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.
Nobody downloaded yet

The Western Path to Development: Economic Growth - Essay Example

Comments (0)
ECONOMIC GROWTH Instructor Institution Date Introduction Economic growth is the measure of how an economy’s production increases when one period is compared with a previous one. Most economists argue that the advantages of economic growth outweigh the disadvantages…
Download full paper
The Western Path to Development: Economic Growth
Read TextPreview

Extract of sample
The Western Path to Development: Economic Growth

Download file to see previous pages... Various nations in the world have different levels of economic growth. This is illustrated by the fact that the living standards of people within developed economies are better than that of the developing economies. Economic growth generally enables a country to be able to meet the needs and wants of the society by providing it with sufficient goods and services at an affordable cost. This paper describes economic growth as a good thing with analytical discussion of its advantages and disadvantages in relation to the party that benefits from the growth and the manner in which this growth is experienced. Indicators of Economic Growth In the modern world and economy, economic growth is characterized by advancement, adoption and application or technology in production of services and goods within sectors of a specific economy. For example, the use of technology and the internet in the US has facilitated production and thus making it one of the most developed countries in the world. According to Sachs (2005, p. 9), the concept of economic growth has two major dimensions. These are the increased capacity of an economy in the production of services and goods and enhancement of living standards and thus improved quality of life within the society. The indicators of economic growth within a country include an increased gross domestic product (GDP) and individual income. However, it should be noted that economists calculate economic growth rate by comparing the changes in GDP between periods of time. Donaldson (2008, p. 2128) asserts that it is through measuring the production of goods and services that economic growth of a country is determined. Therefore economic growth does not necessarily imply that it is a positive growth because it could be negative. When the growth of a country’s economy decreases, it is said that a negative economic growth has been experienced while an increase in productivity means that a positive growth of the economy is felt. Economic recession or depression is the characteristic of a negative economic growth which means that a country is unable to adequately meet the needs for goods and services of individuals and groups within the society. Sinha (2005, p. 25) points out that the growth in GDP within a country means that its economy is facing a positive growth and this is beneficial to three parties. Firstly, a positive growth in the economy benefits the people within the county by for example reducing poverty and thus improving the living standards. Secondly, the country as a whole benefits because a growing economy attracts foreign investment and leads to growth of its industries and infrastructure. The world economies also gain from the growth of a country’s GDP as illustrated by the economic exchanges during the importation and exportation of goods and services among countries. Decancq, Decoster and Schokkaert (2008, p. 11) explain that the globalization of the world economies links regions and as a result the economic growth of one country or region benefits other regions in terms of the goods and services that they are enabled to enjoy from the production of the grown economy. Advantages of Economic Growth Through an increased production of goods and services in an economically growing country, the living standards of the society are improved significantly. Donaldson (2008, p. 2132) emphasizes that it is through an increase in the earnings or income of people within the society that their living standards are improved. This reveals ...Download file to see next pagesRead More
Comments (0)
Click to create a comment
Global energy and economic growth: the need for sustainable development
Abstract Growth economics must be the concern of countries which are fighting the forces of globalisation. But it is also the concern of developed countries that are longing to stay on top in the fight for supremacy between countries. This dissertation looks at the world economic growth from the present up to the United Nations’ projections of 2075 and 2300.
30 Pages(7500 words)Dissertation
The Impact Of Economic Growth, Political And Economic Systems On The Internalization Of An Organization
The Impact Of Economic Growth, Political And Economic Systems On The Internalization Of An Organization Globalization, privatization and liberalization have brought huge changes virtually in every areas of human life. Business is one area in which globalization has brought significant changes.
9 Pages(2250 words)Essay
Growth, Development, and Economic Transformation
The prevalence of capitalist mindset suggests that the owners incur profits at the expense of laborers which cause a sharp gap in the rural-urban wages, leading to sharp inequalities. As a result, individuals shift to cities to reduce this inequality which would ultimately increase the population in urban areas as compared to rural.
3 Pages(750 words)Essay
Entrepreneurship and UK's Economic Recovery and Growth
The entrepreneur is considered a superhero in most cases for their ability at change stimulation in a country. The UK government has in recent times moved toward an economy that is based on entrepreneurship for it to spearhead a much-needed economic recovery.
8 Pages(2000 words)Essay
The dominant view about growth is explained along with the factors, which cause the relentless phenomenon of growth that we have so far experienced. It explains why humanity should look towards prosperity, which is not going to be measured by the traditional indices of growth.
6 Pages(1500 words)Essay
Difference between Chinas economic management style and the Western style
China is unquestionably among the world’s largest and fastest growing economies (Watson, 1994, p. 48). Since opening its markets to the rest of the world in 1979, China’s economic growth has experienced a persistent upward trajectory (Tsui & Lau, 2002, p.
20 Pages(5000 words)Essay
Economic Development Master Essay
Although a variety of development scenarios exist and are employed by governments, foreign actors and non-governmental organizations (NGOs), this essay will explore the models of development currently employed today. As such, we will explore socialist economic development, capitalist economic development and growth and the establishment of business-orientated zones (also known as "Free Trade Zones") which blend authoritarianism, statist economic development most commonly found in socialist countries and the principles of liberalism and (relatively) free market capitalism.
9 Pages(2250 words)Essay
Long run economic growth and development
This essay focuses on the interrelationships of particular aspect of economic development with the long-term growth of a country. In order to understand, why some countries are able to develop and grow better than others, it is important to consider the theoretical background of development and determine the drivers of growth for different nations.
11 Pages(2750 words)Essay
Economic Development Stimulates Population Growth
The relationship between economic development and population growth goes in two directions. The population seems to grow geometrically while the food supply is arithmetical. Higher economic development increases population by motivating earlier marriages and high birth rates as well.
4 Pages(1000 words)Essay
Economic Growth and Development
Economic growth results from the increased production and consumption of a country’s goods and services. Should these goods and services be of the right kind, they benefit the people and thus improve their quality of life and economy. However, economic growth does not necessarily lead to economic development
3 Pages(750 words)Research Paper
Let us find you another Essay on topic The Western Path to Development: Economic Growth for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us