This is a sample term paper
Economic Growth
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Institution
Economic Growth
Economic growth refers to improved and increased levels of production of goods and services as indicated by gross domestic product (Everett, Ishwaran, Ansaloni & Rubin, 2010, p. 12). Every country seeks to increase its economic growth rate as a way of improving the social welfare of its citizens. Acemoglu (2008, p. 8-9) accounts for the role of high economic growth rate has in improving the living standards of the people and improving their life expectancy. Moreover, high economic growth helps in eradicating income inequality in the urban areas (Majumdar & Partridge, 2009, p. 11). Lower economic growth is considered as having adverse effects. This paper seeks to evaluate this view by considering some of the advantages of lower economic growth.
It would be prudent to note that lower economic growth promotes the improvement of the social and economic well-being of the people in various ways. For instance, Acemogglu (2008, p. 8) accounts for the increase in the rate of environmental pollution with higher economic growth. Therefore, lower economic growth can be perceived as an approach to environmental conservation. Moreover, Panayotou (2000, p. 45), questions the ability of the world to sustain high economic growth that requires larger inputs of materials and energy. Inference can hence be made that lower economic growth helps in ensuring sustainability and consequently maintaining biodiversity. Lower economic growth is also associated with decreased income inequality (Majumdar & Partridge, 2009, p. 11).
The above discussion proves that lower economic growth has its role in improving the welfare of the people. Lower economic growth has been shown to be critical in preventing environmental pollution and degradation that are essential for the sustainability of life and eliminating income inequality. Moreover, its association with low rate of environmental pollution can be viewed as to be promoting healthy living standards. Therefore, the view that lower economic growth is always negative is not correct.
Bibliography
Acemoglu, D., 2008. Introduction to modern economic growth. Princeton University Press.
Everett, T., Ishwaran, M., Ansaloni, G.P. and Rubin, A., 2010. Defra Evidence and Analysis Series Paper 2: Economic Growth and the Environment: Defra.
Majumdar, S. and Partridge, M.D., 2009. Impact of Economic Growth on Income Inequality: A Regional Perspective. In Agricultural and Applied Association in its series 2009 Annual Meeting.
Panayotou, T., 2000. Economic growth and the environment (No. 56). Center for International Development at Harvard University.
