this report attempts to expand on the claims which some say also leads to healthier living (Henslin 2007, p. 105). Similarly, the discussion delves into different aspects generating economic wealth and how it translates to happy and healthier living. Furthermore, the paper explores the eff...
5 Pages(1250 words)Essay

Different Aspects of Statistics

... plans his activities according to the requirements of the market .All such information can be collected by using statistical methods as it would not be possible to go and ask every countryman about his likes and dislikes. For these different methods of statistics like sampling, probability, index numbers and others are used. Different aspects of statistics There are various aspects of statistics that are used in the business and cover different areas. All those aspects differ in their use and application. From policy making to administration and from raw material to the final production and sales, from demand forecasting to the supply of the product, statistical methods are required in every kind of business. However, the fact cannot...
4 Pages(1000 words)Research Paper

Sports Econimic

... league? The responsibility of AFL growth in general, lies with everyone involved. Together with respect to other measures like free agency period, young players will be ‘grazed’ early enough while the restricted players have the opportunity make free movement unless new drafts are made. Other steps to improve the AFL: Active involvement of immigrants, indigenous people and a variety of communities all across will help mitigate this discrimination in the Australian football league. Next is to intensify the labor market all across the population distribution for supporters and players without bias. Communities will come into this with different cultures and lifestyle where with common association, it contribute to fight against prejudice...
6 Pages(1500 words)Essay


... rate is better than 2 pounds of potato for 1 chicken produced by James. Thus James would also be better off in this situation. Answer 9 The above findings could be narrated to the business, society and the nations, at large to effect use of trade theory that explain the difference between absolute advantage and the comparative advantage. It has been observed that although James does not hold absolute advantage in production of either potatoes or chickens, he has still been able to attain a better off position in trading of chickens. This is because James has focused on his specialized area where he holds a comparative advantage over Michelle. The same is applicable to the business, society and the nations. The business, society... ECONOMIC...
3 Pages(750 words)Coursework

Different aspects of employe relations

.... Undeniably this will be the case in some families, but the applicability of this to an entire society has been widely discredited. McRae's (2003) study supports Hakim's proportions of 'work-centred', 'home-centred' and 'adaptive' women, and the behavioural patterns which construct these three groups of women. However, she states: "All women face constraints in making decisions about their lives", drawing attention to obvious opportunity and real costs of the 'choices' McRae (2003: 328). McRae (2003) takes a sociological view of women's ability to afford the foregone opportunities, recognising underlying processes and constraints which differ between socio-economic groups. For example, a structural constraint identified is the cost...
10 Pages(2500 words)Book Report/Review

Different Aspects of Ecotourism

...ECO-TOURISM Ecotourism is showing high-end results, impact on the part of economical evolutions on nations mainly on cities and individualperson's life standard. Because of the ecotourism having tremendous impact on cities. Cities are transforming into great industrial belts. As the industries grow there will be visible impact on the economy. Job opportunities grow and innumerable colonies are developed. The growth is multifold and the technology exchange migration takes place. People of different nations migrate to cities. Different nations of people live in one city, like in New York representing unity in diversity with so many cultures and traditional values. Different languages are spoken. Municipalities also register an inevitable...
4 Pages(1000 words)Case Study

Different Aspects of Evidence Law

... on that belief so as to alter his position for the worse is estopped from setting up against the latter a different state of thing as existing at the time in question.14 We have been able to establish a reliance-based estoppel, on Phil by showing both inducement and detrimental reliance, i.e.: There is evidence to show that the Jill actually intended Phil to act on the representation or promise, which is borne in the fact that they have been having secret sexual relationship, and the usual rites that lead to them having sex were met on the day in question, or Phil, who is victim, has satisfied the court that it was reasonable for him to act on the relevant representation or promise made by Jill. The promise being that they both have...
9 Pages(2250 words)Case Study

Different Aspects of Babbling

...Introduction Babbling is one of the most loving activities performed by infants. Parents love the babbling sounds so much that they talk to infants in babbling like sounds. People think that the sounds in babbling are meaningless and are just a part of infant’s play. However, the fact is that infants use babbling as a stepping stone towards learning language and becoming social. An in depth study of different aspects of babbling like rhythm, sounds, intonations and syllables reveal that babbling is not just a mouth play but a part of language acquisition skill. Definition Babble is chaotic speech-like sound made of syllables and word-like sounds produced by infants (Oller 2000). The sounds produced during babbling indicate...
9 Pages(2250 words)Case Study

Different Aspects Of Journeys

... Path,” the main character is constantly being challenged to terminate her journey because of the trials that she encounters. Furthermore, Frost’s poem mainly describes the options of the speaker in taking one road over the other, thus, the focus is more on the roads themselves or the journey itself. On the other hand, Welty’s short story is more focused on the character of Phoenix, and how the journey she is taking is simply a means to show her qualities, convictions and characteristics as a person. This paper will explore the different ways by which these two pieces tackled the topic of taking a journey. The paper begins by providing a brief summary of each of the articles followed by a comparative analysis of the articles’ form...
6 Pages(1500 words)Research Paper

Various Aspects Related To HIV and the Deadly Acquired Immunodeficiency Syndrome

HIV is defined as the human immunodeficiency virus, as its infection causes a severe depletion in the host immune response. Its earlier names include HTLV (human T-cell leukaemia virus) type III, LAV (lymphadenopathy-associated virus), ARV (AIDS-associated retrovirus)(Pratt, 1995). The infection by this virus leads to a depressed immune state that the person becomes susceptible to infection caused by microorganisms that are otherwise the normal inhabitants of a healthy human body.

According to UNAIDS (2006) report, the total number of people in the world living with HIV infection has escalated to 39.5 million, which includes 2.5 million children. However, it seems that the disease is more severe in developing countries...
10 Pages(2500 words)Essay

Legal Aspects of Commercial Contracts

In addition, the working day could not exceed eight hours. Moreover, individuals working in the night shift had to be provided with free health assessments. Further, every worker was to be permitted an eleven hour rest period daily (Hardill, 2002. P. 66). In addition, there had to be a one day break from work per week. Furthermore, if the number of working hours were in excess of six hours per day, then the employer had to allow a rest break during the working hours. Finally, it was specified that every worker was entitled to four weeks of paid leave per annum (Employment Matters, 2007).

At the time of his employment, Ben was seventeen years. All the same, he was made to work for more than forty hours a week. In additio...
6 Pages(1500 words)Case Study

Why Are Performance Management Such Closely Related Aspects of Human Resource Management

Performance management systems make use of the fact that performance is increased on the part of all concerned and there is no shortfall as concerns to commitment, dedication, and devotion when at work. (Bilgin, 2007)

What this performance management system does is to ensure that the right people get the bonuses, incentives and so on as well as point out the ones who have fallen short on the company’s expectations over a period of time. This would help in giving them rewards and incentives which will eventually make one and all happy at the end. Also, this will continue their desire to achieve more and more within a specified period of time and thus come into the good books of the company. In return, they can be g...
6 Pages(1500 words)Essay

The Role of Telecommunications in Growth

If information is significant to advancement, then telecommunications, as a way of sharing information is not only a relationship between people, although a connection in the sequence of the advancement processes itself. The role of telecommunications in broadcasting information can be predominantly important in rural regions where other methods of acquiring and transmission information for instance personal contact, transport, and postal services are expected to be less available.
Distance signifies time, in an all the time more time-conscious world. In economies that rely forcefully upon agriculture or the mining of resources, remoteness from urban markets has usually been improved only with the setting up of enhanced trans...
23 Pages(5750 words)Assignment

The Growth of the Service Industry

The expansion of the service sector has unquestionably generated economic prosperity, but it has eminently contributed to social injustice and inequality. Consequently, I believe that while the growth of the service industry has great economic intuition, it is eventually socially detrimental and distancing society from achieving paradigms of social equilibrium.
Service, by definition, is the exchange of a commodity that has no tangible form; whereas industry is described as the people or organizations engaged in a particular type of enterprise. The service industry is then simply defined as an aggregation of commercial entities that provide services rather than physical objects. The non-material nature of services can be dist...
9 Pages(2250 words)Case Study

The Aspects of Creating America

It is a phenomenon that has existed since the beginning of the United States. In some ways, the fact of the phenomenon is explainable. At the time America began to be populated by Europeans, the written discourse had become the accepted means of communicating ideas, so it was only logical that the brave new American world would be written about and defined by its various inhabitants. Too, the advent of a truly new country, far from the Old World, created a shared experience among the settlers that bound them together more effectively than their European nationalities could do. Add to that the fact that most of the people brave enough to make the journey across the sea to the strange lands of peril and promise were by nature curiou...
7 Pages(1750 words)Term Paper

Liberalism and Its Aspects

After listing out the shades of liberalist thinking, the main point of this paper is that for the times that we live in, Liberalism is best suited as an alternative to the prevailing ideologies of the time. The world took a dangerous turn in the aftermath of the 9/11 attacks on the US. The resulting “War on Terror” that followed took a toll on individual liberties and it appears to be that liberal values and liberalism have been buried in the rancor that characterized the last eight years. The very nature of the individual and his or her role in the nation-state has been tested and the notion of liberties questioned. However, there seems to be a tendency towards reclaiming the premises of liberalism namely that of indi...
12 Pages(3000 words)Coursework

Innovation and Growth

Although there is a large amount of literature about innovation in organizations, there is very little on the management style that should promote innovation. (Amar, 2002, p. 14) While innovation is a subject that has evoked keen interest, it is also a subject that has failed to uncover the secrets of what fires innovation in an organization. Researchers have focused on three major areas in relation to innovation in an organization.
For example, the adverse external environment has been found to encourage creativity and innovation. This, along with organizational structure, is likely to play a role in determining the level of innovation that exists in an organization. A study by Russell(1990) has revealed that innovation requ...
14 Pages(3500 words)Coursework

The Globalization Policies in Different Countries

...International trade International trade Introduction The Globalization, Liberalization and Privatization policies adopted by different countries, opened the doors widely open for international trade. Foreign investment and participation in business is welcomed by many countries. The consumers will get better products at cheap rates because of the competition in the market. For example, as per the economic principle, scarcity of a commodity creates demand in the market and hence the price of that commodity will go up. Because of the foreign participation in domestic market, the customers will never fee any scarcity and hence the prices will come down definitely. But most of the countries are still confused about the extent...
6 Pages(1500 words)Coursework

Sports Econimic

... in the men league? The responsibility of AFL growth in general, lies with everyone involved. Together with respect to other measures like free agency period, young players will be ‘grazed’ early enough while the restricted players have the opportunity make free movement unless new drafts are made. Other steps to improve the AFL: Active involvement of immigrants, indigenous people and a variety of communities all across will help mitigate this discrimination in the Australian football league. Next is to intensify the labor market all across the population distribution for supporters and players without bias. Communities will come into this with different cultures and lifestyle where with common association, it contribute to fight against...
6 Pages(1500 words)Essay

The Aspects of Technology

Routines are recurrent in nature, they are collective in that they employ actors at different levels and such can be distributed by space and organizational levels. Actors at different levels of the organization are therefore brought together by the routines. Another aspect of consideration in the nature of routines is the thought that routines can just be a mindless following of a way of action and can also be seen as mindful efforts directed towards the realization of set goals or objectives (Becker, 2004. p.646-648).
Technology has taken a toll on the shape of organizational routines (Rudd, n.d. p. 2). Organizations have been in a race in adapting to new technologies. New communication mechanisms and novel technologies hav...
8 Pages(2000 words)Term Paper
sponsored ads
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.

Let us find you another Essay on topic Different aspects of econimic growth for FREE!

Contact Us