What are the advantages and disadvantages of rapid economic growth?

rapid economic growth means rapid expansion of the total amount of goods and services that can be created by the economy, whether a particular country or the world as a total. Its main advantages include increased standard of living and the ability to cope with increasing the population. The main criticism is that it can be environmentally unsustainable and that it may not reduce unevenness.

The definition of rapid economic growth may vary. Growth is usually measured by production, namely the total value of the goods and services produced by the economy. Strictly speaking, however, economists usually define growth as changes in production capacity, although the actual output is lower. For this reason, economic growth tends to be considered a long -term change rather than simply year -on -year changes up and down. Wandered production of specific goods also tends to mean lower production costs per unit, which increases more affordable goods. In the case of individuals, this tends to have decreasing revenues. Because poorer people getThey are accessible to available goods and services, the advantage is dramatic. The advantages become less dramatic, as people become richer, and some surveys suggest that there is a point where increased access to goods or services little to improve man's well -being.

Another main benefit of rapid economic growth is that it can help cope with rapidly developing populations. If economic growth does not at least maintain the pace of increasing population, the individual benefits will be limited. There is an argument that economic and population growth can be connected: access to better food, medical and gentle facilities can increase the chances that people are healthy enough to live longer and longer and raise children.

One of the main arguments against rapid economic growth is its sustainability. Some economists and other critics believe that when natural resources withLimited, there is an inherent environmental limit, for example, if the industry uses too much oil. Some forms of this argument even indicate that the damage caused by these resources can eventually become a growth limit.

Perhaps the biggest point of dispute over economic growth is its effects on inequality. Fans of rapid economic growth believe that it helps poorer people by making goods and services available at an increasingly available price. Critics believe that unlimited growth can expand unevenness, which could cause social unrest.