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Macroeconomic Tradeoffs - Paper

Macroeconomic Tradeoffs

Macroeconomic trade-offs

Economic Growth and Economic Development

Economic growth is an increase in real national income whereas economic development is an improvement in the quality of life. Usually economic growth leads to economic development as higher GDP allows more to be spent on healthcare and education. However sometimes economic growth negatively affects development as economic growth could only benefit a small percentage of the population.

For example, if a country produces more oil it will see a rise in GDP but if the oil is owned by one company then that one company will get most of the benefits from the rise in GDP. Furthermore, economic growth can increase congestion ...

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the use of these non-renewable resources which means that in the future if an economy is still reliant of non-renewables, resources will start to become scarce. As well as this economic growth can damage the environment as increases in production leads to new factories which can raise the level of air and water pollution as well as destroy ecosystems. Furthermore, economic growth increases the amount of waste that needs disposing of which can put additional stress on an economies waste disposal system which will further reduce an economies sustainability.

Economic Growth and Equality

In most advanced and developing nations income inequality is highly prevalent as not everyone benefits from a growing economy. In corrupt nations, an increase in economic growth would only profit politicians as profits will be syphoned into their accounts leaving the rest of the population with no impact from any economic growth. Even in countries with low corruption, inequality is still present ...

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Macroeconomic Tradeoffs. (2021, February 7). Retrieved December 23, 2024, from http://www.essayworld.com/essays/Macroeconomic-Tradeoffs/107610
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"Macroeconomic Tradeoffs." Essayworld.com. February 7, 2021. Accessed December 23, 2024. http://www.essayworld.com/essays/Macroeconomic-Tradeoffs/107610.
"Macroeconomic Tradeoffs." Essayworld.com. February 7, 2021. Accessed December 23, 2024. http://www.essayworld.com/essays/Macroeconomic-Tradeoffs/107610.
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PAPER DETAILS
Added: 2/7/2021 10:27:53 AM
Submitted By: 14SanthoshJos
Category: Economics
Type: Premium Paper
Words: 522
Pages: 2

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