2 Answers - Sort by: Date | Rating
Economic Growth of an economy is the increase in the value of its goods and services. The measure of Economic growth is done by measurement of GDP and GDP of an economy displays the position of the economy in the world market. Economic growth of an economy leads the economic development and the economy gets a significant position in the World trade market. Moreover, inflation in the economy decreases and the growth of the economy starts to increase.
0
0
There are many different measures of economic growth. As mentioned above Gross Domestic Product (GDP) is perhaps one of the most popular measures as it allows us to compare growth in domestic production with other countries. However, economic growth, in terms of the growth of output (domestic income), is not always a good indicator of economic development. Often growth can be exclusive of certain social groups leading to a worsening of income inequality as the overall GDP of the country rises; people become poorer as the country grows.
Of course economic growth does not always harbour poverty. But whether it reduces poverty or not lies in the choice of policy that is used to achieve the growth; does it include the poor in production? Does the industry that is leading the growth accommodate poor workers? If so, then the economic growth can simultaneously result in economic development - a reduction of income inequality, leading to a general increase in living standards.
Of course economic growth does not always harbour poverty. But whether it reduces poverty or not lies in the choice of policy that is used to achieve the growth; does it include the poor in production? Does the industry that is leading the growth accommodate poor workers? If so, then the economic growth can simultaneously result in economic development - a reduction of income inequality, leading to a general increase in living standards.
0
0
- Explain The Link Between A Rise In Investment And Rise In Economic Growth?
- Explain Consumer Equilibrium Using The Indifference Curve?
- What Are Causes Of Global Economic Crunch?
- What Are The Causes And Consequences Global Economic Crunch?
- How Do Countries Benefit From Learning Economics?
- If You Want To Choose Economics In The University As A Course What Are The Things To Look Out For?
- What Is An Isocost?
- What Countries Did The Hyksos Attackand Why?
- What Did The Poor Victorans Waer?
- Why Is Prenatal Development Is Called A Critical Period?
- Why Do We Need Documents For Foreign Trade?
- What Is The Difference Between Indifference Curve And Iso Curve?
- What Are The Major Steps Of Impact Of Privatisation On Indian Economy?
- Why Does A Coolinhg Effect Accompanies Evaporation?
- Explain The Energy Crisis And It Impacts To The Economic Development In Srilanka?
- Explain The Immediate Causes Of Level Of Production In National Income Accounting?
- What Are The Advantage Of Retain Profits?
- How Can India Become A Prosperous & Secure Nation?
- How We Check The Level Of Production On Time To Time In National Income Accounting?
- Why Did Advertising Begin?
- Define Management Explain Nature And Scope Of Management?
- What Step Should India Take To Become A Prosperous And Secure Nation?
- What Is Inflation And Income?
- How Would Equilibrium Price And Equilibrium Quantity Differ In Airline Industry?
- I Want Know What Is The Prices Of Used Care In Kiev?
- What Are Agricultural Development And What Role Does It Play In Economic Development Of Pakistan?
- How Do Commercial Banks Play A Role In Economic Development?
- What Role Does The Agricultural Sector Play In Economic Development?
- What Is The Difference Between Economic Development And Economic Growth?
- Can You Distinguish Between Economic Growth And Economic Development?
- What Is The Definition Of Economic Growth And Economic Development ?
- What Are The Differences Between Economic Growth And Economic Development?
- What Is Economic Growth And How Does It Relate To Development?

New Comment - Comments are editable for 5 min.