A Study On Economic Growth - 877 Words

Robert Lucas, the 1995 Nobel laureate, has stated, â€Å"Once you start thinking about economic growth, it is hard to think about anything else.† (On the Mechanics of Economic Development) This is a subject that has been studied by many economists over the years. Economic growth is important to understand because it relates to how people will live along with how society will succeed in the future. â€Å"Without economic growth, higher income levels and living standards cannot be achieved.† (Macroeconomics) What is economic growth? Economic growth is the increase of goods and services produced over a period of time. This is important because as the economy grows people begin to prosper and have higher standards of living. Studies have also shown that as people begin to prosper they become more concerned with their environment and with their health. In areas where incomes levels have increased, money is being invested on cleaner air and water. A higher income prov ides for a higher quality of life by allowing people to have the funds to make their lives better. Economic growth is measured by the ratio of GDP to population, which means more goods and services per person. As a country experiences economic growth income levels grow and studies have proven that life expectancy also extends. The rule of 70 is a tool that assists with the understanding of sustained growth and to determine how many years it will take for income levels to double at various rates of growth. TheShow MoreRelatedA Study On Economic Growth1313 Words   |  6 PagesThe study of economic growth focuses on the long-run trend in aggregate output as measured by potential Gross Domestic Product (GDP). Increasing the growth rate of potential GDP is key to raising the level of income, the level of profits, and the living standard of the population. 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 aRead MoreRegulation And Economic Growth Case Study855 Words   |  4 Pagesof Regulation on Economic Growth in the Developing Countries Name: Institution: The Impact of Regulation on Economic Growth in the Developing Countries In the recent years, efficient regulatory regime’ role in the enhancement of the economic growth and development has created a significant attention among the researchers. It is vital to note that regulation undertake numerous forms and the form of regulation strategy embraced by many developing countries has changed over time (Jalilian etRead MoreFactors Of Economic Growth : Case Study Of South Korea3683 Words   |  15 Pagesin Economic Growth: Case Study of South Korea Amanda Osborne ECON/POLS 313: International Political Economy November 20, 2014 Introduction: Higher incomes, lower unemployment, decreased government borrowing, increased investment, and improved standard of living, generally accompany economic growth. Developing countries strive to foster effective strategies that will allow them to achieve economic growth. South Korea has been known as the model for economic growthRead MoreResearch on the Impact of Economic Growth : Case Study of Malaysia998 Words   |  4 PagesPUBLIC EXPENDITURE POLICIES SHAPE THE ECONOMIC GROWTH IN MALAYSIA Public Expenditure/Public Spending can be defined as any expenses made by government particularly to improve certain areas and discipline. For instance, improving public goods and services, welfare and well-being of the people, government defense forces and civil servants, maintaining our economic stability, reducing inequality of income and reallocation of resources. Bose,Haque,Osborn (2003) where I do believe in their argumentsRead MoreBasic Studies Establishing The Oil Price Economic Growth Relationship2438 Words   |  10 PagesBasic studies establishing the oil price economic growth relationship Hamilton (1983) stated that the correlation between oil price evolution and economic output was not of a historical coincidence for the 1948-72 period. An increasing oil price was followed 3-4 quarters later by slower output growth with a recovery beginning after 6-7 quarters. These results also apply to the period 1973-1980. The negative effect is more distinct in inflationary times. It wouldn’t have been possible to anticipateRead MoreSuccessful Enterprises as Means for Economic Growth – Comparative Study of Polish Regions2500 Words   |  10 PagesSuccessful Enterprises as Means for Economic Growth – Comparative Study of Polish Regions Podkarpacie and Dolnoslaskie Research Question How can unsuccessful entrepreneurship of a region affect the economic growth of two Polish regions, Podkarpackie and Dolnoslaskie? State of the Art The aim of this research project is to find out how unsuccessful entrepreneurship of a region affects the economic growth of Polish provinces. In Polish language the word province is used interchangeably with the wordRead MoreImpact Of Trade Remedy Measures On Africa s International Trade And Economic Growth A Case Study Of Kenya3536 Words   |  15 Pages THE IMPACTS OF TRADE REMEDY MEASURES ON AFRICA S INTERNATIONAL TRADE AND ECONOMIC GROWTH A CASE STUDY OF KENYA Amira R. Alghumgham Howard University International Trade Research Paper Dr. Wadhawan. November 20, 2014 The impacts of trade remedy measures on Africa s international trade and economic growth a case study of Kenya This research paper is organized into five sections. Section one fill cover the introduction which will address a general overview of availableRead MoreThe Issue Of Public Debt1453 Words   |  6 Pagesdevelopment, there is one key issue which underlies this development but has mostly been ignored by empirical research: that is, the issue of public debt. Public debt has become relevant in the world economies because of its perceived contribution to economic development. The continuous improvement in most world economies requires investment in infrastructure, education, social welfare, health and other sectors of the economies. The huge expenditures associated with such investments make it challengingRead MoreNon Oil Export Case Study1021 Words   |  5 PagesSeveral studies have been carried out on non-oil export and economic growth both Nigeria and other countries. Some studies have positive relationship between non-oil export and economic growth while some have negative relationship between non-oil export and economic growth. Studies based on Nigerian data whose findings have positive relationship to economic growth are: Obadan (2000); Asanebi (2007); Onayemi and Ishola (2000); Ogbonna (2010); Ozoudo (2010); Opara (2010); Nwachukwu (2014) in allRead MoreExternal Debts and Economic Growth812 Words   |  3 PagesExternal debts and economic growth Literature Review A study was conducted on foreign aid, domestic savings and economic growth by (khan Rahim, 1993).the result indicates a positive but insignificant result statistically of economic growth with its varies form of contemporaneous values of economic assistance. Foreign aid shows statistically a significant positive correlation with economic growth. From the regression analysis the result shows negative correlation between foreign aid and domestic