The Impact Of Economic Growth On The World And The Environment

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.

The evidence of climate change in Kenya is undeniable, while its effects on economic growth are no more mysterious; rather, they are rapidly unfolding to a startling reality and concern for humanity. Accelerated emissions of green house gases (GHGs) globally, from combustion of fossil fuels and unsustainable land use practices is the key driver of anthropogenic climate change, which is manifested in; temperature variations, frequent and extensive droughts, intensive rainfalls and floods, seasonal and regional pest and disease prevalence that result to conflicts for pasture and water resources,

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.

Economic growth is a sustained expansion of production possibilities measured as the increase in real GDP over a given period. Rapid economic growth maintained over a number of years can transform a poor nation into a rich one. However, some economies mostly in Africa stagnate and become poor because of huge debt burden that poses enormous risks to growth in these countries.

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.

One of the most controversial issue facing our world regarding why some countries are wealthier than others. It is astonishing that in this modern era, there are some families unable to provide food, educational opportunities and medical care as well as simple day to day basic necessities. According to the World Bank, more than one fifth of the world’s population live under less than one or two dollar a day. The per capita income in the highest countries is more than sixty times the per capita income of the lowest income countries. While most developing countries struggle with low national income yet other nations like China, U.S and many Western countries are thriving with one of the highest national income rates in the world. There are several perspectives on this issue and there is not only one solution to the problem. For the purpose of my argument I will focus on the foundations in which these countries were created upon.

Economists have been concerned about an important question for centuries: why are some countries rich while others poor. This is a question about economic growth. Take Korea for example. Korea had been divided into North and South Korea since 1948. These two countries share nearly the same geography, history and culture. However, the GDP per capita in the South Korea is only 3.22% of the South Korea. Another phenomenon is that the rapid growth had been observed in East Asian in recent years. This is another key economic issue: whether the growth rate of poor economics are higher than developed ones and which kind of factors lead to the convergence over time? (Barro and Sala-i-Martin, 1990). In most cases, the economic growth is defined as the amount of output (GDP or GDP per capita) that increases in an economy over time while the convergence refers to the poor economies coming up with the developed ones (Quah, 1996). As an important and popular issue in the field of economic research, it attracts many economists and there are many models to explain economic growth. In 1776, Adam Smith pointed out that the growth of a country is mainly due to labor, capital accumulation and technology progress. Ricardo comes up with the law of diminishing returns in 1817 and states that the diminishing marginal returns will be the reason to stop the economic growth of a country eventually. In the history of the development of economic growth

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

In the short amount of time that humans have been on this planet they have evolved and adjusted to many circumstances in climates over such a short period of time. Humans have been on this planet for about 200,000 years and in that short amount of time humans have changed, and grown drastically within that time frame. If the population continues to grow at rapid rates our planet, environment, civilization, and even humanity will suffer due to over consumption, pollution, and destruction causing depletion and possibly even extinction. Overpopulation of civilizations could lead to the depletion of fresh water, other natural resources, food supplies, and even habitations. Humanity as a whole make choices regarding housing, food, water,

Economic growth in a city, state, or country is characterized by steady growth in the productive capacity of the economy or a growth of national income (Fernandez- Villaverde, 2001). The Gross Domestic Product (GDP) growth rate is most commonly used to measure economic growth because it is a reflection of the total change in a country’s national output (Filardo, 1999). This growth rate is used to predict the direction of an economy. A positive growth rate indicates a positive economy with more jobs, consumption and income while a negative growth indicates an economic decline (Filardo, 1999). Economic growth constitutes superior productivity, prosperity, and increased capital per capita resulting in a higher quality of living.

Changes in the size, composition and distribution of the population are partly a product of prevailing social and economic conditions. Likewise, the structure and size of the population contribute to the shaping of the economy, society and the broader environment.

Looking for better conditions to the society, the article stated that a high growth does not mean an improvement in social outcomes. The authors brought the information that many countries in the last decade have shown a strong economic growth, however, they could not extinguish poverty, inequality and unemployment, indicators that besides the growth still unsatisfactory.

ABSTRACT: The rapid rate of population growth in the last half of the present century causes anxiety about the future of humanity because the amount of resources needed to satisfy basic necessities is extremely large. Correspondingly, the satisfaction of basic needs cannot be the sole criterion of the good life. Human beings have a right to live a life composed of things that make life go best. The case of Bangladesh shows that the majority of people live a life barely worth living, a life morally undesirable. One major reason is the rapid increase in population. Bangladesh covers an area slightly less than that of the state of Illinois, but has a population that is roughly half of the

This paper defines and explains endogenous growth theory. The paper will try to explain what endogenous growth theory is, the criticisms of endogenous growth theory and the policy