Population Growth And Economic Growth Essay

Another result that has occurred from population growth is a change in consumption and waste. This subject has arguments on population growth hindering economic development as well as not affecting it at all. As argued by Robbins, population growth has caused a high demand on resources, such as water, food and fuel. With population growing, that is why some communities are dealing with famine, poverty and an increase in mortality rates. According to Massimi Livi-Bacci, population growth has not had an effect on the economy. He believed that human population growth can be dealt with technology. With the development of technology, tools and equipment for agriculture can help to increase food production, to support the growing population. In the past, things were modified and invented to hunt for food, to heat, cook food and preserve it. High grade fertilizers, pesticides, and herbicides were invented to help farmers grow crops that were better and stronger. Consumers do not want crops that will rot in a few days after purchase, so these things helped crops last longer once they were purchased. More importantly, without these developments in technology, individuals would suffer from food shortages, starvation and mortality rates would go up. Ester Boserup, was another supporter, he commented that population growth would not hinder the economy, but through the use of agriculture and technology they can produce more food supporting the population increase. Boserup did mention

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

First of all, economic growth is one of the macroeconomic objectives that the government wants to achieve as a primary goal and it happens when there is a rise in the enlarged product of population and per capita consumption. According to Hoover (2011), economic growth is the total material output of good values and service values in the market, measured by Gross Domestic Product (GDP) in a specific period of time. The growth of GDP is measured by excluding intermediate consumptions (production and resale), purely financial transactions and second-hand sales, which prevents double counting. To obtain an accurate value of economic growth, GDP needs to include the total output of expenditures and incomes.

The Global human population increases growth amounts to around 75 million annually, or 1.1% per year. The global population has grown from 1 billion in 1800 to 7 billion in 2012. It is expected to keep growing, and estimates have put the total population at 8.4 billion by mid-2030, and 9.6 billion by mid-2050. Many nations with rapid population growth have low standards of living, whereas many nations with low rates of population growth have high standards of living.

When a nation experiences a long-term economic growth, people have a positive attitude. There are opportunities for new jobs, new technology, and open doors for more capital for investment. The result of growth increases demand, supply, aiding the production of goods and services boosting consumers’ confidence. Economists believe the right type of growth that is stable and controllable is the best.

Economic growth is the most important objective for economic management. Economic growth makes it possible to achieve goals and also causes problems. The following are its effects:

With the acceleration of the Industrial Revolution since 1700, the population increased significantly. In particular, the last 50 years the population growth rate rose and this is due to progress made in medicine and to significantly increase in agricultural productivity by 1960. It is no coincidence that the population within a 50 year period doubled with predictions to talk about further increase within the next 12 years.

The Solow Model is designed to show how the growth in the labour force, capital stock and advances in technology interact and how they affect a nations total output. The model is important for the analysis of economic growth in developing countries as it demonstrates the nature of an economy to be a key determinant of steady-state capital stock within a country. If the savings rate is high, the economy will have a large capital stock and thus high level of output and vice versa. Correspondingly changes in capital stock can lead to economic growth.

This empirical study is being presented in three sets of possible future population growth outcomes. Having Series B as a

Economic growth is a necessary but not sufficient condition of economic development. There is no single definition that encompasses all the aspects of economic development. The most comprehensive definition perhaps of economic development is the one given by Todaro: ‘Development is not purely an economic phenomenon but rather a multi – dimensional process involving reorganization and re orientation of the entire economic and social system. Development is a process of improving the quality of all human lives with three equally important aspects. These are: 1.

Foe the effectiveness of per labour force in steady state would lead to a balanced economic growth of per capita income. In light of Solow growth model, every individual character can have an impact on economic growth in specific region or nation. Therefore, we can evaluate the separate effects via Solow growth model.

Eyeballing any cross sectional data on growth across countries shows that countries grow at different rates. Many theories try to explain this phenomenon with emphasis with capital accumulation being one of them. I will start by developing the standard neoclassical growth model as developed by Solow(1956)[1]. I will then proceed to discuss the extensions that have been made to this basic model in an attempt to better understand actual growth figures, for e.g. the standard neoclassical model cannot explain the magnitude of international differences in growth rates. Mankiw[2] points out that “the model can explain

This can be measured by the following formula; Per capita nominal GDP = Nominal GDP / Population, Per capita real GDP = Real GDP / Population. Seven factors determine economic growth. Natural resources such as land, mineral deposits, waterways; climatic conditions provide an essential foundation to economic growth. Combined with the other resources of capital, labor and enterprises, natural resources can be developed and organized to increase the productive capacity if the nation. Consequently the quality and size of the labor force is a major determinant of economic growth. Education and vocational training are essential the growth potential of a nation. The promotion of education and job training schemes increase the knowledge, skills and flexibility of the workforce that contributes to potentially higher levels of productivity and efficiency. Whether from natural increase or immigration population growth can cause a higher level of economic growth. An increasing population requires increased public spending on housing, education and other social needs while businesses expectations of

Talking about the Endogenous growth model, it clarifies long-run economic growth as radiating from economic activities that make new technological knowledge.