Sustainable Growth and Economic Development

Economic growth is an increase in the capacity of an economy to produce goods and services from one period of time to another. In simple terms, it refers to an increase in aggregate productivity.

In order to preserve our resources, environmentalists use the concept of sustainable development-sustainable development is a development that satisfies our current needs without compromising the future availability of natural resources, or our future quality of life. Our consumption rates have risen significantly higher; according to the World Watch Institute, and their article The State of Consumption Today, the rate has gone up thirty-five percent, and we are now ecologically at risk. Nevertheless, who can we blame but

“Many current discussions about sustainability focus on the ways in which human activity...can be maintained in the future without exhausting all of our current resources… there has been a close correlation between the growth of human society and environmental degradation - as communities grow, the environment often declines” (603).

Economic Development: Growth is associated with structural, social change and change in the important institutions of the economy.

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.

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.

Economics growth is, it the short run an increase in real GDP and in the long run an increase in the productive capacity of an economy (the maximum output that the economy can produce). GDP stands for Gross Domestic Product which is the country’s production of goods and services valued at market price in a given time period. Real GDP is when these figures are corrected for inflation using a base year (The UK uses 2003 as its base year). It can be measured in three different ways; the output measure is the value of the goods and services produced by all sectors of the economy; agriculture, manufacturing, energy, construction, the service sector and government. The

In today’s economy, sustainable entrepreneurship is a popular topic. Companies all over the world are trying to create a green image. A sustainable business has a positive impact on the global and local environment, community, society and economy, and focuses on the three P’s: People, Planet and Profit (Milieufocus, par. 3). The focus on pPeople looksstand for fair and beneficial business practices towards labor and the community and region in which a corporation conducts its business. Emphasis on the pPlanet

Economic growth, put simply, is “an increase in the amount of goods and services produced per head of the population over a period of time”; development is inextricably linked with this economic growth. By utilising theories of economic growth and development we can see how the Chinese and Sub-Saharan African economies have emerged, but, more notably, we can use these to look at patterns from past and present to show their experience and the implications of this growth for the future.

Global sustainability is multi-faceted topic and is very complex. However, at its essence, global sustainability is defined as using your resources wisely today to give your children a better life tomorrow. It is the balance between using enough to develop right now but leaving enough for future generations. For example, if we were only looking at preserving the environment and not developing it, we might use none of the resources and leave them to be. But the problem with that is that then there is no resources for us to use. On the other hand, if we were just looking to develop the land, we would use all of our resources, but then there would be no more left for the future. Thus, I want our

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.

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

February 10, 2009 The purpose of this note is to define the meaning of the term ‘inclusive’ growth. It is often used interchangeably with a suite of other terms, including ‘broad-based growth’, ‘shared growth’, and ‘pro-poor growth’. The paper clarifies the distinctions between these terms as well as highlights similarities.