Economic growth

Economic development, if not bizarre, is a buzz word with many connotations. In the history of human civilization it refers to a process of change implying progressiveness of a society. Contemporary development economists, development practitioners and policy makers and development institutions view development through a broad framework. It has long been understood that economic development is about much more than rising incomes (Besley & Persson, 2011). Precisely the broader objectives of…

In my opinion a country can experience economic growth without a rise in standard of living of the people. It is first important to know what GNP, economic growth and standard of living is. They are defined as follows: 1. GNP is the economic performance of a country; it is the total value of all the finished goods and services in a time span of one year by the country’s citizens. 2. Economic growth is the increase in the produce of goods and services per head of the population over a period of…

People are agents of change and it is this change that is viewed as progress which can be in the form of economic growth, cultural pluralism, or sustainable development for example. Schweder values progress in the form of cultural pluralism which looks at how humanity views progress and that growth should not be the way progress is defined. “Pluralism does not imply the rejection of the ideas of progress and decline, [instead] progress means having more and more of something that is ‘desirable’…

WHAT IS ECONOMIC GROWTH From two perspective we can interpret economic growth of an economies (Mankiw & N. G. R. E. G. O. R. Y, 2014). 1. The most popular way to define economic growth as the total increase of output which an economy produce over a given period of time , but time constraints at least two year . 2. Secondly we can define economic growth as increase in what a nation can produce if it is using all the scarce resources it has. Economic growth can be shown by an outward shift in…

the strategies used to promote economic growth and development in this economy Economic growth in China’s case refers to the increased use of productive resources such as land, labour, capital and entrepreneurship as a result of improved technology, population and labour force growth can be measure in real Gross Domestic Product(GDP) per capita. On the other hand Economic development refers to the process of structural change required in an economy for economic growth to happen, can be…

Gender Inequality and Economic Growth: Their bidirectional relationship “Gender inequality is a fact of life in most parts of the world, particularly in developing countries, where significant gaps between men and women are present in the labour market as well as in political representation or bargaining power in the household” (Cubares and Teignier, 2014; 260). In the Global Gender Gap Index 2014 of World Economic Forum, most countries in the bottom of the ranking (or the countries with high…

In The Economic Growth of the United States 1790-1860, Douglass Cecil North examined the development of the nation’s economy. This book was meant to be a study in both economic growth and the economic history of the United States. North told his story of the United States shifting from a national economy centered around foreign trade to one centered around interregional flow of capital and goods bringing the United States’ economy into the larger context of an Atlantic one, North began his…

Analyze the main sources of economic growth in the Australian economy and the policies the Australian government can use to achieve a higher sustainable rate of economic growth. Economic growth is considered to be an increase in the volume of goods and services that an economy produces over a period of time. It is calculated through the change in real GDP over a certain time period. The main sources of economic growth are the changes in aggregate demand and supply, which encompass various…

effects of FDI. This suggests an inevitable roles institutions or intermediaries play to lure foreign capital flows and for that matter economic growth as Shaw (1973) recognized the importance of institutions in enhancing capital accumulation and economic growth. Taking cues from Alfaro, et al (2004) and Shaw’s (1973) emphasis on the role of institutions in the growth literature, the general assertion remains that, in the current integration of both national and world economy, an absence of a…

Globalisation is a movement trend in the whole world that is working towards integrating in sectors such as economic, financial, trade, and communications. The concept looks at opening up local and national markets to other countries through an interconnected and interdependent world that enables free transfer of capital, goods, and services across nations. Critical Evaluation Globalization has managed to integrate different world economies, including people and companies in different…