Positive and Negative impacts of Economic Growth

The construct of economic growing is one which has attracted the involvement and focal point of research workers worldwide. Weil ( 2013, p. 12 ) refers to economic growing as a “compelling topic” and a quickly spread outing field, based on the important addition in the sum of research on this subject. Bolton and Khaw ( 2006, p.1 ) province that economic growing is “the most cardinal index of an economy’s health”. They define it as the rate of growing of the national income of a state, measured by the one-year per centum rate of alteration of country’s gross domestic merchandise. Harmonizing to Mankiw ( 2010 ), economic growing is one of the grounds why advanced states have become richer and have improved criterions of life.

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As such, there have been a figure of theoretical accounts aimed at analyzing economic growing, factors that lead to economic growing, and the grounds behind the differing rates of economic growing among states. Economic growing has besides attracted attending because of the positive impact it has on society, as it has been associated with benefits such as increased wealth and criterions of life among others. Barro and Sala-i-Martin ( 2004 ) province that aggregative growing is perchance the individual most of import factor act uponing single income degrees. However, economic growing has besides had negative impacts on society. This essay shall discourse both the positive and negative impacts economic growing has had, utilizing practical illustrations to exemplify these.

Positive impacts of economic growing

Improved life criterions

When rich states today are compared to their ain history, there is a huge difference in the criterions of life ( Weil, 2013 ). As Weil ( 2013, p. 22 ) observes, there has been an unprecedented addition in life criterions in most parts of the universe over the last half century. While the life anticipation of a individual born in Japan in 1880 was 35 old ages, today the life anticipation in Japan has gone up to 83 old ages. Besides, the mean worker in the United States would hold had to work for 333 hours to purchase a icebox. Today, a better icebox can be bought in 20 % of that clip by an mean worker. While holding a reading visible radiation in the dark was one time a luxury which merely the really rich could afford, today about 75 % of the universe has entree to electricity in their places ( Weil, 2013, p. 22 ). When rich states today are compared to their ain history, there is a huge difference in the criterions of life ( Weil, 2013 ).

As Weil ( 2013, p. 22 ) observes, there has been an unprecedented addition in life criterions in most parts of the universe over the last half century. While the life anticipation of a individual born in Japan in 1880 was 35 old ages, today the life anticipation in Japan has gone up to 83 old ages. Besides, the mean worker in the United States would hold had to work for 333 hours to purchase a icebox. Today, a better icebox can be bought in 20 % of that clip by an mean worker. While holding a reading visible radiation in the dark was one time a luxury which merely the really rich could afford, today about 75 % of the universe has entree to electricity in their places ( Weil, 2013, p. 22 ).

Decrease in poorness

Surveies have shown that there is a positive relationship between economic growing and the rate of poorness decrease in developing states ( Pernia and Quibria, 1999 ; Tisdell, 2008 ). Barro and Sala-i-Martin ( 2004 ) study that there has been a important addition in the planetary per capita GDP from 1970 to 2000 with the mean individual clearly acquiring richer over clip. They note that there has been a displacement in the universe distribution of income to the right ( See figures 1 and 2 below ) and a positive income development in most states worldwide.

This has meant that people are able to afford more and can better their quality of life. Weil ( 2013, p.23 ) besides notes that states such as South Korea have made the passage “from pauper to an industrial power in a individual generation”. Surveies have shown that there is a positive relationship between economic growing and the rate of poorness decrease in developing states ( Pernia and Quibria, 1999 ; Tisdell, 2008 ). Barro and Sala-i-Martin ( 2004 ) study that there has been a important addition in the planetary per capita GDP from 1970 to 2000 with the mean individual clearly acquiring richer over clip. They note that there has been a displacement in the universe distribution of income to the right ( See figures 1 and 2 below ) and a positive income development in most states worldwide. This has meant that people are able to afford more and can better their quality of life. Weil ( 2013, p.23 ) besides notes that states such as South Korea have made the passage “from pauper to an industrial power in a individual generation”.

Figure 1 The World Distribution Of Income In 1970

Beginning Barro and Sala-i-Martin ( 2004, p.8 )

Figure 2 The World Distribution Of Income In 2000

Beginning Barro and Sala-i-Martin ( 2004, p. 9 )

Education

While there is a batch of literature on the consequence of instruction on economic growing, with considerable grounds demoing that instruction has a positive impact on economic growing, contrary causality, i.e. the consequence of higher economic growing on instruction may, as The World Bank ( 2007b, p. 4 ) notes “be at least every bit of import as the causal effect” instruction has on growing.

Asteriou and Agiomirgianakis ( 2001 ), in a survey of the relationship between economic growing and instruction in Greece, found that GDP and all educational variables used are cointegrated, therefore bespeaking that a positive long-run relationship exists between economic growing and instruction. They farther indicate out that the higher the degree of economic development, the higher the demand for higher instruction. This could be because as the economic system grows and GDP per capita additions, the authorities and/or people will, on norm, have more to pass on instruction, in footings of increasing the figure of people who have entree to instruction at all degrees, every bit good as bettering the quality of instruction by engaging more instructors, a wider entree to educational stuffs, books etc. While there is a batch of literature on the consequence of instruction on economic growing, with considerable grounds demoing that instruction has a positive impact on economic growing, contrary causality, i.e. the consequence of higher economic growing on instruction may, as The World Bank ( 2007b, p. 4 ) notes “be at least every bit of import as the causal effect” instruction has on growing.

Asteriou and Agiomirgianakis ( 2001 ), in a survey of the relationship between economic growing and instruction in Greece, found that GDP and all educational variables used are cointegrated, therefore bespeaking that a positive long-run relationship exists between economic growing and instruction. They farther indicate out that the higher the degree of economic development, the higher the demand for higher instruction. This could be because as the economic system grows and GDP per capita additions, the authorities and/or people will, on norm, have more to pass on instruction, in footings of increasing the figure of people who have entree to instruction at all degrees, every bit good as bettering the quality of instruction by engaging more instructors, a wider entree to educational stuffs, books etc.

Improved engineering and substructure

As economic systems continue to see growing, the sum that is spent on substructure such as transit webs, communicating, electricity, gas, H2O supply every bit good as assorted engineerings has besides increased. In a survey of substructure and long tally economic growing, Canning and Pedroni ( 1999 ) reported that they found strong grounds of the influence GDP has on the substructure stock in a society.

This has in bend led to an betterment in life criterions of the public in general, and has besides led to further additions in economic growing ( Barro and Sala-i-Martin, 2004 ; Canning and Pedroni, 1999 ). As economic systems continue to see growing, the sum that is spent on substructure such as transit webs, communicating, electricity, gas, H2O supply every bit good as assorted engineerings has besides increased. In a survey of substructure and long tally economic growing, Canning and Pedroni ( 1999 ) reported that they found strong grounds of the influence GDP has on the substructure stock in a society. This has in bend led to an betterment in life criterions of the public in general, and has besides led to further additions in economic growing ( Barro and Sala-i-Martin, 2004 ; Canning and Pedroni, 1999 ).

Health

Improvements in life criterions due to economic growing have besides led to betterments in the wellness of the population in general, as they have more of things such as nutrient, shelter and vesture than can enable them to populate longer. This is because, as Frenk ( 2004 ) notes that poorness, through child undernourishment and mortality, has an inauspicious consequence on life anticipation. Education can besides hold a positive impact on wellness every bit good ( Todaro and Smith, 2011 ; Weil, 2013 ). Preston ( 1976 ) as cited in Bhargava et Al ( 2001 ) stated that economic development is the most of import factor finding life anticipation. This positive relationship between wellness and economic growing was besides confirmed in a survey by Rivera and Currais ( 1999 ) in a survey of the relationship between these two variables.

They pointed out that the association between a growing in income and wellness position goes in both waies. Todaro and Smith ( 2011 ) study that in 1950, 280 out of every 1000 kids in the underdeveloped universe died before the age of five. However, by 2008, this figure fell to 118 per 1000 in low income states, and 57 out of every 1000 kids in in-between income states. Thoa et Al ( 2013 ) besides note that families which have experienced economic growing spent less on wellness attention, but had better quality attention and were better off in footings of use of wellness services, farther observing that these consequences were statistically important. Improvements in life criterions due to economic growing have besides led to betterments in the wellness of the population in general, as they have more of things such as nutrient, shelter and vesture than can enable them to populate longer. This is because, as Frenk ( 2004 ) notes that poorness, through child undernourishment and mortality, has an inauspicious consequence on life anticipation.

Education can besides hold a positive impact on wellness every bit good ( Todaro and Smith, 2011 ; Weil, 2013 ). Preston ( 1976 ) as cited in Bhargava et Al ( 2001 ) stated that economic development is the most of import factor finding life anticipation. This positive relationship between wellness and economic growing was besides confirmed in a survey by Rivera and Currais ( 1999 ) in a survey of the relationship between these two variables. They pointed out that the association between a growing in income and wellness position goes in both waies. Todaro and Smith ( 2011 ) study that in 1950, 280 out of every 1000 kids in the underdeveloped universe died before the age of five. However, by 2008, this figure fell to 118 per 1000 in low income states, and 57 out of every 1000 kids in in-between income states. Thoa et Al ( 2013 ) besides note that families which have experienced economic growing spent less on wellness attention, but had better quality attention and were better off in footings of use of wellness services, farther observing that these consequences were statistically important.

Some of the grounds for this are that with increased incomes brought approximately by economic growing, authoritiess every bit good as persons are able to pass more on wellness in footings of wellness installations and substructure, improved nutrition and sanitation, research on diseases, inventions in medical engineerings etc. Harmonizing to Frenk ( 2004, p. 1 ), “national impact has a direct consequence on the development of wellness systems, through insurance coverage and public spending”. Frenk farther cites the 1997 WHO Commission on Macroeconomics and Health for a panel consisting of 167 states, which noted that although outgo on wellness is determined chiefly by the national income, it increases faster than income.

Thoa et Al ( 2013 ) besides note that, based on their surveies, when the degree of authorities outgo on wellness is high, so this has a positive influence on the quality of wellness attention, compared with low income countries where out-of-pocket ( OOP ) outgo on wellness attention has important negative economic effects on families. This therefore highlights the influence of economic growing on wellness. Nevertheless, Weil ( 2013 ) points out that at another extreme, in developed states, diseases brought on by excessively much nutrient have replaced those originating from excessively small nutrient as a major wellness issue. Although betterments in engineering and increased research could besides take to betterments in wellness attention in general, these jobs every bit good as several others are still associated with economic growing. Other such jobs will later be discussed in the following subdivision.

Negative impacts of economic growing

Creative Destruction

By and large, economic growing is good for the public assistance of an economic system. However, as Acemoglu ( 2009 ) notes, it tends to make both victors and also-rans. Schumpeter ( 1942 ) besides coined the term ‘creative destruction’ which highlights how the advancement brought on by economic growing could take to a devastation of an old economic construction, in the procedure of making a new 1. Harmonizing to Cox and Alm ( 2008 ), this implies that a society can non harvest the benefits of originative devastation without admiting that there will be some persons who will stop up being worse off. Acemoglu ( 2009, p. 8 ) provinces that “productive relationships, houses and sometimes single supports will be destroyed by the procedure of economic growing, because growing is brought approximately by the debut of new engineerings and creative activity of new firms”, and these replace houses and engineerings presently in being.

Economic growing besides leads to a displacement in the construction of production, with a move from agricultural and fabrication to services. For case, in the United States, at the start of the 19th century, around 90 % of the population was engaged in agribusiness. However, in the 2nd half of the 19th century, there was a considerable diminution in the per centum of employment in agribusiness, and an addition in both fabrication and services to over 20 % of employment. Over the old ages, both the portions of employment in agribusiness and fabrication have experienced a diminution, while over 70 % of the current U.S. population now work in service industries.

Figure 3 below illustrates this form. Generally, economic growing is good for the public assistance of an economic system. However, as Acemoglu ( 2009 ) notes, it tends to make both victors and also-rans. Schumpeter ( 1942 ) besides coined the term ‘creative destruction’ which highlights how the advancement brought on by economic growing could take to a devastation of an old economic construction, in the procedure of making a new 1. Harmonizing to Cox and Alm ( 2008 ), this implies that a society can non harvest the benefits of originative devastation without admiting that there will be some persons who will stop up being worse off.

Acemoglu ( 2009, p. 8 ) provinces that “productive relationships, houses and sometimes single supports will be destroyed by the procedure of economic growing, because growing is brought approximately by the debut of new engineerings and creative activity of new firms”, and these replace houses and engineerings presently in being. Economic growing besides leads to a displacement in the construction of production, with a move from agricultural and fabrication to services. For case, in the United States, at the start of the 19th century, around 90 % of the population was engaged in agribusiness.

However, in the 2nd half of the 19th century, there was a considerable diminution in the per centum of employment in agribusiness, and an addition in both fabrication and services to over 20 % of employment. Over the old ages, both the portions of employment in agribusiness and fabrication have experienced a diminution, while over 70 % of the current U.S. population now work in service industries. Figure 3 below illustrates this form.

Figure 3 The Share Of U.S. Employment In Agriculture, Manufacturing And Services, 1800-2000.

Beginning Acemoglu ( 2009, p. 698 ).

Similar tendencies have besides been observed in Britain and all other Organisation for Economic Cooperation and Development ( OECD ) states ( Acemoglu, 2009 ; Mokyr, 1993 ). This displacement in the construction of production may hence hold possible inauspicious effects on those engaged in agricultural activities. However, in the long tally, this may non needfully be a negative consequence on the whole. This is because with a displacement in the construction of production to services, there has besides been an addition in household income in general, as before stated. Furthermore, despite a diminution in the per centum of people employed in agribusiness, betterments in engineering have led to an addition in agricultural end product in general ( Sachs, 2009 ; Todaro and Smith, 2011 ).

Another consequence of this procedure of ‘creative destruction’ is the creative activity of natural societal tenseness. Because widespread structural transmutations frequently accompany the growing and development of an economic system, some relationships which may hold been antecedently established could be destroyed, once more making more victors and also-rans ( Acemoglu, 2009 ).

Health Challenges

As before highlighted, there are newer wellness challenges originating with additions in economic growing. Frenk ( 2004 ) points out that wellness systems presently face complex challenges due to new force per unit areas such as ageing populations, an addition in the happening of chronic unwellnesss, and an intensive usage of wellness engineerings which, while indispensable, are besides expensive. Bloom and Canning ( 2008, p. four ) further note that the additions which arise due to economic growing may perchance be outweighed by the impact increased survival rates have on population growing, “until a birthrate passage occurs”.

However, Bloom and Canning ( 2008 ) besides indicate out that this can be addressed by, among other things, transporting out low cost wellness intercessions that have large-scale effects on the wellness of the population and puting a higher precedence on covering with diseases which are ‘neglected’ but widespread, i.e. those that while holding low mortality rates, have important effects on productiveness. Furthermore, with increased entree to information, runs on comparatively low cost ways to heighten the wellness of the population such as eating the right sorts of nutrient in the right parts can understate the consequence of over-eating, or eating big measures of nutrient with low nutritionary value. Examples of such include the five a twenty-four hours run taking topographic point in assorted developed states such as the United Kingdom and the United States, which involves eating recommended parts of fruits and veggies daily ( Briggs, 2014 ; NHS Choices, 2014 ).

Briggs ( 2014, p. 1 ) provinces that grounds from surveies shows that an increasing the ingestion of fruit and veggies “is associated with a lower hazard of all-cause mortality, peculiarly cardiovascular mortality”. As before highlighted, there are newer wellness challenges originating with additions in economic growing. Frenk ( 2004 ) points out that wellness systems presently face complex challenges due to new force per unit areas such as ageing populations, an addition in the happening of chronic unwellnesss, and an intensive usage of wellness engineerings which, while indispensable, are besides expensive. Bloom and Canning ( 2008, p. four ) further note that the additions which arise due to economic growing may perchance be outweighed by the impact increased survival rates have on population growing, “until a birthrate passage occurs”.

However, Bloom and Canning ( 2008 ) besides indicate out that this can be addressed by, among other things, transporting out low cost wellness intercessions that have large-scale effects on the wellness of the population and puting a higher precedence on covering with diseases which are ‘neglected’ but widespread, i.e. those that while holding low mortality rates, have important effects on productiveness. Furthermore, with increased entree to information, runs on comparatively low cost ways to heighten the wellness of the population such as eating the right sorts of nutrient in the right parts can understate the consequence of over-eating, or eating big measures of nutrient with low nutritionary value.

Examples of such include the five a twenty-four hours run taking topographic point in assorted developed states such as the United Kingdom and the United States, which involves eating recommended parts of fruits and veggies daily ( Briggs, 2014 ; NHS Choices, 2014 ). Briggs ( 2014, p. 1 ) provinces that grounds from surveies shows that an increasing the ingestion of fruit and veggies “is associated with a lower hazard of all-cause mortality, peculiarly cardiovascular mortality”.

Increase in Income Inequality

An addition in income inequality is another possible consequence of economic growing. Harmonizing to Barro and Sala-i-Martin ( 2004 ), there has been an addition in the scattering of income distribution for a figure of states from the period 1970 to 2000, which as earlier noted, was a period with increased economic growing. They cite the illustration of China and some other big states which have experienced a rise in income inequality. Weil ( 2013 ) besides notes that over a 188-year period from 1820 to 2008, the spread between the rich and the hapless has widened well. In 1820, Weil notes that the income per capita of the richest portion of the universe was three times that of the poorest portion of the universe. However, in 2008, this income per capita ratio increased to seventeen to one.

The experience of South Africa besides illustrates this on a state degree. As Acemoglu ( 2009 ) observes, based on informations available from the start of the 20th century till the prostration of apartheid, there was a considerable addition in GDP per capita in South Africa. However, black South Africans, who comprised the bulk of South Africa’s population, really experienced a autumn in existent rewards. Experiences such as these could be one of the grounds why some subdivisions of society tend to back up establishments and policies which do non needfully promote growing. An addition in income inequality is another possible consequence of economic growing. Harmonizing to Barro and Sala-i-Martin ( 2004 ), there has been an addition in the scattering of income distribution for a figure of states from the period 1970 to 2000, which as earlier noted, was a period with increased economic growing.

They cite the illustration of China and some other big states which have experienced a rise in income inequality. Weil ( 2013 ) besides notes that over a 188-year period from 1820 to 2008, the spread between the rich and the hapless has widened well. In 1820, Weil notes that the income per capita of the richest portion of the universe was three times that of the poorest portion of the universe. However, in 2008, this income per capita ratio increased to seventeen to one. The experience of South Africa besides illustrates this on a state degree. As Acemoglu ( 2009 ) observes, based on informations available from the start of the 20th century till the prostration of apartheid, there was a considerable addition in GDP per capita in South Africa.

However, black South Africans, who comprised the bulk of South Africa’s population, really experienced a autumn in existent rewards. Experiences such as these could be one of the grounds why some subdivisions of society tend to back up establishments and policies which do non needfully promote growing.

Income inequality is a major issue because it leads to a figure of other inauspicious effects. These include economic inefficiency, sabotaging of societal stableness and solidarity and its unfairness to some subdivisions of the society in general ( Todaro and Smith, 2011 ). As Todaro and Smith observe, as income inequality additions, the fraction of a population that can measure up for some signifier of recognition reduces. When low income persons are unable to borrow money, they may besides be unable to afford instruction for their kids, start concerns, and salvage, therefore accordingly taking to a lower overall rate of salvaging in the society. High inequality besides encourages rent seeking behavior, where the rich focal point on promoting results which benefit them and may besides deviate resources from productive intents which could further heighten growing to other less productive intents. Nevertheless, increased investings in public wellness, instruction and other relevant substructure could assist cut down this inauspicious consequence of income inequality.

Increased Pollution

Increased pollution has besides been cited as a downside of economic growing. The World Bank ( 2014 ) states that while many people have benefited from an improved quality of life due to economic growing, these additions have non been even, and economic growing normally has negative environmental effects. Harmonizing to The World Bank ( 2014 ), the rate at which natural resources, i.e. land, H2O and air, are being degraded in many states is ‘alarming’. The wellness of many is besides threatened by factors such as air pollution, waterborne disease and exposure to harmful chemicals. This is peculiarly so in developing states due to their high degrees of dependance on natural resources, a limited capacity for version to the altering clime, and limited resources to rectify the effects of these alterations. Furthermore, with alterations in the clime globally, there is besides an increased hazard of natural catastrophes and other environmental hazards ( The World Bank, 2014 ).

Increased pollution has besides been cited as a downside of economic growing. The World Bank ( 2014 ) states that while many people have benefited from an improved quality of life due to economic growing, these additions have non been even, and economic growing normally has negative environmental effects. Harmonizing to The World Bank ( 2014 ), the rate at which natural resources, i.e. land, H2O and air, are being degraded in many states is ‘alarming’. The wellness of many is besides threatened by factors such as air pollution, waterborne disease and exposure to harmful chemicals. This is peculiarly so in developing states due to their high degrees of dependance on natural resources, a limited capacity for version to the altering clime, and limited resources to rectify the effects of these alterations. Furthermore, with alterations in the clime globally, there is besides an increased hazard of natural catastrophes and other environmental hazards ( The World Bank, 2014 ).

However, there has been conflicting grounds sing the relationship between economic growing and assorted environmental indexs. In a survey of economic growing and the environment, utilizing assorted indexs including concentrations of urban air pollution and assorted contaminations of river basins, Grossman and Krueger ( 1994 ) found no grounds that an addition in economic growing leads to a impairment of environmental quality. They observed that while there was an initial period of impairment, this was later followed by an betterment stage, therefore contradicting the impairment consequence.

Nevertheless, in a survey of the cost of pollution in China, The World Bank ( 2007a ) provinces that although strong economic growing in China over the last one-fourth of the century has had positive impacts on the environment due to improved resource use, increased energy efficiency, pollution control attempts, engineerings which are cleaner and more energy efficient, and execution of policies for environmental pollution control, new challenges have besides been created. For case, energy ingestion increased by 70 % from 2000 to 2005, coal ingestion increased by 75 %, air pollution emanations have either gone up or remained the same, and surface H2O quality deteriorated from 2000 to 2005. This has led to non merely increased pollution, but besides a depletion of resources in general.

In a survey of the relationship between energy ingestion and economic growing utilizing clip series grounds from Asiatic developing states, Asafu-Adjaye ( 2000 ) reported that high degrees of economic growing lead to higher energy demand degrees. However, he notes that in order for an addition in the demand for energy to non hold a negative consequence on economic growing, so energy preservation policies which are focused on cut downing energy use demand to detect methods of cut downing consumer demand. Asafu-Adjaye ( 2000 ) points out that this can be done through a suited mix of revenue enhancements on energy, subsidies, every bit good as doing attempts to promote industries to follow engineerings which minimise pollution.

Decision

Economic growing is a major field of survey, due to the important impact it has on the society in general, every bit good as the assorted units that make up the society. This essay has examined both the positive and negative effects of economic growing on society. Some of the positive impacts include an addition in wealth/reduction in poorness, improved criterions of life, wellness, instruction and substructure and engineering. It was besides noted that in a figure of instances, the causality ran both ways. For case, while economic growing can hold positive effects on wellness, instruction and substructure, these in bend besides have positive effects on economic growing.

The negative effects discussed on the other manus include originative devastation, natural societal tenseness, wellness challenges, addition in income inequality, increased pollution and a depletion of natural resources. Examples from assorted states have been used to exemplify these effects. In add-on, assorted suggestions and recommendations were highlighted on how to counter some of the negative effects economic growing can hold. While these may non wholly extinguish these negative impacts, they can however travel a long manner in understating the negative effects and heightening the positive influence economic growing can hold.

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