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Arguments For and Against Economic Growth

            Economic growth is the change in potential output of the economy shown by a shift to the right of the production possibility frontier. Economic growth is measured usually always by the change in real national income.
             The main causes of Economic growth are to do with land, labour, capital and entrepreneurship. These factors effect the economic growth as they are the four factors of production.
             There are many arguments against economic growth which support the idea that economic growth is bad for the economy. These are.
             Falsity of National Income Statistics - .
             This argument is that the increase in the national income has been largely fictitious. This means that basically the increase in income is false and is being made up. As the income of workers increases the prices of products and services around them also increases. So in real money the wages are still the same. I think that this statement shows that if there is economic growth it does not help the people in many ways. This is because they have to pay a higher price for goods than they would have had to pay a year ago and also, people's living standards increase as well which means they have to spend more. But because of the higher prices of goods it will become difficult to maintain the high living standards and to fulfil their wants.
             Negative Externalities - .
             Another argument is that modern industrialised societies have created large amounts of Negative Externalities. For instance Migrant workers have to go country to country to find a good job and by moving a lot they can loose touch with their family and this can result to alienation and loneliness. Also Factories may produce large amounts of goods all in one go creating extra pollution in to the river which will affect things like fish and also contaminate the water. Also more competition in jobs can lead to stress at home which can cause divorce rates and crime rates to increase. I think that Negative externalities are a harmful thing and the more the economy grows the more Negative Externalities we will have.


Essays Related to Arguments For and Against Economic Growth

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2. Academic Research of Economic Journal

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3. Africa and Financial Dependency

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6. Refutation

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7. Comparing the Antebellum North and South

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8. China's Economic Rise and Fall

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