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Factors Contributing to the New Economy

The very notion of economic development means expanded reproduction and gradual qualitative and structural positive changes in the economy, productive forces, growth and development factors, education, science, culture, the level and quality of life.

Speaking of economic development as a process, it should be understood that it is characterized not by the straightforwardness of its movement, but by its unevenness, that is, the periods of both growth and decline are inevitable. However, in this article, more attention will be paid to the components of economic growth, which, in its own way, means increasing the scale of aggregate production and consumption in the country, characterized primarily by such macroeconomic indicators as gross national product, gross domestic product, national income. Economic growth is measured by the growth or growth rates of these indicators over a certain period of time.

There are 2 types of economic growth:

  • extensive;
  • intensive.

Extensive economic growth is characterized by the attraction of additional factors of production, that is, by increasing the scale of the use of its resources. However, this kind of growth does not change the average productivity of labor in society.

With intensive growth, the number of factors of production remains unchanged, but the production of the product itself is increasing. The reasons for this, as a rule, are: reducing costs, improving the mechanisms, the skills of workers and much more, but the determining resource still remains scientific and technological progress.

It is the intensive growth that is the basis for the growth of the quality of life of the population and the reduction of income differentiation among different social strata of society.

Meanwhile, what influences the country's economic growth? If you think about it, each of us can call these indicators that determine economic growth. Nevertheless, I would like to divide these factors into several groups:

  • Demand factors.
  • Supply factors.
  • Distribution factors.

The share of the influence of various factors on the country's development depends on what processes and structural changes occur in the country, while their interaction leads to economic growth.

Nevertheless, all indicators of economic growth boil down to two things: to the increase of benefits in society and to the expansion of human capabilities, in which the weight of state influence on the development of these indicators becomes evident.

The very notion of economic development means expanded reproduction and gradual qualitative and structural positive changes in the economy, productive forces, growth and development factors, education, science, culture, the level and quality of life.

Assignment ID
100004385
Discipline
Type
CREATED ON
2 April 2017
COMPLETED ON
5 April 2017
Price
$44
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2 April 2017
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