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Talking about State Economic Growth

The concept of economic growth appears to be one, that has attracted the interest of researchers around the globe.. Bolton along with Khaw consider economic growth to be the most fundamental indicator of an economy’s health. They both define this stuff as the rate of growth of the national income of a particular country, gauged by the annual percentage rate of change of country’s GDP. As Mankiw states, economic growth appears to be one of the most crucial reasons why advanced countries have become wealthier and have improved their standards of living. There have been a number of models aimed at exploring economic growth, factors leading to economic growth, and the reasons behind the differing rates of economic growth among different nations. Apart from that, economic growth has attracted attention too. It’s because of the upbeat impact it has on society, because it has been associated with such indisputable virtues as increased wealth as well as standards of living among others. Barro and Sala-i-Martin are assured that aggregate growth is probably the single most significant factor, which impact individual income levels. However, economic growth has also negatively influenced society.

Positive impacts of economic growth

When today wealthy countries are compared to their own history, there’s a huge difference in the standards of living. As Weil observes, there has been an unprecedented surge in living standards in most parts of the world for the last half century. While in 1880 the life expectancy of a person born in Japan 0 was just 35 years, these days the life expectancy in Japan has reached 83 years. Apart from that, an average worker in the USA, would have had to work for about 333 hours to purchase a refrigerator. These day,a better refrigerator can be purchased in 20% of that time by an average employee. While having a reading light in the night appeared to be a luxury, that only the very wealthy folks could afford, today approximately 75% of the world boasts access to electricity in their homes.

Reduction in poverty

Recent studies have revealed that there’s a positive relationship between economic growth as well as the rate of poverty reduction in developing countries. Barro along with Sala-i-Martin report that there has been a considerable increase in the global per capita GDP during 1970-2000 with an average person apparently getting wealthier over time.

The concept of economic growth appears to be one, that has attracted the interest of researchers around the globe.. Bolton along with Khaw consider economic growth to be the most fundamental indicator of an economy’s health. They both define this stuff as the rate of growth of the national income of a particular country, gauged by the annual percentage rate of change of country’s GDP.

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100001126
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CREATED ON
August 26, 2016
COMPLETED ON
August 27, 2016
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$5
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