A country having skilled and educated workforce with rich natural resources takes the economy on the growth path. The best examples of such economies are developed countries, such as United States, United Kingdom, Germany, and France.
Therefore, a country can be progressing economically at the expense of a decline in human development. Obviously, this situation cannot be understood as progress of a country because economic growth has to be a vehicle that supports human development.
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The economic growth of a country can be measured by comparing the level of Gross National Product (GNP) of a year with the GNP of the previous year. The economic growth of a country is possible if strengths and weaknesses of the economy are properly analyzed. Economic analysis provides an insight into the essentials of an economy.
Unit 1 Macro and Microeconomic Concepts in a Global Context - Marginal Rate of Transformation - Glob
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GDP is a measure of a country’s economic activity, and therefore it should not be considered a measure of a country’s well-being. Besides, it is necessary to be aware about which GDP components lead to economic growth, because a same amount of GDP does not mean identical situations.
First of all, for the correct determination of the indexes mentioned, it is essential that the governments of the different countries permit information to flow freely in order to ensure that the implementation of such important tools be able to properly asses the different issues outlined herein.
Governments ruled by one-party for enormously long periods of time, laws encouraging the establishment of strong bi-partisanship in policy, religious hierarchies exercising their power in the political, university sphere and public life… In fact, these kinds of actions increase corruption risks endangering country’s long-term democratic transparency because politicians can place family, relatives and friends into the state or private firms and, thus, in this way they create lobbies that ensure them a large number of unconditional voters, as well as to legislate appropriate laws in order to protect themselves and their clique of collaborators..
Some countries may have a similar per capita GDP and marked differences in their social progress indicators. Therefore, a good question to ask is: To what extent is GDP contributing to improve a country’s social progress? A key issue for policymakers should be to carry out necessary investments to promote human development with greater equity.
Lack of transparency, unequal opportunities that cause high unemployment rates among highly skilled professionals and brain drain, socio-economic measures that depend on the exploitation of disadvantaged groups, unproductive economic structures and state governmental organizations undertaking speculative operations, impunity in corruption and illicit gain cases are, among others, factors that erode the faith of citizens in democratic institutions. “The higher the degree of corruption in a country, the lower the level of progress”.
Can we talk about a country’s progress if we do not link it with better living conditions of all inhabitants? I think, no social progress will be achievable if the governments of each country and international community do not prioritise people and encourage the real economy rather than speculative stock market profits.
Transfer credit is also considered when computing the maximum timeframe allowed for a program of study. For example, a student transfers from institution A to institution B. The student is able to transfer 30 credits earned at institution A into a program at institution B. The program requires 180 credits to graduate.
Satisfactory Academic Progress (SAP) All degree-seeking students must maintain satisfactory academic progress in order to remain enrolled at the school. Additionally, satisfactory academic progress must be maintained in order to maintain eligibility to receive financial assistance (e.g., federal and state aid).
There are several indexes that measure the extent to which countries contribute to the socio-economic progress of their citizens, such as Human Development Index, Legatum Prosperity Index, Social Progress Index ...These indicators are tools that measure the extent to which countries contribute to the social, economic and environmental progress of their citizens. Consequently, they take into account factors such as basic human needs, level of income, cost of goods and services, working conditions, quality and availability of employment, access to quality healthcare, life expectancy, poverty level, incidence of disease, quality and availability of education, cultural, political and religious freedom, economic and political stability, infrastructures quality, environmental quality...
GDP is a measure of a country’s economic activity, and therefore it should not be considered a measure of a country's well-being. Besides, it is necessary to be aware about which GDP components lead to economic growth, because a same amount of GDP does not mean identical situations.
Foreign direct investment flows to China grew from $3.5 billion from 1990 to $53 billion in 2002. ADVERTISEMENTS: On the other hand, FDI flow to India was a low $0.4 billion in 1990 and rose to $5.5 billion in 2002. Further, FDI has contributed significantly to the rapid growth of China’s manufacturing exports.
These determinants of economic growth affect (1) the rate of investment and (2) captia-output ratio. Therefore, the rate of economic growth, that is, increase in GNP depends upon the rate of investment and capital-output ratio. This fact is brought out by the growth models of Harrod and Domar.
As domestic savings are not sufficient to make possible the necessary or desired accumulation of capital goods, borrowing from abroad may play an important role. Professor A.J. Brown rightly says that “Development demands that people somewhere should refrain from spending part of their incomes, thus allowing part of the world’s productive resources to be used for accumulation of capital goods. The people who can best afford to do this are generally those who live in countries of high average income. On the other hand, the countries where development is likely to alleviate suffering and promote welfare to the greatest extent are those where average incomes are low. There is a strong general case for the rich countries lending to the poor ones.”
But in developing countries, the rate of saving is low because income of the people is low and that they are living at the level of subsistence.
Levels of productivity in the United States of America are very high mainly because American people work with more and better type of capital goods built up over the last several years.
It is only when savings are invested and used productively that they contribute to economic growth. If savings are hoarded in the form of gold or precious jewels, or if they are used for buying land, they do not result in an increase in supplies of capital goods and thus make no contribution to economic growth.
Important natural resources are land, minerals and oil resources, water, forests, climate, etc. The quality of natural resources available in a country puts a limit on the level of output of goods which can be attained. Without a minimum of natural resources there is not much hope for economic development.
On the other hand, if the rate of increase in GNP and population is same then the actual growth of GNP would be zero, which implies that there is a decrease in per capita income. As a result, there would be no economic growth.
Refers to one of the most important determinant of economic growth of a country. The quality and quantity of available human resource can directly affect the growth of an economy. The quality of human resource is dependent on its skills, creative abilities, training, and education. If the human resource of a country is well skilled ...
Economic growth can be defined as an increase in the capacity of an economy to produce goods and services within a specific period of time. In economics, economic growth refers to a long-term expansion in the productive potential of the economy to satisfy the wants ...
Sustained economic growth of a country’ has a positive impact on the national income and level of employment , which further results in higher living standards. Apart from this, it plays a vital role in stimulating government finances by enhancing tax revenues.
Capital formation increases the availability of capital per worker, which further increases capital/labor ratio. Consequently, the productivity of labor increases, which ultimately results in the increase in output and growth of the economy.
The economic growth of a country may get hampered due to a number of factors, such as trade deficit and alterations in expenditures by governmental bodies. Generally, the economic growth of a country is adversely affected when there is a sharp rise in the prices of goods and services. [paywall]
Play a crucial role in economic growth of a country. Social factors involve customs, traditions, values and beliefs, which contribute to the growth of an economy to a considerable extent.