Economic Growth Is The Prime Target Of A Nation

Economic growth is a common term used by economists to describe in increase in production in the long run. According to Robinson (1972) economic growth is defined as increases in aggregate product, either total or per capita, without reference to changes in the structure of the economy or in the social and cultural value systems. The basic tool of measuring the economic growth includes the real GDP. It provides some quantitative measures in terms of the production volume.

Economic growth refers to the output of goods and services produced per capita in a nation over time. It is measured as the percent rate of increase in Real Gross Domestic Product(GDP) which is the value of total productions produced by an economy in

Economic growth is best defined as a long-term expansion of the productive potential of the economy. Sustained economic growth should lead higher real living standards and rising employment. Short term growth is measured by the annual % change in real GDP.

Not all aspects of economic growth are positive, for example when an economy is at, or near its full capacity of productivity prices can be driven up causing inflation and the devaluing of their currency, where each unit of currency buys fewer goods and services that it previously could have. It can increase the

Measures of economic well-being such as GDP are subject to some limitations hence it is appropriate to use other alternative measures of economic growth. The limitations of GDP in measuring the economic well-being of a country include failure to capture the underground economy and failure to capture changes inequality. Others include the development of new products and failure to take in account human or leisure costs (Maddison 48).

Economic growth is defined as the rate of growth of the whole income of a nation and is the most efficient indicator of an economy 's health... And wealth.

In Bill McKibben’s book Deep Economy, the chapter “After Growth” contains McKibben’s assertion dealing with the challenges of economic growth. McKibben states that economic growth has done little to diminish wealth inequality, done little to help stop the detrimental effects on the planet, and done little to make us any happier.

The post -Second World War growth period, which is called Golden Age of Capitalism, has a great influence in human economic history. During the period of time, a great many of the capitalist countries have dramatically increased their economy and prosperity, such as United State which has a substantially economic expansion at an average rate of 3.5% annually between 1945 and 1970. Economic growth may be resulted by deregulation of market, rise of automotive manufacture and industrialization which contribute to freight transportation, international corporation and emergence of innovation.However, this prosperous period has not sustained permanently. 2007 global economic crises, which is a global financial breakdown and increase

America's leaders shouldn't worry so much about economic growth if that growth serves to enrich only the wealthiest Americans. Many economists, particularly conservatives, warn that restricting trade and adding new regulations to the labor market would crimp economic efficiency and slow growth. Heather Boushey, a liberal economist who has discussed policy informally with Clinton, and who runs the Washington Center for Equitable Growth think tank, argues that it is not politically wise to play down the need for economic growth. Many liberal economists, including some close to Clinton, contend that some policies designed to reduce inequality will in fact spur faster growth.

There is a continual urging on the inside of each and everyone of us to keep growing, becoming and to reach our destiny. In Isaiah 54:2,3 it says "Enlarge the place of your tent, and let the curtains of your habitations be stretched out; spare not; lengthen your cords and strengthen your stakes, for you will spread abroad to the right hand and to the left; and your offspring will possess the nations and make the desolate cities to be inhabited". See, God's nature is growth and His nature is on the inside of each and everyone of us. Just like the physical dna of your parents is in you. When you are born again and come into the family of God, His dna is now in you and in His dna is growth.

To start off I will begin by explaining how economic growth occurs. Economic growth occurs when there is an increase in output over time as well as the growth in the working population allows an economy to increase its output by having fewer people out of work and making an economy of full employment. For an economy to achieve this long-run growth it must have invested more in capital goods. This creates a better chance to produce more consumer goods in the long run. When doing this, living standards going down in the short run but

♣Economic growth: The increase over time in the capacity of an economy to produce goods and services and (ideally) to improve the well-being of its citizens.

Economic growth: The increase of economy is to some extent attributed to consumer culture as it drives the courage to spend more. In most of the consumer's oriented cultures, we have today, spending is seen as a need for satisfaction and happiness, and this perception helps economies during recession times (The Conversation, 2013). Developed world economies and manufacturing sectors culturally have embedded themselves to consumption ethics on ever increasing pace on high demand commodities that meet the development growth plans of increasing profits, wages, and employments. These factors spur the economic status of developed countries exponentially .as such developed economies have perfected the art of adopting and embedding consumption culture for growth (Sheth, Maholtra & Arnould).

Economic growth refers to the rate of increase in the total production of goods and services within an economy. Economic growth increases the productivity capacity of an economy, thereby allowing more wants to be satisfied. A growing economy increases employment opportunities, stimulates business enterprise and innovation. A sustained economic growth is fundamental to any nation wishing to raise its standard of living and provide a greater well being for all. Gross domestic product (GDP) is the monetary value of all final goods and services produced over a year. It is the total value of production within the economy. The total value of production is the total value of the final goods or services less the cost of

The debate over time on economic growth has certainly changed many thing and our concern and policy implications also advanced a lot. We do not count economic growth in terms of bullion but Gross Domestic Product. The old age of extensive mercantile protective policy on International Trade seems to be an idea of past. Trade and Specialization had flourished. There are international organizations like IMF, World Bank to counter Economic Disasters and certainly in times of recession Government isn 't cutting expenditures and raising taxes to maintain budget surplus, as they did on the times of Great Depression. We can feel proud over the fact that we have better resources, management, policy implications and analytical framework than ever. But our prides falter when we look at the state of present economy. The recession of 2009 economy which caused a worldwide financial collapse raised question whether really over time we learned more and even if we are better equipped than the past, is it enough? The answer to such a question is not easy and it raises a lot of questions and all answers which we present to solve the problems itself raised contradiction. After all, the recession of 2009 showed that the idea of an global economy without any interference by government may not always led to the best possible outcome through 'invisible hand ' of Adam Smith, but to disaster in the whole if there are certain misguiding mechanics presents to