The impact of economic growth and the importance of economic growth Essay: The impact of economic growth and the importance of economic growth This essay will provide a unique perspective regarding the impact of economic growth and the importance of economic growth.
The following conditions must be satisfied for attaining technological advancement in a country: As underdeveloped countries have failed to fulfill these conditions thus their development process is neither self-sustaining nor cumulative.
Thus in order to attain a higher rate of development, the underdeveloped countries should adapt only that type of technology which can suit their requirements. Developing countries like Mexico, Brazil and India have been applying technologies developed by advanced countries as per their own conditions and requirements.
Thus to attain a high level of economic development, the under-developed countries should try to achieve technological progress at a quicker pace. In recent years, economic planning has been playing an important role in accelerating the pace of economic development in different countries.
Economic development is considered as an important strategy for building various social and economic overhead infrastructural facilities along with the development of both agricultural, industrial and services sectors in a balanced manner.
Planning is also essential for mobilisation of resources, capital formation and also to raise the volume of investment required for accelerating the pace of development.
Jun 15, · Model Essay: It is true that some people contend that economic growth is the only solution to the global problems of hunger and poverty. Others, however, argue for an end to economic growth in order to conserve our environment. I agree completely with this second view. Conclusion for economic growth essay. Publicado el 26/11/ 26/11/ por. Conclusion for economic growth essay. 5 stars based on reviews timberdesignmag.com Essay. Everyday problems that need inventions to solve curtin university social work australia how to . Disadvantages of economic growth There are economic and social costs of a fast-expanding economy. Inflation risk: If demand races ahead of aggregate supply the scene is set for rising prices.
Countries like former U. The present situation in Conclusion economic growth essay world economy necessitates active support of external factors for sustaining a satisfactory rate of economic growth in underdeveloped economies.
Moreover, domestic resources alone cannot meet the entire requirement of resources necessary for economic development. Therefore, at certain levels, availability of foreign resources broadly determines the level of economic development in a country. The external factors which are playing important role in sustaining the economic development include: Economic factors alone are not sufficient for determining the process of economic development in a country.
In order to attain economic development proper social and political climate must be provided. The people of a country must desire progress and their social, economic, legal and political situations must be favourable to it.
It is spirit itself that builds the body. Thus in order to attain economic growth, raising the level of investment alone is not sufficient rather it is also equally important to gradually transform outdated social, religious and political institution which put hindrances in the path of economic progress.
Thus following are some of the important non-economic factors determining the pace of economic development in a country: It is the mental urge for development of the people in general that is playing an important determinant for initiating and accelerating the process of economic development.
In order to attain economic progress, people must be ready to bear both the sufferings and convenience. Experimental outlook, necessary for economic development must grow with the spread of education.
Economic progress is very much associated with the spread of education. Thus education is working as an engine for economic development. In this connection, Prof. So, education plays pioneer role for the creation of human capital and social progress which in turn determines the progress of the country.
Changes in Social and Institutional Factors: Conservative and rigid social and institutional set up like joint family system, caste system, traditional values of life, irrational behaviour etc. Thus to bring social and institutional change as per changing environment and to realise the modern values of life are very much important for accelerating the pace of economic development in a country.
Proper Maintenance of Law and Order: Maintenance of law and order in a proper manner also helps the country to attain economic development at a quicker pace.
Stability, peace, protection from external aggression and legal protection generally raises morality, initiative and entrepreneurship.
Formulation of proper monetary and fiscal policy by an efficient government can provide necessary climate for increased investment and also can stimulate capital formation in the country.
Thus in order to accelerate the pace of economic development the government must make necessary arrangement for the maintenance of law and order, defence, justice, security in enjoyment in property, testamentary rights, assurance to continue business covenants and contracts, provision for standard weights and measures, currency and formulation of appropriate monetary and fiscal policies of the country.
But the economy of underdeveloped countries is now facing serious threat from large scale disorder, terrorism, disturbances in the international border etc.
All these have led to diversion of resources and initiatives from developmental to non-developmental ends. Moreover, under such a chaotic situation, capital formation process, business initiatives and enterprise of private firms are seriously suffered and distorted leading to a stagnation of economy in these countries.
Economic development of a country also demands existence of a strong, honest, efficient and competent administrative machinery for the successful implementation of government policies and programmes for development.
The existence of a weak corrupt and inefficient administrative machinery leads the country into chaos and disorder. Obstacles or Constraints on Economic Development: The development process of an underdeveloped or developing economy is not an easy task rather it is a complicated one as these countries are not having any common characteristics.Economics Basics: Alternatives to Neoclassical Economics Economics Basics: Conclusion We hope that this tutorial has given you some insight to the economy and the.
Economics and Overall Economic Growth Essay. The economic state of the country and consumer confidence can help the growth and development or harm it. “In recessionary times, consumers begin limiting their purchases .
Jun 15, · Model Essay: It is true that some people contend that economic growth is the only solution to the global problems of hunger and poverty. Others, however, argue for an end to economic growth in order to conserve our environment.
Economic growth is referred to the increase of per capita real gross domestic product over a period of time. Real GDP is a quantitative concept since it involves increased productive capacity in an economy, which leads to rising national output, incomes and living standards over time. Economic growth can occur from two main factors: 1. The increased use of resources such as land, labour, capital and . Home > Macro Economic Notes and Essays > Macro Economic Essays > Evaluate whether an increase in economic growth is beneficial? Evaluate whether an increase in economic growth is beneficial? Economic growth means an increase in real GDP – this leads to higher output and higher average incomes. This study uses the definition of economic growth as an increase in real GDP. Economic growth can be measured by comparing real GDP for different years. Real GDP is defined as ‘the value of total production of farms, factories, shops and offices of a country measured in the prices of a single year’.
I agree completely with this second view. Consumption and economic growth are like In this essay it will be argued that the economic growth and consumption are unsustainable, environmentally detrimental and have a negative impact on human health and development and are not goals worth striving for in our modern globalized society.
Economic growth, which reflects the overall performance of a country, is one of the most important macroeconomic goals that a country seeks to achieve and maintain. Economic growth in one-way or another refers to the increase of the country’s potential GDP.
Economic growth is referred to the increase of per capita real gross domestic product over a period of time. Real GDP is a quantitative concept since it involves increased productive capacity in an economy, which leads to rising national output, incomes and living standards over time. Economic growth can occur from two main factors: 1.
The increased use of resources such as land, labour, capital and .