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Increasing the rates of economic growth has long been the holy grail of conventional economics and politics. To a large extent, most developed economies have been highly successful in increasing economic output.
To decide whether economic growth has increased happiness is highly subjective, and it is difficult for economists to make concrete arguments. However, it is worth noting the various side effects of growth and consider there impact on general living standards. Consumers can benefit from consuming more goods and services. An assumption of economics is that consumption is related to utility, so in theory, with higher consumption levels, there is greater prosperity.
With increased tax revenues the government can spend more on important public services such as health and education. Improved health care can improve quality of life through treating diseases and increasing life expectancy. Increased educational standards can give the population a greater diversity of skills and literacy. This enables greater opportunity and freedom. Education is seen as an important determinant of welfare and happiness, help with economics paper.
Economic Growth helps to reduce unemployment by creating jobs. This is significant help with economics paper unemployment is a major source of social problems such as crime and alienation. However, despite rapid increases in economic growth since the Second World War, areas of high unemployment in the EU remain. For example, in France and Spain, there are currently high levels of structural unemployment. This kind of unemployment may not be reduced by economic growth. It is important to look at economic growth over a long period of time.
At the turn of the Twentieth Century, in US and Europe, there was widespread poverty amongst the working classes — with poor people experiencing malnutrition. Even sinceabsolute help with economics paper levels have significantly fallen. Asia has also seen significant decreases in absolute poverty — due to high rates of economic growth in past few decades. Economic growth will be important for reducing absolute poverty and increasing life expectancy in Africa.
If a section of the population is living in absolute poverty, economic growth enables people to have higher incomes and therefore they will be able to afford the basic necessities of life such as; food, and shelter. When economic growth can overcome this type of poverty there is a clear link with improved living standards.
The diminishing marginal utility of income and wealth is a basic economic concept, which suggests the tenth unit of a good will give much less satisfaction than the first.
If we already have 2 cars, do our living standards really improve if we now have the capacity to own 3 cars? Often as economic growth increases incomes, people increasingly save their money higher marginal propensity to save this is basically because they struggle to find anything meaningful to spend their money on.
Economic Growth with involves increased output causes external side effects, such, help with economics paper, as increased pollution. Global warming from pollution is becoming a real problem for society.
The economic and social costs could potentially be greater than all the perceived benefits of recent economic growth, help with economics paper. The benefits of growth could be used to develop better technologies that create less pollution. It is just at the moment this has been a low priority.
It is perhaps a paradox that higher economic growth can cause an increase in relative poverty. This is because those who benefit from growth are often the highly educated and those who own wealth. In the s and s, higher growth in the UK and US has resulted in increased inequality. It is another paradox that as incomes increase and people are better off the level of crime has increased as well.
One reason why crime rates increase is that quite simply there are more things to steal. Back in the s auto theft, help with economics paper, mobile phone theft e. c were rare or non-existent, help with economics paper. Economic Growth has created more goods to steal. But there has been a general association between growth and crimes. In the beginning of the industrial revolution, higher growth led to people working lower hours.
It help with economics paper people are unable to enjoy their higher incomes. Feeling the necessity or preferring to work longer hours. This suggests people are valuing earning money more than leisure. However, this trend may also be due to companies wanting people to work longer hours.
Economic Growth has enabled improved healthcare treatments, but at the same time, there has been an unexpected rise in the number of diseases and illnesses related to increased prosperity. Modern lifestyles and modern diets have created an epidemic of obesity, with significant proportions of the population expressing a desire to lose weight, help with economics paper. It could be argued that problems such as obesity and stress-related illnesses are not a direct consequence of growth.
This is true, but, it is symbolic of the fact increased prosperity has created as many new problems as it has solved. There are clearly some benefits of economic growth. These benefits are most visible when for low-income countries.
Economic growth enables the possibility to deal with many serious problems of poverty, help with economics paper and lack of basic amenities. However, this paper is more interested in whether economic growth in developed economies is actually increasing living standards.
Does rising incomes equal rising satisfaction? The answer is not clear-cut. However, there are clearly several issues, which suggest that economic growth, has contributed to serious social, environmental and economic problems, which have reduced living standards. This is not to say economic growth is doomed to bring unhappiness. In fact, the challenge is to harness the potential of economic growth to make sure it really does increase sustainable living standards.
Your answer is really amazing. It is short and to the point. By reading once one can understand the contents, help with economics paper.
Thank you����. this is nonsense. Could you make a comment on the following statement: The average level of the saving rate is help with economics paper important for the determination of the levels of variables in the steady state. In particular, the optimizing conditions in the Ramsey model preclude the kind of inefficient over saving that was possible in the Solow-Swan model. Home Shop Economics A — Z Blog Contact 0. Benefits of economic growth 1.
Increased consumption Consumers can benefit from consuming more goods and services. Improved public services With increased tax revenues the government can spend more on important public services such as health and education. Reduced unemployment and poverty Economic Growth helps to reduce unemployment by creating jobs.
Why economic growth may not bring increased happiness 1. Diminishing returns If a section of the population is living in absolute poverty, economic growth enables people to have higher incomes and therefore they will be able to afford the basic necessities of life help with economics paper as; food, and shelter.
Externalities help with economics paper growth. Economic growth can cause increased inequality. Increase in crime and social problems It is another paradox that as incomes increase and people are better off the level of crime has increased as well. Higher economic growth has led to more hours worked In the beginning of the industrial revolution, higher growth led to people working lower hours.
Diseases of affluence Economic Growth has enabled improved healthcare treatments, help with economics paper, but at the same time, there has been an unexpected rise in the number of diseases and illnesses related to increased prosperity. A new study by the Organization for Economic Cooperation and Development OECD confirms that on average, people in the U. are putting in 20 percent more hours of work than they did in See: Spark Obesity-related illnesses rise with economic development Disease of Affluence Conclusion There are clearly some benefits of economic growth.
Related Diminishing marginal utility of income and wealth. Yah sure thank u so much �� Reply. indeed this is so much clearer thankyou Reply. Excellent Reply, help with economics paper. This is a very help with economics paper writing. economic growth is need of hour for developing countries. thanks alot helpful Reply. Great answers! Leave a comment Cancel reply Comment Name Email Website. We use cookies on our website to collect relevant data to enhance your visit.
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