Throughout history there were several episodes in which certain economies achieved economic growth, but in contrast to the sustained growth since the Industrial Revolution these episodes were all short-lived. What is new about modern times is that the growth of incomes lasted for a very long time...GDP Growth Rate in the United States averaged 3.17 percent from 1947 until 2020, reaching an all time high of 33.40 GDP Growth Rate in the United States is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.Economic growth occurs when businesses have the capability to produce more products or provide more services at the same cost since a previous point in time. The catalyst for this growth is delayed consumption, which frees up money to invested in capital, such as labor-saving machinery and R&D...the creation of a new Suez made up of assets forming a coherent and sustainable group from an industrial and social standpoint, with real growth potential, with revenues of around €7 billion. the implementation of Veolia's plan to create a global champion of ecological transformation...In some newer theories of growth, a higher saving rate may permanently raise the rate of economic growth. In the Solow model, an increase in the population growth rate raises the growth rate of aggregate output but has no permanent effect on the growth rate of per capita output.
United States GDP Growth Rate | 1947-2020 Data | 2021-2023 Forecast
Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Economics was formerly a hobby of gentlemen of leisure, but today there is hardly a government, international agency, or large commercial bank that does not have its own staff...First, higher temperatures substantially reduce economic growth in poor countries but have little effect in rich countries. Second, higher temperatures appear to reduce growth rates in poor countries, rather than just the level of output. Third, higher temperatures have wide-ranging effects in poor nations...Economic growth is the increase in the market value of the goods & services produced over time. It would be more appropriate to compare their economic growth rates during similar periods in their history. Money often flows out of the country to seek higher rates of returns. 4. Political Instability.Economic growth in the American economy since 1930 has been impressive, unfortunately not as impressive as the The current economic contraction, as seen in EP, has occurred with historic low interest rates. Janet Yellen claimsthat the FOMC intends to begin raising interest rates this summer...
How does Economic growth occur? - Answers
Economic Growth is the increase in the quantity of goods and services produced in an economy during a period of time. Although a lot of economists, journalists and politicians use to focus on the economic growth rate when they are assessing the success or fail of economic policies, it should...By "economic growth rate," here, I mean the growth rate of total output, rather than the growth rate of output-per-person. ↩︎. When I try to understand what exactly happened in terms of growth at a gears-level, I feel like I tend towards more discontinuous hypotheses, because I have a bunch of very......diminishing economic growth rates because they are unable to adopt new sources of economic growth, such The Chinese government has made innovation a top priority in its economic planning through a The History of China's Economic Development. China's Economy Prior to Reforms.Although global economic output is recovering from the collapse triggered by COVID-19, it will remain below pre-pandemic trends for a prolonged period. The pandemic has exacerbated the risks associated with a decade-long wave of global debt accumulation. It is also likely to steepen the long-expected...That growth rate propelled exports from a share of 6% of global GDP in the early 19th century, to 14% on the eve of World War I. As John Maynard Keynes, the economist, observed: "The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole...
Jump to navigation Jump to search Gross domestic product actual growth rates, 1990–1998 and 1990–2006, in selected countriesRate of exchange of gross home product, international and Organisation for Economic Co-operation and Development, since 1961 Part of a sequence onMacroeconomics Basic ideas Aggregate demand Aggregate supply Business cycle Deflation Demand surprise Disinflation Effective call for Expectations Adaptive Rational Financial crisis Growth Inflation Demand-pull Cost-push Interest rate Investment Liquidity trap Measures of national income and output GDP GNI NNI Microfoundations Money Endogenous Money advent Demand for cash Liquidity choice Money supply National accounts SNA Nominal pressure Price degree Recession Shrinkflation Stagflation Supply surprise Saving Unemployment Policies Fiscal Monetary Commercial Central bank Models IS–LM AD–AS Keynesian pass Multiplier Accelerator Phillips curve Arrow–Debreu Harrod–Domar Solow–Swan Ramsey–Cass–Koopmans Overlapping generations General equilibrium DSGE Endogenous growth Matching idea Mundell–Fleming Overshooting NAIRU Related fields Econometrics Economic statistics Monetary economics Development economics International economics CollegesMainstream Keynesian Neo- New Monetarism New classical Real business-cycle principle Stockholm Supply-side New neoclassical synthesis Saltwater and freshwater
Heterodox
Austrian Chartalism Modern Monetary Theory Post-Keynesian Circuitism Disequilibrium Marxian Market monetarism People François Quesnay Adam Smith Thomas Robert Malthus Karl Marx Léon Walras Georg Friedrich Knapp Knut Wicksell Irving Fisher Wesley Clair Mitchell John Maynard Keynes Alvin Hansen Michał Kalecki Gunnar Myrdal Simon Kuznets Joan Robinson Friedrich Hayek John Hicks Richard Stone Hyman Minsky Milton Friedman Paul Samuelson Lawrence Klein Edmund Phelps Robert Lucas Jr. Edward C. Prescott Peter Diamond William Nordhaus Joseph Stiglitz Thomas J. Sargent Paul Krugman N. Gregory Mankiw See additionally Macroeconomic model Publications in macroeconomics Economics Applied Microeconomics Political financial system Mathematical economics Money portal Business portalvteEconomic growth will also be outlined as the increase in the inflation-adjusted market worth of the goods and services and products produced by way of an economic system over the years. Statisticians conventionally measure such growth because the % charge of build up in real gross domestic product, or actual GDP.[1]
Growth is typically calculated in actual phrases – i.e., inflation-adjusted phrases – to do away with the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses nationwide revenue accounting.[2] Since economic growth is measured as the once a year % trade of gross home product (GDP), it has all of the benefits and disadvantages of that measure. The economic growth-rates of nations are commonly when compared the use of the ratio of the GDP to population (per-capita revenue).[3]
The "rate of economic growth" refers back to the geometric annual rate of growth in GDP between the primary and the last year over a time frame. This growth fee represents the fashion within the moderate stage of GDP over the length, and ignores any fluctuations within the GDP around this pattern.
Economists seek advice from an building up in economic growth led to via more efficient use of inputs (higher productivity of work, of bodily capital, of calories or of materials) as intensive growth. In distinction, GDP growth brought about simplest by increases in the amount of inputs available for use (larger population, for instance, or new territory) counts as intensive growth.[4]
Development of latest goods and services and products also generates economic growth. As it so happens, in the U.S. about 60% of consumer spending in 2013 went on goods and services and products that didn't exist in 1869.[5]
Measurement
Main article: Gross home productThe economic growth fee is calculated from data on GDP estimated by means of countries' statistical businesses. The charge of growth of GDP consistent with capita is calculated from knowledge on GDP and people for the initial and final periods incorporated in the analysis of the analyst.
Long-term growth
Living requirements range widely from country to country, and moreover, the exchange in living requirements through the years varies extensively from nation to country. Below is a desk which displays GDP according to individual and annualized in step with person GDP growth for a number of countries over a period of about A hundred years. The GDP consistent with individual data are adjusted for inflation, therefore they are "real". GDP per individual (extra commonly known as "per capita" GDP) is the GDP of all of the nation divided by way of the choice of people within the nation; GDP in step with particular person is conceptually analogous to "average income".
Economic growth by country[6] Country Period Real GDP according to individual at starting of duration Real GDP consistent with person at finish of period Annualized growth charge Japan 1890–2008 1,504 ,220 2.71% Brazil 1900–2008 9 ,070 2.40% Mexico 1900–2008 1,159 ,270 2.35% Germany 1870–2008{title}
{content}
,184 ,940 2.05% Canada 1870–2008{title}
{content}
,375 ,220 1.99% China 1900–2008 6 ,020 1.99% United States 1870–2008 ,007 ,970 1.80% Argentina 1900–2008{title}
{content}
,293 ,020 1.69% United Kingdom 1870–2008 ,808 ,130 1.47% India 1900–2008 5{title}
{content}
,960 1.38% Indonesia 1900–2008 1 ,830 1.36% Bangladesh 1900–2008 3 1,440 0.78%Seemingly small variations in once a year GDP growth lead to extensive changes in GDP when compounded over time. For example, in the above table, GDP in keeping with person in the United Kingdom in the yr 1870 used to be ,808. At the similar time within the United States, GDP consistent with individual used to be ,007, not up to the UK by means of about 20%. However, in 2008 the positions had been reversed: GDP in line with individual used to be ,130 within the United Kingdom and ,970 in the United States, i.e. GDP consistent with particular person in the US was 30% more than it was in the United Kingdom. As the above desk displays, which means GDP in line with person grew, on average, through 1.80% in step with yr in the US and by 1.47% in the United Kingdom. Thus, a distinction in GDP growth by means of only some tenths of a percent consistent with year results in huge variations in outcomes when the growth is power over a generation. This and other observations have led some economists to view GDP growth as crucial part of the field of macroeconomics:
...if we will know about govt coverage options that experience even small effects on long-term growth rates, we can give a contribution much more to enhancements in requirements of living than has been supplied through all the historical past of macroeconomic analysis of countercyclical coverage and fine-tuning. Economic growth [is] the part of macroeconomics that really matters.[7]
Growth and innovation Creative Economics The system of economic growth in evolved areasIt has been seen that GDP growth is influenced by way of the dimensions of the economic system. The relation between GDP growth and GDP across the international locations at a specific level of time is convex. Growth will increase with GDP reaches its maximum after which begins to decline. There exists some extremum price. This isn't exactly middle-income lure. It is seen for each evolved and growing economies. Actually, countries having this property belong to conventional growth area. However, the extremum could be extended by technological and policy inventions and some nations move into cutting edge growth domain with higher restricting values.[8]
Determinants of in keeping with capita GDP growth
Historic world GDP in keeping with capitaIn national revenue accounting, in step with capita output may also be calculated the use of the next factors: output per unit of labor enter (labor productivity), hours labored (intensity), the percentage of the working-age population if truth be told working (participation charge) and the share of the working-age population to the whole population (demographics). "The rate of change of GDP/population is the sum of the rates of change of these four variables plus their cross products."[9]
Economists distinguish between long-run economic growth and short-run economic adjustments in manufacturing. Short-run variation in economic growth is termed the business cycle. Generally, economists characteristic the ups and downs in the enterprise cycle to fluctuations in combination call for. In contrast, economic growth is occupied with the long-run pattern in manufacturing due to structural causes such as technological growth and issue accumulation.
Productivity Main article: Productivity improving technologiesIncreases in hard work productivity (the ratio of the value of output to exertions enter) have traditionally been an important supply of actual in line with capita economic growth.[10][11][12][13][14] "In a famous estimate, MIT Professor Robert Solow concluded that technological progress has accounted for 80 percent of the long-term rise in U.S. per capita income, with increased investment in capital explaining only the remaining 20 percent."[15]
Increases in productiveness decrease the real cost of goods. Over the 20th century the real price of many goods fell by means of over 90%.[16]
Economic growth has traditionally been attributed to the buildup of human and physical capital and the increase in productivity and introduction of new items arising from technological innovation.[17] Further division of labour (specialization) is also basic to emerging productivity.[18]
Before industrialization technological growth led to an build up within the inhabitants, which was once stored in take a look at by means of meals supply and other assets, which acted to restrict in line with capita revenue, a situation known as the Malthusian lure.[19][20] The speedy economic growth that took place throughout the Industrial Revolution was once remarkable because it was once in way over inhabitants growth, providing an escape from the Malthusian trap.[21] Countries that industrialized ultimately saw their population growth slow down, a phenomenon known as the demographic transition.
Increases in productivity are the main factor liable for in keeping with capita economic growth—this has been particularly evident for the reason that mid-19th century. Most of the economic growth within the Twentieth century was once because of higher output consistent with unit of work, fabrics, energy, and land (less input in step with widget). The steadiness of the growth in output has come from using extra inputs. Both of those adjustments increase output. The increased output included extra of the same items produced prior to now and new items and services and products.[22]
During the Industrial Revolution, mechanization began to replace hand methods in production, and new processes streamlined manufacturing of chemical compounds, iron, steel, and different merchandise.[23]Machine tools made the economical manufacturing of metal portions imaginable, so that parts could be interchangeable.[24] (See: Interchangeable portions.)
During the Second Industrial Revolution, a significant factor of productivity growth was the substitution of inanimate energy for human and animal labor. Also there was a super increase in power as steam-powered electricity technology and inside combustion supplanted limited wind and water power.[23] Since that substitute, the great growth of total power was once pushed through steady improvements in energy conversion efficiency.[25] Other main ancient sources of productiveness have been automation, transportation infrastructures (canals, railroads, and highways),[26][27] new materials (metal) and tool, which includes steam and internal combustion engines and electrical energy. Other productivity enhancements integrated mechanized agriculture and clinical agriculture together with chemical fertilizers and cattle and poultry control, and the Green Revolution. Interchangeable parts made with gadget gear powered by means of electrical motors evolved into mass manufacturing, which is universally used lately.[24]
Productivity decreased the cost of most pieces on the subject of work time required to buy. Real food costs fell because of enhancements in transportation and trade, mechanized agriculture, fertilizers, clinical farming and the Green Revolution.Great resources of productivity growth within the late Nineteenth century had been railroads, steam ships, horse-pulled reapers and mix harvesters, and steam-powered factories.[28][29] The invention of processes for making cheap steel had been important for lots of sorts of mechanization and transportation. By the late Nineteenth century each prices and weekly work hours fell as a result of much less labor, materials, and effort had been required to produce and transport goods. However, actual wages rose, allowing employees to strengthen their diet, buy consumer items and have enough money higher housing.[28]
Mass production of the Nineteen Twenties created overproduction, which used to be arguably one in all a number of reasons of the Great Depression of the 1930s.[30] Following the Great Depression, economic growth resumed, aided partly through larger call for for present goods and products and services, comparable to cars, telephones, radios, electrical energy and family home equipment. New goods and products and services integrated television, air conditioning and industrial aviation (after 1950), growing sufficient new demand to stabilize the work week.[31] The construction of freeway infrastructures additionally contributed to put up World War II growth, as did capital investments in manufacturing and chemical industries.[32] The put up World War II economic system also benefited from the discovery of huge quantities of oil around the world, specifically in the Middle East. By John W. Kendrick's estimate, three-quarters of build up in U.S. per capita GDP from 1889 to 1957 used to be because of larger productiveness.[14]
Economic growth within the United States bogged down after 1973.[33] In contrast growth in Asia has been robust since then, starting with Japan and spreading to Four Asian Tigers, China, Southeast Asia, the Indian subcontinent and Asia Pacific.[34] In 1957 South Korea had a decrease in line with capita GDP than Ghana,[35] and by way of 2008 it was 17 times as high as Ghana's.[36] The Japanese economic growth has slackened significantly for the reason that overdue Eighties.
Productivity within the United States grew at an increasing rate throughout the Nineteenth century and was once maximum speedy in the early to middle many years of the twentieth century.[37][38][39][40][41] U.S. productiveness growth spiked in opposition to the tip of the century in 1996–2004, because of an acceleration in the fee of technological innovation referred to as Moore's regulation.[42][43][44][45] After 2004 U.S. productiveness growth returned to the low ranges of 1972–96.[42]
Factor accumulationCapital in economics ordinarily refers to bodily capital, which consists of buildings (greatest component of bodily capital) and gear utilized in enterprise (machinery, manufacturing facility apparatus, computers and place of job equipment, building equipment, business cars, scientific apparatus, and many others.).[2] Up to some degree will increase in the quantity of capital consistent with worker are crucial reason for economic output growth. Capital is matter to diminishing returns on account of the volume that may be successfully invested and because of the growing burden of depreciation. In the improvement of economic principle, the distribution of income used to be thought to be to be between hard work and the house owners of land and capital.[46] In fresh decades there have been a number of Asian international locations with high rates of economic growth pushed by capital investment.[47]
The paintings week declined considerably over the Nineteenth century.[48][49] By the Twenties the common paintings week within the U.S. was once Forty nine hours, however the work week was once reduced to 40 hours (and then additional time top rate used to be applied) as part of the National Industrial Recovery Act of 1933.
Demographic factors might influence growth by way of converting the employment to population ratio and the hard work force participation rate.[10]Industrialization creates a demographic transition wherein start rates decline and the typical age of the inhabitants will increase.
Women with fewer youngsters and higher access to marketplace employment tend to join the labor force in upper percentages. There is a reduced call for for kid hard work and kids spend more years in class. The build up in the proportion of women in the exertions power in the U.S. contributed to economic growth, as did the doorway of the child boomers into the team of workers.[10]
See: Spending wave
Other factors affecting growth
Human capitalMany theoretical and empirical analyses of economic growth characteristic a major role to a rustic's stage of human capital, defined as the skills of the population or the work force. Human capital has been included in each neoclassical and endogenous growth fashions.[50][51][52]
A country's degree of human capital is tricky to measure since it's created at house, in class, and on the job. Economists have tried to measure human capital the use of a lot of proxies, including the population's degree of literacy, its level of numeracy, its stage of e book manufacturing/capita, its average degree of formal training, its average take a look at ranking on global tests, and its cumulative depreciated investment in formal schooling. The most commonly-used measure of human capital is the extent (moderate years) of faculty attainment in a rustic, development upon the knowledge construction of Robert Barro and Jong-Wha Lee.[53] This measure is widely used as a result of Barro and Lee supply data for a large number of countries in five-year durations for an extended time frame.
One problem with the tutoring attainment measure is that the amount of human capital acquired in a year of schooling isn't the similar at all levels of schooling and isn't the same in all countries. This measure additionally presumes that human capital is handiest developed in formal education, opposite to the in depth proof that families, neighborhoods, peers, and well being also contribute to the development of human capital. Despite these possible obstacles, Theodore Breton has shown that this measure can constitute human capital in log-linear growth fashions as a result of throughout international locations GDP/adult has a log-linear courting to moderate years of training, which is in line with the log-linear dating between employees' private incomes and years of education within the Mincer type.[54]
Economic growth rates (percent, vertical) v. standardized assessments of scholar fulfillment in numerous regions, both adjusted for GDP in step with capita in 1960Eric Hanushek and Dennis Kimko introduced measures of students' mathematics and science talents from international exams into growth research.[55] They discovered that this measure of human capital used to be very significantly related to economic growth. Eric Hanushek and Ludger Wößmann have extended this research.[56][57] Theodore Breton presentations that the correlation between economic growth and scholars' moderate test ratings in Hanushek and Wößmann's analyses is actually because of the relationship in nations with less than eight years of schooling. He displays that economic growth isn't correlated with reasonable ratings in additional trained nations.[54] Hanushek and Wößmann further examine whether or not the relationship of data capital to economic growth is causal. They show that the extent of students' cognitive skills can provide an explanation for the gradual growth in Latin America and the rapid growth in East Asia.[58]
Joerg Baten and Jan Luiten van Zanden make use of book production according to capita as a proxy for sophisticated literacy functions and to find that "Countries with high levels of human capital formation in the 18th century initiated or participated in the industrialization process of the 19th century, whereas countries with low levels of human capital formation were unable to do so, among them many of today's Less Developed Countries such as India, Indonesia, and China."[59]
Political establishments See additionally: Great Divergence § Property rights, Great Divergence § Efficiency of markets and state intervention, and Great Divergence § State prohibition of new generation"As establishments affect conduct and incentives in actual lifestyles, they forge the luck or failure of nations."[60]
In economics and economic history, the transition to capitalism from earlier economic programs used to be enabled by means of the adoption of government policies that facilitated commerce and gave people more non-public and economic freedom. These included new regulations favorable to the established order of commercial, together with contract law and laws providing for the protection of private assets, and the abolishment of anti-usury laws.[61][62]
Much of this literature was constructed on the good fortune tale of the British state after the Glorious Revolution of 1688, during which high fiscal capacity mixed with constraints at the energy of the king generated some admire for the rule of law.[63][64][65][60] However, others have questioned that this institutional system isn't so simply replicable in other places as a change in the Constitution—and the type of institutions created via that adjust—does now not essentially create a metamorphosis in political energy if the economic powers of that society don't seem to be aligned with the brand new set of rule of regulation establishments.[66] In England, a dramatic build up in the state's fiscal capability followed the creation of constraints at the crown, but in different places in Europe will increase in state capacity happened sooner than major rule of legislation reforms.[67]
There are many alternative ways during which states accomplished state (fiscal) capacity and this other capacity sped up or hindered their economic construction. Thanks to the underlying homogeneity of its land and other folks, England was once ready to succeed in a unified authorized and monetary system since the Middle Ages that enabled it to considerably increase the taxes it raised after 1689.[67] On the other hand, the French experience of state development faced much stronger resistance from native feudal powers conserving it legally and fiscally fragmented until the French Revolution in spite of vital increases in state capability during the 17th century.[68][69] Furthermore, Prussia and the Habsburg empire—a lot more heterogeneous states than England—were ready to extend state capability all over the eighteenth century without constraining the powers of the chief.[67] Nevertheless, it's not likely that a nation will generate institutions that recognize property rights and the rule of thumb of regulation without having had first intermediate fiscal and political institutions that create incentives for elites to beef up them. Many of those intermediate degree institutions depended on informal private-order preparations that mixed with public-order institutions associated with states, to lay the principles of recent rule of legislation states.[67]
In many deficient and growing nations much land and housing are held outdoor the formal or authorized assets possession registration system. In many city spaces the deficient "invade" private or government land to build their houses, so they do not dangle name to these homes. Much unregistered assets is held in informal shape through quite a lot of belongings associations and different preparations. Reasons for extra-legal possession include over the top bureaucratic red tape in buying property and construction. In some international locations, it could actually take over 2 hundred steps and as much as 14 years to construct on executive land. Other causes of extra-legal belongings are screw ups to notarize transaction documents or having paperwork notarized however failing to have them recorded with the authentic company.[70]
Not having clear legal title to property limits its potential to be used as collateral to secure loans, depriving many poor international locations of one in every of their most essential attainable assets of capital. Unregistered businesses and loss of permitted accounting methods are different factors that restrict potential capital.[70]
Businesses and people collaborating in unreported business process and owners of unregistered assets face costs such as bribes and pay-offs that offset a lot of any taxes have shyed away from.[70]
"Democracy Does Cause Growth", in line with Acemoglu et al. Specifically, "democracy increases future GDP by encouraging investment, increasing schooling, inducing economic reforms, improving public goods provision, and reducing social unrest."[71]UNESCO and the United Nations also consider that cultural assets coverage, high-quality training, cultural diversity and social concord in armed conflicts are specifically vital for qualitative growth.[72]
According to Daron Acemoglu, Simon Johnson and James Robinson, the certain correlation between excessive revenue and cold weather is a by-product of historical past. Europeans adopted very other colonization policies in different colonies, with different associated establishments. In places the place these colonizers faced high mortality rates (e.g., because of the presence of tropical diseases), they might now not settle permanently, they usually were thus more likely to ascertain extractive institutions, which persisted after independence; in puts where they could settle permanently (e.g. the ones with temperate climates), they established establishments with this purpose in mind and modeled them after the ones in their European homelands. In these 'neo-Europes' higher establishments in flip produced higher construction results. Thus, even if other economists focal point at the identity or type of legal machine of the colonizers to give an explanation for establishments, these authors have a look at the environmental conditions in the colonies to give an explanation for establishments. For example, former colonies have inherited corrupt governments and geopolitical barriers (set through the colonizers) that aren't properly placed regarding the geographical places of various ethnic teams, creating interior disputes and conflicts that obstruct development. In another instance, societies that emerged in colonies without solid local populations established better property rights and incentives for long-term funding than those where native populations were extensive.[73]
In Why Nations Fail, Acemoglu and Robinson mentioned that the English in North America began via seeking to repeat the luck of the Spanish Conquistadors in extracting wealth (especially gold and silver) from the countries they had conquered. This device many times failed for the English . Their successes rested on giving land and a voice within the executive to each and every male settler to incentivize productive exertions. In Virginia it took twelve years and plenty of deaths from starvation before the governor determined to try democracy.[74]
Entrepreneurs and new productsPolicymakers and scholars often emphasize the significance of entrepreneurship for economic growth. However, unusually few analysis empirically examine and quantify entrepreneurship's impact on growth. This is because of endogeneity—forces that power economic growth also power entrepreneurship. In different words, the empirical research of the affect of entrepreneurship on growth is difficult on account of the joint decision of entrepreneurship and economic growth. A few papers use quasi-experimental designs, and have found that entrepreneurship and the density of small businesses indeed have a causal impact on regional growth.[75][76]
Another primary explanation for economic growth is the introduction of latest products and services and the advance of current products. New merchandise create call for, which is vital to offset the decline in employment that occurs thru labor-saving technology (and to a lesser extent employment declines due to savings in calories and fabrics).[43][77] In the U.S. through 2013 about 60% of consumer spending used to be for goods and services that did not exist in 1869. Also, the advent of recent services has been more essential than invention of latest goods.[78]
Structural change Main article: Rostow's levels of growthEconomic growth within the U.S. and other advanced nations went through levels that affected growth through changes within the hard work force participation price and the relative sizes of economic sectors. The transition from an agricultural economic system to manufacturing increased the size of the sector with high output according to hour (the high-productivity manufacturing sector), whilst lowering the size of the sector with lower output in step with hour (the decrease productiveness agricultural sector). Eventually excessive productivity growth in manufacturing diminished the sector length, as costs fell and employment shrank relative to different sectors.[79][80] The service and government sectors, the place output according to hour and productiveness growth is low, noticed will increase of their stocks of the economy and employment during the Nineteen Nineties.[10] The public sector has since reduced in size, whilst the provider economic system expanded in the 2000s.
The structural trade may be considered from some other perspective. It is possible to divide real economic growth into two components: an indicator of in depth economic growth—the 'quantitative' GDP—and an indicator of the improvement of the quality of goods and services and products—the 'qualitative' GDP.[81]
Growth theories
The Malthusian concept Main article: Malthusian lureThe Malthusian idea proposes that over maximum of human history technological progress led to greater population growth but had no impact on income consistent with capita in the long run. According to the theory, whilst technologically complex economies over this epoch were characterised by way of upper inhabitants density, their level of revenue according to capita was once no longer different than those amongst technologically regressed society.
The conceptual foundations of the Malthusian idea had been shaped by means of Thomas Malthus,[82] and a contemporary illustration of those manner is supplied by way of Ashraf and Galor.[83] In line with the predictions of the Malthusian theory, a cross-country analysis finds an important certain effect of the technological degree on population density and an insignificant effect on income in step with capita considerably through the years 1–1500.[83]
Classical growth principleIn classical (Ricardian) economics, the theory of manufacturing and the speculation of growth are in accordance with the theory or regulation of variable proportions, wherein expanding either of the standards of manufacturing (hard work or capital), while preserving the opposite constant and assuming no technological change, will increase output, but at a diminishing fee that at last will means 0. These ideas have their origins in Thomas Malthus's theorizing about agriculture. Malthus's examples integrated the collection of seeds harvested relative to the selection of seeds planted (capital) on a plot of land and the size of the harvest from a plot of land as opposed to the number of employees hired.[84] See also Diminishing returns.
Criticisms of classical growth concept are that generation, crucial think about economic growth, is held constant and that economies of scale are omitted.[85]
One in style concept within the Forties was the big push fashion, which steered that nations had to bounce from one level of building to another thru a virtuous cycle, wherein large investments in infrastructure and education coupled with deepest investments would transfer the financial system to a more productive stage, breaking unfastened from economic paradigms suitable to a lower productiveness stage.[86] The thought was revived and formulated rigorously, in the overdue Eighties via Kevin Murphy, Andrei Shleifer and Robert Vishny.[87]
Solow–Swan fashion Main article: Solow–Swan fashionRobert Solow and Trevor Swan developed what ultimately changed into the main fashion used in growth economics in the Fifties.[88][89] This model assumes that there are diminishing returns to capital and hard work. Capital accumulates thru investment, however its stage or stock regularly decreases due to depreciation. Due to the diminishing returns to capital, with increases in capital/employee and absent technological development, economic output/worker ultimately reaches some extent where capital consistent with worker and economic output/worker remain consistent as a result of annual funding in capital equals annual depreciation. This situation is called the 'steady state'.
In the Solow–Swan style if productivity will increase via technological progress, then output/employee will increase even when the economic system is in the regular state. If productivity increases at a relentless charge, output/worker additionally increases at a linked steady-state price. As a consequence, growth within the type can occur either by way of increasing the proportion of GDP invested or via technological growth. But at no matter proportion of GDP invested, capital/worker in the end converges at the regular state, leaving the growth rate of output/employee determined simplest via the velocity of technological development. As a outcome, with international technology available to all and progressing at a continuing price, all countries have the similar regular state rate of growth. Each nation has a different level of GDP/employee determined through the proportion of GDP it invests, but all international locations have the same charge of economic growth. Implicitly in this type wealthy international locations are those that have invested a excessive proportion of GDP for a very long time. Poor international locations can become rich via expanding the share of GDP they invest. One essential prediction of the style, most commonly borne out by way of the information, is that of conditional convergence; the concept poor international locations will grow sooner and meet up with rich nations so long as they've equivalent investment (and saving) rates and get entry to to the similar era.
The Solow–Swan type is considered an "exogenous" growth model because it does not give an explanation for why countries make investments other shares of GDP in capital nor why technology improves over time. Instead, the speed of funding and the velocity of technological development are exogenous. The worth of the type is that it predicts the development of economic growth once these two rates are specified. Its failure to give an explanation for the determinants of those rates is considered one of its barriers.
Although the rate of funding within the fashion is exogenous, below positive conditions the fashion implicitly predicts convergence in the rates of investment across nations. In an international financial system with an international financial capital market, monetary capital flows to the international locations with the very best return on funding. In the Solow-Swan type international locations with less capital/employee (poor countries) have a better go back on investment due to the diminishing returns to capital. As a outcome, capital/worker and output/worker in an international financial capital market should converge to the similar degree in all international locations.[90] Since historically monetary capital has now not flowed to the nations with much less capital/employee, the elemental Solow–Swan fashion has a conceptual flaw. Beginning in the Nineties, this flaw has been addressed by way of adding additional variables to the fashion that can give an explanation for why some countries are much less productive than others and, due to this fact, do not attract flows of world financial capital despite the fact that they have less (bodily) capital/worker.
In follow, convergence was once rarely accomplished. In 1957, Solow implemented his style to information from the U.S. gross national product to estimate contributions. This showed that the rise in capital and labor stock best accounted for approximately half of the output, while the population build up changes to capital explained eighth. This last unaccounted growth output is referred to as the Solow Residual. Here the A of (t) "technical progress" was once the reason for greater output. Nevertheless, the style still had flaws. It gave no room for coverage to steer the growth charge. Few attempts have been also made via the RAND Corporation the non-profit assume tank and frequently visiting economist Kenneth Arrow to work out the kinks in the fashion. They steered that new wisdom used to be indivisible and that it's endogenous with a certain fixed cost. Arrow's further explained that new wisdom got through firms comes from practice and constructed a model that "knowledge" gathered via revel in.[91]
According to Harrod, the herbal growth fee is the maximum rate of growth allowed by the rise of variables like inhabitants growth, technological growth and growth in natural sources.
In reality, the natural growth charge is the absolute best doable growth price which would carry about the fullest conceivable employment of the resources existing in the financial system.
Endogenous growth concept Main article: Endogenous growth conceptUnsatisfied with the assumption of exogenous technological progress in the Solow–Swan fashion, economists worked to "endogenize" (i.e., provide an explanation for it "from within" the models) productivity growth within the 1980s; the resulting endogenous growth idea, most particularly complex by Robert Lucas, Jr. and his student Paul Romer, includes a mathematical clarification of technological development.[17][92] This style additionally incorporated a new idea of human capital, the talents and data that make staff productive. Unlike bodily capital, human capital has increasing rates of return. Research carried out on this space has desirous about what increases human capital (e.g. training) or technological exchange (e.g. innovation).[93]
On Memorial Day weekend in 1988, a conference in Buffalo introduced in combination the nice minds in economics the speculation was once to judge the conflicting theories of growth. Romer, Krugman, Barro, Becker were in attendance along side many other emerging stars and high profiled economists of the time. Amongst many papers that day the one that stood out used to be Romer's "Micro Foundations for Aggregate Technological Change." The Micro Foundation claimed that endogenous technological change had the concept that of Intellectual Property imbedded and that wisdom is an enter and output of production. Romer argued that results to the nationwide growth rates were considerably affected by public policy, industry job, and intellectual belongings. He stressed out that cumulative capital and specialization had been key, and that now not handiest inhabitants growth can increase capital of data, it was human capital this is particularly skilled in harvesting new ideas.[94]
While highbrow assets is also important, Baker (2016) cites a couple of sources claiming that "stronger patent protection seems to be associated with slower growth". That's particularly true for patents within the ethical health care business. In impact taxpayers pay twice for new drugs and diagnostic procedures: First in tax subsidies and second for the excessive prices of diagnostic procedures therapies. If the results of analysis paid through taxpayers have been placed in the public area, Baker claims that folks in every single place would be more healthy, as a result of higher diagnoses and remedy could be extra inexpensive across the world.[95]
One department of endogenous growth concept was once advanced at the foundations of the Schumpeterian theory, named after the 20th-century Austrian economist Joseph Schumpeter.[96] The way explains growth due to innovation and a means of creative destruction that captures the twin nature of technological growth: in relation to creation, marketers introduce new merchandise or processes in the hope that they are going to experience temporary monopoly-like profits as they capture markets. In doing so, they make old technologies or products out of date. This can also be noticed as an annulment of earlier technologies, which makes them out of date, and "destroys the rents generated by previous innovations".[97]:855[98] A significant style that illustrates Schumpeterian growth is the Aghion–Howitt model.[99][97]
Unified growth principle Main article: Unified growth ideaUnified growth concept was once developed by Oded Galor and his co-authors to handle the inability of endogenous growth concept to give an explanation for key empirical regularities within the growth processes of individual economies and the world economic system as an entire.[100][101] Unlike endogenous growth principle that focuses completely on the fashionable growth regime and is due to this fact unable to provide an explanation for the roots of inequality across international locations, unified growth idea captures in a single framework the fundamental stages of the process of building all through human historical past: (i) the Malthusian epoch that was once prevalent over most of human history, (ii) the escape from the Malthusian trap, (iii) the emergence of human capital as a central element within the growth procedure, (iv) the onset of the fertility decline, (v) the origins of the modern era of sustained economic growth, and (vi) the roots of divergence in income in keeping with capita throughout nations in the past two centuries. The principle suggests that all the way through most of human life, technological growth used to be offset by way of inhabitants growth, and dwelling requirements had been close to subsistence throughout time and area. However, the reinforcing interplay between the velocity of technological development and the scale and composition of the population has steadily larger the tempo of technological progress, improving the significance of schooling within the talent of individuals to adapt to the converting technological atmosphere. The rise in the allocation of sources towards education caused a fertility decline enabling economies to allocate a bigger percentage of the culmination of technological growth to a gradual build up in income in line with capita, moderately than in opposition to the growth of inhabitants, paving the best way for the emergence of sustained economic growth. The theory additional suggests that permutations in biogeographical traits, as well as cultural and institutional characteristics, have generated a differential tempo of transition from stagnation to growth throughout international locations and in consequence divergence of their revenue in line with capita over the last two centuries.[100][101]
Inequality and growth
Theories Further data: Economic inequality and Effects of economic inequalityThe prevailing views about the function of inequality within the growth procedure has radically shifted up to now century.[102]
The classical viewpoint, as expressed via Adam Smith, and others, means that inequality fosters the growth process.[103][104] Specifically, because the aggregate saving will increase with inequality due to upper assets to save lots of a number of the rich, the classical point of view suggests that inequality stimulates capital accumulation and subsequently economic growth.[105]
The Neoclassical standpoint that is in keeping with representative agent means denies the role of inequality within the growth procedure. It means that while the growth procedure may affect inequality, revenue distribution has no impact on the growth process.
The modern standpoint which has emerged in the past due Eighties suggests, by contrast, that income distribution has an important impact at the growth procedure. The fashionable viewpoint, originated by Galor and Zeira,[106][107] highlights the essential position of heterogeneity in the resolution of aggregate economic activity, and economic growth. In specific, Galor and Zeira argue that since credit score markets are imperfect, inequality has a long-lasting affect on human capital formation, the level of income per capita, and the growth procedure.[108] In contrast to the classical paradigm, which underlined the sure implications of inequality for capital formation and economic growth, Galor and Zeira argue that inequality has an antagonistic impact on human capital formation and the development process, in all however the very poor economies.
Later theoretical trends have bolstered the view that inequality has an adversarial impact on the growth procedure. Specifically, Alesina and Rodrik and Persson and Tabellini advance a political economic system mechanism and argue that inequality has a adverse affect on economic development since it creates a pressure for distortionary redistributive insurance policies that experience an adversarial effect on funding and economic growth.[109][110]
In accordance with the credit score market imperfection approach, a learn about by means of Roberto Perotti confirmed that inequality is associated with lower degree of human capital formation (training, revel in, apprenticeship) and better degree of fertility, while lower stage of human capital is related to lower growth and decrease levels of economic growth. In distinction, his exam of the political economy channel discovered no support for the political economy mechanism.[111] Consequently, the political financial system perspective at the relationship between inequality and growth had been revised and later studies have established that inequality may supply an incentive for the elite to dam redistributive policies and institutional adjustments. In particular, inequality within the distribution of land ownership supplies the landed elite with an incentive to limit the mobility of rural workers by depriving them from education and by way of blocking the improvement of the commercial sector.[112]
A unified idea of inequality and growth that captures that changing function of inequality within the growth procedure offers a reconciliation between the conflicting predictions of classical perspective that maintained that inequality is really helpful for growth and the modern standpoint that suggests that in the presence of credit score marketplace imperfections, inequality predominantly leads to underinvestment in human capital and decrease economic growth. This unified concept of inequality and growth, advanced by Oded Galor and Omer Moav,[113] means that the effect of inequality at the growth process has been reversed as human capital has changed physical capital as the primary engine of economic growth. In the preliminary stages of industrialization, when physical capital accumulation was once the dominating source of economic growth, inequality boosted the development process via directing sources towards people with upper propensity to avoid wasting. However, in later phases, as human capital change into the main engine of economic growth, more equal distribution of income, in the presence of credit constraints, stimulated investment in human capital and economic growth.
In 2013, French economist Thomas Piketty postulated that during classes when the average annual charge on return on investment in capital (r) exceeds the typical annual growth in economic output (g), the rate of inequality will increase.[114] According to Piketty, that is the case as a result of wealth this is already held or inherited, which is expected to develop at the rate r, will develop at a rate quicker than wealth amassed through labor, which is extra closely tied to g. An recommend of reducing inequality levels, Piketty suggests levying an international wealth tax with a purpose to reduce the divergence in wealth led to by inequality.
Evidence: diminished formThe reduced form empirical dating between inequality and growth used to be studied by Alberto Alesina and Dani Rodrik, and Torsten Persson and Guido Tabellini.[109][110] They in finding that inequality is negatively related to economic growth in a cross-country research.
Robert Barro reexamined the lowered form relationship between inequality on economic growth in a panel of nations.[115] He argues that there is "little overall relation between income inequality and rates of growth and investment". However, his empirical technique limits its applicability to the figuring out of the relationship between inequality and growth for a number of causes. First, his regression analysis keep watch over for education, fertility, investment, and it due to this fact excludes, by development, the important impact of inequality on growth by the use of training, fertility, and investment. His findings merely suggest that inequality has no direct impact on growth past the vital indirect results through the main channels proposed in the literature. Second, his find out about analyzes the effect of inequality on the reasonable growth rate in the following 10 years. However, existing theories recommend that the effect of inequality will probably be noticed a lot later, as is the case in human capital formation, for instance. Third, the empirical research does now not account for biases which can be generated by means of opposite causality and omitted variables.
Recent papers in accordance with superior knowledge, in finding unfavourable courting between inequality and growth. Andrew Berg and Jonathan Ostry of the International Monetary Fund, in finding that "lower net inequality is robustly correlated with faster and more durable growth, controlling for the level of redistribution".[116] Likewise, Dierk Herzer and Sebastian Vollmer find that greater revenue inequality reduces economic growth.[117]
Evidence: mechanismsThe Galor and Zeira's fashion predicts that the impact of emerging inequality on GDP according to capita is negative in rather wealthy international locations however certain in deficient international locations.[106][107] These testable predictions have been tested and showed empirically in contemporary studies.[118][119] In explicit, Brückner and Lederman check the prediction of the model by means of within the panel of nations during the period 1970–2010, through making an allowance for the affect of the interaction between the level of revenue inequality and the preliminary level of GDP in step with capita. In line with the predictions of the type, they to find that on the 25th percentile of initial revenue in the world pattern, a 1 percentage point building up in the Gini coefficient will increase revenue in line with capita by 2.3%, while at the seventy fifth percentile of preliminary revenue a 1 share level building up in the Gini coefficient decreases revenue consistent with capita by way of -5.3%. Moreover, the proposed human capital mechanism that mediates the effect of inequality on growth within the Galor-Zeira fashion could also be showed. Increases in income inequality build up human capital in deficient international locations however reduce it in excessive and middle-income international locations.
This recent improve for the predictions of the Galor-Zeira fashion is in line with previous findings. Roberto Perotti showed that in response to the credit market imperfection means, evolved via Galor and Zeira, inequality is related to lower level of human capital formation (schooling, revel in, apprenticeship) and better degree of fertility, while lower degree of human capital is related to lower levels of economic growth.[111] Princeton economist Roland Benabou's reveals that the growth technique of Korea and the Philippines "are broadly consistent with the credit-constrained human-capital accumulation hypothesis".[120] In addition, Andrew Berg and Jonathan Ostry[116] counsel that inequality turns out to impact growth through human capital accumulation and fertility channels.
In contrast, Perotti argues that the political economic system mechanism isn't supported empirically. Inequality is associated with lower redistribution, and lower redistribution (under-investment in education and infrastructure) is associated with lower economic growth.[111]
Importance of long-run growth
Over lengthy periods of time, even small rates of growth, reminiscent of a 2% annual build up, have broad results. For example, the United Kingdom skilled a 1.97% moderate annual build up in its inflation-adjusted GDP between 1830 and 2008.[121] In 1830, the GDP was once 41,373 million kilos. It grew to 1,330,088 million pounds by means of 2008. A growth charge that averaged 1.97% over 178 years resulted in a 32-fold increase in GDP by way of 2008.
The large impact of a rather small growth fee over an extended time frame is due to the facility of exponential growth. The rule of 72, a mathematical outcome, states that if one thing grows at the charge of x% according to 12 months, then its level will double each and every 72/x years. For instance, a growth price of two.5% according to annum results in a doubling of the GDP within 28.8 years, while a growth rate of 8% in step with yr leads to a doubling of GDP within nine years. Thus, a small difference in economic growth rates between international locations can lead to very other requirements of residing for their populations if this small distinction continues for a few years.
Quality of lifeOne idea that relates economic growth with high quality of life is the "Threshold Hypothesis", which states that economic growth up to some degree brings with it an increase in quality of lifestyles. But at that time – referred to as the edge level – further economic growth can carry with it a deterioration in quality of existence.[122] This results in an upside-down-U-shaped curve, the place the vertex of the curve represents the extent of growth that are meant to be focused. Happiness has been proven to extend with GDP in step with capita, at least up to a level of ,000 in keeping with individual.[123]
Economic growth has the indirect possible to alleviate poverty, because of a simultaneous build up in employment alternatives and larger labor productivity.[124] A learn about via researchers on the Overseas Development Institute (ODI) of 24 international locations that experienced growth found that during 18 cases, poverty was alleviated.[124]
In some cases, quality of lifestyles components comparable to healthcare results and academic attainment, in addition to social and political liberties, do not beef up as economic growth happens.[125]
Productivity will increase don't all the time result in greater wages, as can be noticed within the United States, the place the gap between productiveness and wages has been emerging since the Eighties.[124]
Equitable growth Main article: Inclusive growthWhile acknowledging the central position economic growth can probably play in human construction, poverty aid and the fulfillment of the Millennium Development Goals, it is becoming broadly understood among the improvement community that particular efforts must be made to ensure poorer sections of society are in a position to participate in economic growth.[126][127][128] The impact of economic growth on poverty aid – the growth elasticity of poverty – can rely at the present degree of inequality.[129][130] For example, with low inequality a rustic with a growth price of two% consistent with head and 40% of its population dwelling in poverty, can halve poverty in ten years, but a country with excessive inequality would take nearly 60 years to achieve the similar relief.[131][132] In the phrases of the Secretary General of the United Nations Ban Ki-Moon: "While economic growth is necessary, it is not sufficient for progress on reducing poverty."[126]
Environmental have an effect on
See additionally: The Limits to Growth and OverconsumptionCritics such because the Club of Rome argue that a slim view of economic growth, combined with globalization, is making a situation where lets see a systemic cave in of our planet's natural sources.[133][134]
The marginal costs of a rising financial system might steadily exceed the marginal advantages, on the other hand measured.Concerns about detrimental environmental results of growth have brought on some folks to suggest decrease ranges of growth, or the leaving behind of growth altogether. In academia, concepts like uneconomic growth, steady-state financial system and degrowth had been advanced in an effort to accomplish that and to triumph over conceivable growth imperatives. In politics, green events include the Global Greens Charter, recognising that "... the dogma of economic growth at any cost and the excessive and wasteful use of natural resources without considering Earth's carrying capacity, are causing extreme deterioration in the environment and a massive extinction of species."[135]:2
The 2019 Global Assessment Report on Biodiversity and Ecosystem Services revealed by means of the United Nations' Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services warned that given the substantial lack of biodiversity, society should no longer center of attention only on economic growth.[136][137] Anthropologist Eduardo S. Brondizio, one of the most co-chairs of the file, stated "We need to change our narratives. Both our individual narratives that associate wasteful consumption with quality of life and with status, and the narratives of the economic systems that still consider that environmental degradation and social inequality are inevitable outcomes of economic growth. Economic growth is a means and not an end. We need to look for the quality of life of the planet."[138]
Those more positive in regards to the environmental affects of growth believe that, though localized environmental results would possibly occur, large-scale ecological results are minor. The argument, as mentioned by commentator Julian Lincoln Simon, states that if these global-scale ecological results exist, human ingenuity will find techniques to evolve to them.[139] Conversely Partha Dasgupta, in a 2021 document at the economics of biodiversity commissioned by means of the British Treasury, argues that biodiversity is collapsing faster than at any time in human historical past as a result of the demands of contemporary human civilization, which "far exceed nature's capacity to supply us with the goods and services we all rely on. We would require 1.6 Earths to maintain the world's current living standards." He says that main transformative changes might be needed "akin to, or even greater than, those of the Marshall Plan," including forsaking GDP as a measure of economic success and societal development.[140]
In 2019, a caution on weather change signed by way of 11,000 scientists from over A hundred and fifty nations mentioned economic growth is the motive force in the back of the "excessive extraction of materials and overexploitation of ecosystems" and that this "must be quickly curtailed to maintain long-term sustainability of the biosphere." They upload that "our goals need to shift from GDP growth and the pursuit of affluence toward sustaining ecosystems and improving human well-being by prioritizing basic needs and reducing inequality."[141][142] A 2021 paper authored by most sensible scientists in Frontiers in Conservation Science posited that given the environmental crises together with biodiversity loss and weather change, and possible "ghastly future" going through humanity, there should be "fundamental changes to global capitalism," together with the "abolition of perpetual economic growth."[143][144][145]
Global warming See also: Economics of worldwide warmingUp to the current, there is a close correlation between economic growth and the rate of carbon dioxide emissions across countries, even supposing there may be a substantial divergence in carbon intensity (carbon emissions in line with GDP).[146] Up to the present, there could also be an instantaneous relation between international economic wealth and the velocity of worldwide emissions.[147] The Stern Review notes that the prediction that, "Under business as usual, global emissions will be sufficient to propel greenhouse gas concentrations to over 550 ppm CO2 by 2050 and over 650–700 ppm by the end of this century is robust to a wide range of changes in model assumptions." The scientific consensus is that planetary ecosystem functioning without incurring unhealthy dangers calls for stabilization at 450–550 ppm.[148]
As a outcome, growth-oriented environmental economists propose government intervention into switching resources of calories production, favouring wind, solar, hydroelectric, and nuclear. This would in large part confine use of fossil fuels to both domestic cooking needs (corresponding to for kerosene burners) or the place carbon seize and storage technology can also be cost-effective and reliable.[149] The Stern Review, printed by the United Kingdom Government in 2006, concluded that an funding of one% of GDP (later changed to two%) can be enough to avoid the worst results of weather trade, and that failure to take action may just chance climate-related costs equal to 20% of GDP. Because carbon seize and storage are as but widely unproven, and its longer term effectiveness (comparable to in containing carbon dioxide 'leaks') unknown, and because of current prices of other fuels, those policy responses in large part rest on religion of technological alternate.
British conservative baby-kisser and journalist Nigel Lawson has deemed carbon emission trading an 'inefficient gadget of rationing'. Instead, he favours carbon taxes to make full use of the potency of the market. However, so as to steer clear of the migration of energy-intensive industries, the entire global must impose any such tax, no longer just Britain, Lawson pointed out. There isn't any level in taking the lead if nobody follows swimsuit.[150]
Resource constraint See also: Energy returned on energy invested, Substitute just right, Mining, Peak minerals, and Steady-state economic system § Present situation: Exceeding international limits to growthMany previous predictions of resource depletion, akin to Thomas Malthus' 1798 predictions about drawing near famines in Europe, The Population Bomb,[151][152] and the Simon–Ehrlich guess (1980)[153] have no longer materialized. Diminished production of maximum resources has not befell so far, one explanation why being that advancements in era and science have allowed some previously unavailable sources to be produced.[153] In some instances, substitution of extra abundant fabrics, comparable to plastics for cast metals, decreased growth of utilization for some metals. In the case of the limited resource of land, famine used to be relieved at the start by the revolution in transportation caused by railroads and steam ships, and later by the Green Revolution and chemical fertilizers, particularly the Haber process for ammonia synthesis.[154][155]
Resource high quality is composed of numerous components together with ore grades, location, altitude above or below sea stage, proximity to railroads, highways, water supply and weather. These factors affect the capital and operating cost of extracting resources. In the case of minerals, decrease grades of mineral assets are being extracted, requiring upper inputs of capital and effort for each extraction and processing. Copper ore grades have declined considerably during the last century.[156][157] Another example is herbal fuel from shale and other low permeability rock, whose extraction requires much higher inputs of calories, capital, and fabrics than typical fuel in previous a long time. Offshore oil and fuel have exponentially higher charge as water intensity will increase.
Some bodily scientists like Sanyam Mittal regard continuous economic growth as unsustainable.[158][159] Several elements may constrain economic growth – as an example: finite, peaked, or depleted sources.
In 1972, The Limits to Growth study modeled barriers to countless growth; at the beginning ridiculed,[151][152][160] probably the most predicted trends have materialized, raising issues of an impending collapse or decline because of resource constraints.[161][162][163]
Malthusians corresponding to William R. Catton, Jr. are skeptical of technological advances that reinforce useful resource availability. Such advances and increases in potency, they counsel, merely boost up the drawing down of finite assets. Catton claims that expanding rates of useful resource extraction are "...stealing ravenously from the future".[164]
Energy Further data on Energy function in economy: Econodynamics Further information on Energy potency: Productivity making improvements to applied sciences (ancient) § Energy potencyEnergy economic theories hang that rates of energy intake and energy potency are related causally to economic growth. The Garrett Relation holds that there has been a set dating between present rates of world energy intake and the historical accumulation of world GDP, impartial of the 12 months considered. It follows that economic growth, as represented via GDP growth, requires higher rates of calories intake growth. Seemingly satirically, those are sustained thru increases in energy efficiency.[165] Increases in calories efficiency were a portion of the rise in Total factor productivity.[14] Some of the most technologically necessary innovations in history concerned increases in energy potency. These come with the good improvements in potency of conversion of heat to paintings, the reuse of warmth, the reduction in friction and the transmission of energy, especially thru electrification.[166][167] There is a strong correlation between per capita electricity consumption and economic building.[168][169]
See additionally
Degrowth Economic construction Export-oriented industrialization Green growth Growth accounting The Limits to Growth List of countries by means of actual GDP growth price Post-growth Productivism Prosperity Without Growth Sufficiency economy Uneconomic growth Unified growth idea The White Man's Burden Manifest destiny Christian undertaking White savior Progress Civilizing mission Development theoryReferences
^ Statistics at the Growth of the Global Gross Domestic Product (GDP) from 2003 to 2013, IMF, October 2012. - "Gross domestic product, also called GDP, is the market value of goods and services produced by a country in a certain time period." ^ a b Bjork 1999, p. 251 ^ Bjork 1999, p. 67 ^ .mw-parser-output cite.quotationfont-style:inherit.mw-parser-output .citation qquotes:"\"""\"""'""'".mw-parser-output .id-lock-free a,.mw-parser-output .quotation .cs1-lock-free abackground:linear-gradient(clear,clear),url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")correct 0.1em middle/9px no-repeat.mw-parser-output .id-lock-limited a,.mw-parser-output .id-lock-registration a,.mw-parser-output .quotation .cs1-lock-limited a,.mw-parser-output .quotation .cs1-lock-registration abackground:linear-gradient(clear,transparent),url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")correct 0.1em heart/9px no-repeat.mw-parser-output .id-lock-subscription a,.mw-parser-output .quotation .cs1-lock-subscription abackground:linear-gradient(clear,transparent),url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")appropriate 0.1em heart/9px no-repeat.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registrationcolour:#555.mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration spanborder-bottom:1px dotted;cursor:lend a hand.mw-parser-output .cs1-ws-icon abackground:linear-gradient(transparent,transparent),url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat.mw-parser-output code.cs1-codecolour:inherit;background:inherit;border:none;padding:inherit.mw-parser-output .cs1-hidden-errorshow:none;font-size:100%.mw-parser-output .cs1-visible-errorfont-size:100%.mw-parser-output .cs1-maintshow:none;colour:#33aa33;margin-left:0.3em.mw-parser-output .cs1-formatfont-size:95%.mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-leftpadding-left:0.2em.mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-rightpadding-right:0.2em.mw-parser-output .quotation .mw-selflinkfont-weight:inheritBjork, Gordon J. (1999). The Way It Worked and Why It Won't: Structural Change and the Slowdown of U.S. Economic Growth. Westport, CT; London: Praeger. pp. 2, 67. ISBN 978-0-275-96532-7. ^ Gordon, Robert J. (2016). The Rise and Fall of American Growth. Princeton, NJ USA: Princeton University Press. pp. 38–39. ISBN 978-0-691-14772-7. Share of spending on classes that existed in 1869 [...] ^ Mankiw, Gregory (2011). Principles of Macroeconomics (sixth ed.). p. 236. ISBN 978-0538453066. ^ Barro, Robert; Sala-i-Martin, Xavier (2004). Economic Growth (2d ed.). p. 6. ASIN B003Q7WARA. ^ Das, Tuhin K. (2019). "Das, Tuhin K., Cross-Sectional Views of GDP Growth in the Light of Innovations". doi:10.2139/ssrn.3503386. S2CID 219383124. Cite journal calls for |journal= (assist) ^ Bjork 1999, p. 68 ^ a b c d Bjork 1999 ^ Roubini, Nouriel; Backus, David (1998). "Productivity and Growth". Lectures in Macroeconomics. ^ Wang, Ping (2014). "Growth Accounting" (PDF). p. 2. Archived from the original (PDF) on 2014-07-15. ^ Corry, Dan; Valero, Anna; Van Reenen, John (Nov 2011). "UK Economic Performance Since 1997" (PDF)<" The UK‟s high GDP per capita growth was driven by strong growth in productivity (GDP per hour), which was second only to the US .">CS1 maint: postscript (hyperlink) ^ a b c Kendrick, John W. (1961). Productivity Trends within the United States (PDF). Princeton University Press for NBER. p. 3. ^ Krugman, Paul (1994). "The Myth of Asia's Miracle". Foreign Affairs. 73 (6): 62–78. doi:10.2307/20046929. JSTOR 20046929. ^ Rosenberg, Nathan (1982). Inside the Black Box: Technology and Economics. Cambridge, New York: Cambridge University Press. p. 258. ISBN 978-0-521-27367-1. ^ a b Lucas, R. E. (1988). "On the Mechanics of Economic Development". Journal of Monetary Economics. 22 (1): 3–42. doi:10.1016/0304-3932(88)90168-7. S2CID 154875771. ^ Reisman, George (1998). Capitalism: An entire figuring out of the character and value of human economic lifestyles. Jameson Books. ISBN 0-915463-73-3. ^ Galor, Oded (2005). "From Stagnation to Growth: Unified Growth Theory". Handbook of Economic Growth. 1. Elsevier. pp. 171–293. ^ Clark, Gregory (2007). A Farewell to Alms: A Brief Economic History of the World. Princeton University Press. ISBN 978-0-691-12135-2Part I: The Malthusian TrapCS1 maint: postscript (link) ^ Clark 2007, pp. Part 2: The Industrial Revolution ^ Kendrick, J. W. 1961 "Productivity trends in the United States," Princeton University Press ^ a b Landes, David. S. (1969). The Unbound Prometheus: Technological Change and Industrial Development in Western Europe from 1750 to the Present. Cambridge, New York: Press Syndicate of the University of Cambridge. ISBN 978-0-521-09418-4. ^ a b Hounshell, David A. (1984), From the American System to Mass Production, 1800–1932: The Development of Manufacturing Technology in the United States, Baltimore, Maryland: Johns Hopkins University Press, ISBN 978-0-8018-2975-8, LCCN 83016269, OCLC 1104810110 ^ Ayres, Robert U.; Warr, Benjamin (2004). "Accounting for Growth: The Role of Physical Work" (PDF). Archived from the unique (PDF) on 2017-01-16. Retrieved 2012-06-24. Cite journal requires |magazine= (lend a hand) ^ Grubler, Arnulf (1990). The Rise and Fall of Infrastructures (PDF). ^ Taylor, George Rogers (1951). The Transportation Revolution, 1815–1860. ISBN 978-0873321013. ^ a b Wells, David A. (1890). Recent Economic Changes and Their Effect on Production and Distribution of Wealth and Well-Being of Society. New York: D. Appleton and Co. ISBN 978-0543724748. ^ Atack, Jeremy; Passell, Peter (1994). A New Economic View of American History. New York: W.W. Norton and Co. ISBN 978-0-393-96315-1. ^ Beaudreau, Bernard C. (1996). Mass Production, the Stock Market Crash and the Great Depression. New York, Lincoln, Shanghi: Authors Choice Press. ^ Moore, Stephen; Simon, Julian (December 15, 1999). "The Greatest Century That Ever Was: 25 Miraculous Trends of the last 100 Years" (PDF). Policy Analysis, No. 364. The Cato Institute.Diffusion curves for more than a few innovations get started at Fig. 14 ^ Field, Alexander J. (2011). A Great Leap Forward: Thirties Depression and U.S. Economic Growth. New Haven, London: Yale University Press. ISBN 978-0-300-15109-1. ^ St. Louis Federal Reserve Real GDP according to capita within the U.S. rose from ,747 in 1960 to ,281 in 1973 for a growth rate of 3.07%/yr. Calculation: (26,281/17,747)^(1/13). From 1973 to 2007 the growth rate was 1.089%. Calculation: (49,571/26,281)^(1/34) From 2000 to 2011 moderate annual growth used to be 0.64%. ^ "Semiconductor Foundry Market: 2019 Global Industry Trends, Growth, Share, Size and 2021 Forecast Research Report". MarketWatch. 2019-11-28. Retrieved 2019-12-20. ^ Leading article: Africa has to spend sparsely. The Independent. July 13, 2006. ^ Data discuss with the year 2008. ,341 GDP for Korea, 13 for Ghana. World Economic Outlook Database – October 2008. International Monetary Fund. ^ Kendrick, John (1991). "U.S. Productivity Performance in Perspective, Business Economics, October 1, 1991". Business Economics. 26 (4): 7–11. JSTOR 23485828. ^ Field, Alezander J. (2007). "U.S. Economic Growth in the Gilded Age, Journal of Macroeconomics 31" (PDF): 173–90. Cite magazine calls for |journal= (lend a hand) ^ Field, Alexander (2004). "Technological Change and Economic Growth the Interwar Years and the 1990s". SSRN 1105634. ^ Gordon, Robert J. (June 2000). "Interpreting the 'One Big Wave' in U.S. Long Term Productivity Growth". NBER Working Paper No. 7752. doi:10.3386/w7752. ^ Abramovitz, Moses; David, Paul A. (2000). Two Centuries of American Macroeconomic Growth From Exploitation of Resource Abundance to Knowledge-Driven Development (PDF). Stanford University. pp. 24–5 (pdf pp. 28–9). ^ a b Gordon, Robert J. (Spring 2013). "U.S. Productivity Growth: The Slowdown Has Returned After a Temporary Revival" (PDF). International Productivity Monitor, Centre for the Study of Living Standards. 25: 13–9. Archived from the original (PDF) on 2014-08-09. Retrieved 2014-07-19. The U.S. financial system achieved a growth rate of labour productivity of 2.Forty eight per cent consistent with year for 81 years, followed by way of 24 years of one.32 in keeping with cent, then a temporary restoration back to two.48 according to cent according to cent, and a last slowdown to 1.35 consistent with cent. The similarity of the growth rates in 1891–1972 with 1996–2004, and of 1972–Ninety six with 1996–2011 is somewhat exceptional. ^ a b Dale W. Jorgenson; Mun S. Ho; Jon D. Samuels (2014). "Long-term Estimates of U.S. Productivity and Growth" (PDF). World KLEMS Conference. Retrieved 2014-05-27. ^ Dale W. Jorgenson; Mun S. Ho; Kevin J. Stiroh (2008). "A Retrospective Look at the U.S. Productivity Growth Resurgence". Journal of Economic Perspectives. 22 (1): 3–24. doi:10.1257/jep.22.1.3. ^ Bruce T. Grimm; Brent R. Moulton; David B. Wasshausen (2002). "Information Processing Equipment and Software in the National Accounts" (PDF). U.S. Department of Commerce Bureau of Economic Analysis. Retrieved 2014-05-15. ^ Hunt, E. Ok.; Lautzenheiser, Mark (2014). History of Economic Thought: A Critical Perspective. PHI Learning. ISBN 978-0765625991. ^ Krugman, Paul (1994). "The Myth of Asia's Miracle". Foreign Affairs. 73 (6): 62–78. doi:10.2307/20046929. JSTOR 20046929. ^ "Hours of Work in U.S. History". 2010. Archived from the unique on 2011-10-26. ^ Whaples, Robert (June 1991). "The Shortening of the American Work Week: An Economic and Historical Analysis of Its Context, Causes, and Consequences". The Journal of Economic History. 51 (2): 454–7. doi:10.1017/s0022050700039073. ^ Mankiw, N. Gregory; Romer, David; Weil, David (1992). "A Contribution to the Empirics of Economic Growth". Quarterly Journal of Economics. 107 (2): 407–37. CiteSeerX 10.1.1.335.6159. doi:10.2307/2118477. JSTOR 2118477. S2CID 1369978. ^ Sala-i-Martin, Xavier; Doppelhofer, Gernot; Miller, Ronald I. (2004). "Determinants of Long-term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach" (PDF). American Economic Review. 94 (4): 813–35. doi:10.1257/0002828042002570. S2CID 55710066. ^ Romer, Paul (1990). "Human Capital and Growth: Theory and Evidence" (PDF). Carnegie-Rochester Conference Series on Public Policy. 32: 251–86. doi:10.1016/0167-2231(90)90028-J. S2CID 15491089. ^ Barro, Robert J.; Lee, Jong-Wha (2001). "International Data on Educational Attainment: Updates and Implications" (PDF). Oxford Economic Papers. 53 (3): 541–63. doi:10.1093/oep/53.3.541. S2CID 30819754. ^ a b Breton, Theodore R. (2015). "Higher Test Scores or More Schooling? Another Look at the Causes of Economic Growth" (PDF). Journal of Human Capital. 9 (2): 239–63. doi:10.1086/681911. hdl:10784/2644. S2CID 140069337. ^ Hanushek, Eric A.; Kimko, Dennis D. (2000). "Schooling, Labor Force Quality, and the Growth of Nations". American Economic Review. 90 (5): 1184–208. CiteSeerX 10.1.1.232.7942. doi:10.1257/aer.90.5.1184. ^ Hanushek, Eric A.; Woessmann, Ludger (2008). "The Role of Cognitive Skills in Economic Development". Journal of Economic Literature. 46 (3): 607–68. CiteSeerX 10.1.1.507.5325. doi:10.1257/jel.46.3.607. ^ Hanushek, Eric A.; Woessmann, Ludger (2011). "How Much Do Educational Outcomes Matter in OECD Countries?" (PDF). Economic Policy. 26 (67): 427–91. doi:10.1111/j.1468-0327.2011.00265.x. S2CID 7733555. ^ Hanushek, Eric; Woessmann, Ludger (2015). The Knowledge Capital of Nations: Education and the Economics of Growth. MIT Press. ISBN 978-0-262-02917-9. ^ Baten, Joerg; van Zanden, Jan Luiten (2008). "Book Production and the Onset of Modern Economic Growth". Journal of Economic Growth. 13 (3): 217–235. doi:10.1007/s10887-008-9031-9. hdl:10230/757. S2CID 195314801. ^ a b Acemoglu, Daron; Robinson, James A. (2012). Why Nations Fail: The Origins of Power, Prosperity, and Poverty. United States: Crown Business department of Random House. pp. 43. ISBN 978-0-307-71922-5. ^ Hunt, E. Okay.; Lautzenheiser, Mark (2014). History of Economic Thought: A Critical Perspective. PHI Learning. ISBN 978-0765625991. ^ Landes, David. S. (1969). The Unbound Prometheus: Technological Change and Industrial Development in Western Europe from 1750 to the Present. Cambridge, New York: Press Syndicate of the University of Cambridge. pp. 8–18. ISBN 978-0-521-09418-4. ^ North, Douglass C.; Weingast, Barry (1989). "Constitutions and Commitment: the Evolutions of Institutions Governing Public Choice in Seventeenth Century England". Journal of Economic History. 49 (4): 803–32. doi:10.1017/S0022050700009451. S2CID 3198200. ^ Barker, J. H. (1995). "Personal Liberty under Common Law of England, 1200–1600". In Davis, R. W. (ed.). The Origins of Modern Freedom within the West. Stanford: Stanford University Press. pp. 178–202. ISBN 978-0-8047-2474-6. ^ Acemolgu, Daron; Johnson, Simon; Robinson, James A. (2005). "Institutions as a Fundamental Cause of Long-Run Growth". In Aghion, Philippe; Durlauf, Steven (eds.). Handbook of Economic Growth. Volume 1, Part A. Elsevier. pp. 385–472. doi:10.1016/S1574-0684(05)01006-3. ISBN 9780444520418. |volume= has extra textual content (help) ^ Rajan, R.; Zingales, L. (2003). Saving Capitalism from the Capitalists. New York: Random House. ISBN 978-0-7126-2131-1. ^ a b c d Johnson, Noel D.; Koyama, Mark (2017). "States and Economic Growth: Capacity and Constraints". Explorations in Economic History. 64: 1–20. doi:10.1016/j.eeh.2016.11.002. ^ Johnson, Noel D. (2006). "Banking on the King: The Evolution of the Royal Revenue Farms in Old Regime France". Journal of Economic History. 66 (4): 963–991. doi:10.1017/S0022050706000398. S2CID 73630821. ^ Johnson, Noel D.; Koyama, Mark (2014). "Tax Farming and the Origins of State Capacity in England and France". Explorations in Economic History. 51 (1): 1–20. doi:10.1016/j.eeh.2013.07.005. ^ a b c De Soto, Hernando (2000). The Mystery of Capital: Why Capitalism Triumphs within the West and Fails Everywhere Else. Basic Books. ISBN 978-0465016143. ^ Acemoglu, Daron; Naidu, Suresh; Restrepo, Pascual; Robinson, James A. (March 2014). "Democracy Does Cause Growth". NBER Working Paper No. 20004. doi:10.3386/w20004. ^ Jyot Hosagrahar „Culture: on the center of SDGs", UNESCO-Kurier, April–June 2017. ^ Acemoglu, Daron; Johnson, Simon; Robinson, James A. (2001). "The Colonial Origins of Comparative Development: An Empirical Investigation". American Economic Review. 91 (5): 1369–401. CiteSeerX 10.1.1.313.7172. doi:10.1257/aer.91.5.1369. ^ Acemoglu and Robinson (2012, p. 26). ^ Lee, Yong Suk (2016-07-28). "Entrepreneurship, small businesses and economic growth in cities" (PDF). Journal of Economic Geography. 17 (2): 311–343. doi:10.1093/jeg/lbw021. ^ Lee, Yong Suk (2018). "Government guaranteed small business loans and regional growth". Journal of Business Venturing. 33: 70–83. doi:10.1016/j.jbusvent.2017.11.001. S2CID 168857205. ^ Ayres, Robert (1989). "Technological Transformations and Long Waves" (PDF): 9<Attributed to Mensch who described new products as "demand creating".> Cite magazine calls for |journal= (help)CS1 maint: postscript (hyperlink) ^ Gordon, Robert J. (2016). The Rise and Fall of American Growth. Princeton, NJ USA: Princeton University Press. p. 39. ISBN 978-0-691-14772-7. ^ "Manufacturing's declining share of GDP is a global phenomenon, and it's something to celebrate". U.S. Chamber of Commerce Foundation. ^ "All Employees: Manufacturing". ^ Kuprianov, Alexey (2018-04-30). "Decomposition of GDP. The Role of Quality of Goods and Services in Measuring Economic Growth". Rochester, NY. SSRN 3170839. Cite journal calls for |magazine= (help) ^ Malthus, Thomas R. (1798). Gilbert, Geoffrey (ed.). An Essay at the Principle of Population. Oxford: Oxford University Press (printed 1999). ^ a b Quamrul, Ashraf; Galor, Oded (2011). "Dynamics and Stagnation in the Malthusian Epoch". American Economic Review. 101 (5): 2003–2041. doi:10.1257/aer.101.5.2003. PMC 4262154. PMID 25506082. ^ Bjork 1999, pp. 297–8 ^ Bjork 1999, p. 298 ^ Paul Rosenstein-Rodan ^ Murphy, Kevin M.; Shleifer, Andrei; Vishny, Robert W. (1989). "Industrialization and the Big Push". Journal of Political Economy. 97 (5): 1003–1026. CiteSeerX 10.1.1.538.3040. doi:10.1086/261641. S2CID 222424224. ^ Solow, Robert M. (1956). "A Contribution to the Theory of Economic Growth". Quarterly Journal of Economics. 70 (1): 65–94. doi:10.2307/1884513. hdl:10338.dmlcz/143862. JSTOR 1884513. ^ Swan, Trevor W. (1956). "Economic Growth and Capital Accumulation'". Economic Record. 32 (2): 334–61. doi:10.1111/j.1475-4932.1956.tb00434.x. ^ Lucas, Robert E. (1990). "Why Doesn't Capital Flow from Rich to Poor Countries?". American Economic Review. 80 (2): 92–6. JSTOR 2006549. ^ Warsh, David. Knowledge and the Wealth of Nations. W.W. Norton & Company 2006 ^ Romer, Paul (1986). "Increasing Returns and Long-Run Growth". Journal of Political Economy. 94 (5): 1002–1037. CiteSeerX 10.1.1.589.3348. doi:10.1086/261420. S2CID 6818002. ^ Helpman, Elhanah (2004). The Mystery of Economic Growth. Harvard University Press. ISBN 978-0-674-01572-2. ^ Warsh, David. Knowledge and the Wealth of Nations: A Story of Economic Discovery. W.W. Norton & Company, 2006. ^ Dean Baker (2016), Rigged: How globalization and the rules to the trendy economy have been structured to make the rich richer, Center for Economic and Policy Research, Wikidata Q100216001. ^ Landreth, Harry (1976). History of Economic Theory : Scope, Method, and Content. Boston: Houghton Mifflin. pp. 478–480. ISBN 978-0-395-19234-4. ^ a b Aghion, Philippe (2002). "Schumpeterian Growth Theory and the Dynamics of Income Inequality". Econometrica. 70 (3): 855–82. CiteSeerX 10.1.1.458.7383. doi:10.1111/1468-0262.00312. ^ Also see Carlin, Wendy; Soskice, David (2006). "Endogenous and Schumpeterian Growth". Macroeconomics: Imperfections, Institutions and Policies. Oxford University Press. pp. 529–60. ISBN 978-0-19-877622-2. ^ Aghion, Philippe; Howitt, Peter (1992). "A Model of Growth Through Creative Destruction". Econometrica. 60 (2): 323–51. doi:10.2307/2951599. JSTOR 2951599. ^ a b Galor, Oded (2011). Unified Growth Theory. Princeton: Princeton University Press. ^ a b Galor O., 2005, "From Stagnation to Growth: Unified Growth Theory". Handbook of Economic Growth, Elsevier doi:10.1016/S1574-0684(05)01004-X ^ Galor, Oded (2011). "Inequality, Human Capital Formation, and the Process of Development". Handbook of the Economics of Education. Elsevier. ^ Berg, Andrew G.; Ostry, Jonathan D. (2011). "Equality and Efficiency". Finance and Development. International Monetary Fund. 48 (3). Retrieved July 13, 2014. ^ Berg, Andrew; Ostry, Jonathan (2017). "Inequality and Unsustainable Growth: Two Sides of the Same Coin". IMF Economic Review. 65 (4): 792–815. doi:10.1057/s41308-017-0030-8. S2CID 13027248. ^ Kaldor, Nicoals (1955). "Alternative Theories of Distribution". Review of Economic Studies. 23 (2): 83–100. doi:10.2307/2296292. JSTOR 2296292. ^ a b Galor, Oded; Zeira, Joseph (1993). "Income Distribution and Macroeconomics". The Review of Economic Studies. 60 (1): 35–52. CiteSeerX 10.1.1.636.8225. doi:10.2307/2297811. JSTOR 2297811. ^ a b Galor, Oded; Zeira, Joseph (1988). "Income Distribution and Investment in Human Capital: Macroeconomics Implications". Working Paper No. 197 (Department of Economics, Hebrew University). ^ The World Bank Group (1999). "The Effect of Distribution on Growth" (PDF). ^ a b Alesina, Alberto; Rodrik, Dani (1994). "Distributive Politics and Economic Growth" (PDF). Quarterly Journal of Economics. 109 (2): 65–90. doi:10.2307/2118470. JSTOR 2118470. ^ a b Persson, Torsten; Tabellini, Guido (1994). "Is Inequality Harmful for Growth?". American Economic Review. 84 (3): 600–21. JSTOR 2118070. ^ a b c Perotti, Roberto (1996). "Growth, Income Distribution, and Democracy: What the Data Say". Journal of Economic Growth. 1 (2): 149–87. doi:10.1007/BF00138861. S2CID 54670343. ^ Galor, Oded; Moav, Omer; Vollrath, Dietrich (2009). "Inequality in Landownership, the Emergence of Human-Capital Promoting Institutions, and the Great Divergence". Review of Economic Studies. 76 (1): 143–179. doi:10.1111/j.1467-937X.2008.00506.x. PMC 3740999. PMID 23946551. ^ Galor, Oded; Moav, Omer (2004). "From Physical to Human Capital Accumulation: Inequality and the Process of Development". Review of Economic Studies. 71 (4): 1001–1026. CiteSeerX 10.1.1.561.4168. doi:10.1111/0034-6527.00312. ^ Piketty, Thomas (2014). Capital in the Twenty-first Century. Brilliance Audio. ISBN 978-1491534656. ^ Barro, Robert J. (2000). "Inequality and Growth in a Panel of Countries". Journal of Economic Growth. 5 (1): 5–32. doi:10.1023/A:1009850119329. S2CID 2089406. ^ a b Berg, Andrew; Ostry, Jonathan D.; Tsangarides, Charalambos G.; Yakhshilikov, Yorbol (2018). "Redistribution, inequality, and growth: new evidence". Journal of Economic Growth. 23 (3): 259–305. doi:10.1007/s10887-017-9150-2. S2CID 158898163. ^ Herzer, Dierk; Vollmer, Sebastian (2013). "Rising top incomes do not raise the tide". Journal of Policy Modeling. 35 (4): 504–19. doi:10.1016/j.jpolmod.2013.02.011. ^ Brückner, Markus; Lederman, Daniel (2015). "Effects of income inequality on economic growth". VOX CEPR Policy Portal. ^ Brückner, Markus; Lederman, Daniel (2018). "Inequality and economic growth: the role of initial income". Journal of Economic Growth. 23 (3): 341–366. doi:10.1007/s10887-018-9156-4. hdl:10986/29896. S2CID 55619830. ^ Bénabou, Roland (1996). "Inequality and Growth". NBER Macroeconomics Annual. 11: 11–92. doi:10.1086/654291. S2CID 154145268. ^ Lawrence H. Officer, "What Was the U.K. GDP Then?" MeasuringWorth, 2011. URL:http://www.measuringworth.com/ukgdp/ ^ "Economic Growth and Quality of Life: A Threshold Hypothesis". CiteSeerX 10.1.1.321.4576. Cite journal requires |journal= (assist) ^ "In Pursuit of Happiness Research. Is It Reliable? What Does It Imply for Policy?" Archived 2011-02-19 on the Wayback Machine The Cato Institute. April 11, 2007 ^ a b c Claire Melamed, Renate Hartwig and Ursula Grant 2011. Jobs, growth and poverty: what do we know, what do not we know, what will have to we know? London: Overseas Development Institute ^ Drèze, Jean; Sen, Amartya (2013). An unsure glory India and its contradictions. Princeton: Princeton University Press. ISBN 9781400848775. ^ a b Claire Melamed, Kate Higgins and Andy Sumner (2010) Economic growth and the MDGs Overseas Development Institute ^ Anand, Rahul; et al. (17 August 2013). "Inclusive growth revisited: Measurement and evolution". VoxEU.org. Centre for Economic Policy Research. Retrieved 13 January 2015. ^ Anand, Rahul; et al. (May 2013). "Inclusive Growth: Measurement and Determinants" (PDF). IMF Working Paper. Asia Pacific Department: International Monetary Fund. Retrieved 13 January 2015. ^ Ranieri, Rafael; Ramos, Raquel Almeida (March 2013). "Inclusive Growth: Building up a Concept" (PDF). Working Paper. 104. Brazil: International Policy Centre for Inclusive Growth. ISSN 1812-108X. Retrieved 13 January 2015. Cite magazine requires |magazine= (lend a hand) ^ Bourguignon, Francois, "Growth Elasticity of Poverty Reduction: Explaining Heterogeneity across Countries and Time Periods" in Inequality and Growth, Ch. 1. ^ Ravallion, M. (2007) Inequality is dangerous for the deficient in S. Jenkins and J. Micklewright, (eds.) Inequality and Poverty Re-examined, Oxford University Press, Oxford. ^ Elena Ianchovichina and Susanna Lundstrom, 2009. "Inclusive growth analytics: Framework and application", Policy Research Working Paper Series 4851, The World Bank. ^ Donella H. Meadows, Jorgen Randers, Dennis L. Meadows. Limits to Growth: The 30-Year Update. White River Junction, Vermont: Chelsea Green, 2004. ^ Allan Schnaiberg. The Environment: From Surplus to Scarcity. New York: Oxford University Press. ^ "Charter of the Global Greens" (PDF accommodates full charter). Global Greens. Dakar. 2012. ^ "One million species at risk of extinction, UN report warns". National Geographic. 6 May 2019. Retrieved 18 May 2019. ^ "World must undergo huge social and financial transformation to save future of human life, major report finds". The Independent. 6 May 2019. Retrieved 18 May 2019. ^ McKenzie, A. D. (7 May 2019). "Loss of Biodiversity Puts Current and Future Generations at Risk". Inter Press Service. Retrieved 18 May 2019. ^ The Ultimate Resource, Julian Simon, 1981 ^ Carrington, Damian (February 2, 2021). "Economics of biodiversity review: what are the recommendations?". The Guardian. Retrieved 8 February 2021. ^ Ripple, William J; Wolf, Christopher; Newsome, Thomas M; Barnard, Phoebe; Moomaw, William R (November 5, 2019). "World Scientists' Warning of a Climate Emergency". BioScience. doi:10.1093/biosci/biz088. hdl:1808/30278. Retrieved November 8, 2019. ^ Carrington, Damian (November 5, 2019). "Climate crisis: 11,000 scientists warn of 'untold suffering'". The Guardian. Retrieved November 8, 2019. ^ Weston, Phoebe (January 13, 2021). "Top scientists warn of 'ghastly future of mass extinction' and climate disruption". The Guardian. Retrieved January 21, 2021. ^ Bradshaw, Corey J. A.; Ehrlich, Paul R.; Beattie, Andrew; Ceballos, Gerardo; Crist, Eileen; Diamond, Joan; Dirzo, Rodolfo; Ehrlich, Anne H.; Harte, John; Harte, Mary Ellen; Pyke, Graham; Raven, Peter H.; Ripple, William J.; Saltré, Frédérik; Turnbull, Christine; Wackernagel, Mathis; Blumstein, Daniel T. (2021). "Underestimating the Challenges of Avoiding a Ghastly Future". Frontiers in Conservation Science. 1. doi:10.3389/fcosc.2020.615419. ^ Specktor, Brandon (January 15, 2021). "The planet is dying faster than we thought". Live Science. Retrieved January 21, 2021. ^ Stern Review, Part III Stabilization. Table 7.1 p. 168 ^ Garrett, T. J. (2009). "Are there basic physical constraints on future anthropogenic emissions of carbon dioxide?". Climatic Change. 104 (3–4): 437. arXiv:0811.1855. doi:10.1007/s10584-009-9717-9. S2CID 5287353. ^ Stern Review Economics of Climate Change. Part III Stabilization p. 183 ^ Jaccard, M. (2005). Sustainable Fossil Fuels. New York: Cambridge University Press. ISBN 978-0-521-67979-4. ^ "Examination of Witnesses (Questions 32–39)". 16 May 2007. Retrieved 2007-11-29. ^ a b "Chapter 17: Growth and Productivity-The Long-Run Possibilities". Oswego.edu. 1999-06-10. Archived from the original on 2010-12-18. Retrieved 2010-12-22. ^ a b Bailey, Ronald (2004-02-04). "Science and Public Policy". Reason.com. Retrieved 2010-12-22. ^ a b Regis, Ed. "The Doomslayer". Wired. Archived from the original on 2008-05-16. ^ Wells, David A. (1891). Recent Economic Changes and Their Effect on Production and Distribution of Wealth and Well-Being of Society. New York: D. Appleton and Co. ISBN 978-0-543-72474-8.Opening line of the Preface. ^ Smil, Vaclav (2004). Enriching the Earth: Fritz Haber, Carl Bosch, and the Transformation of World Food Production. MIT Press. ISBN 978-0-262-69313-4. ^ Hall, Charles A.S.; Cleveland, Cutler J.; Kaufmann, Robert (1992). Energy and Resource Quality: The ecology of the Economic Process. Niwot, Colorado: University Press of Colorado. ^ Lyon, Christioher (July 3, 2015). "Declining South America copper ore grades require ingenuity". Mining Weekly. ^ Bartlett, Albert Allen (2013). "Arithmetic, Population and Energy". albartlett.org. Retrieved 2014-07-22. You can not sustain population growth and / or growth within the rates of consumption of assets. ^ Murphy, Tom (2011-07-12). "Galactic-Scale Energy". Do the Math. Retrieved 2014-07-22. continued growth in calories use turns into bodily not possible inside of possible timeframes ... all economic growth will have to in a similar fashion end. ^ Hayward, Steven F. "That Old Time Religion". AEI. Archived from the unique on 2009-04-18. Retrieved 2010-12-22. ^ Turner, Graham. A Comparison of the Limits of Growth with Thirty Years of Reality. CSIRO Working Paper Series, (2010). Available at: "Archived copy" (PDF). Archived from the original (PDF) on 2010-11-28. Retrieved 2010-10-20.CS1 maint: archived copy as identify (link) ^ Hall, C.; Day, J. (2009). "Revisiting the Limits to Growth After Peak Oil". American Scientist. 97 (3): 230–8. doi:10.1511/2009.78.230. ^ Meadows, D H; Randers (2004). Limits to Growth: The 30-Year Update. Chelsea Green Publishing. ISBN 978-1-931498-58-6. ^ "Overshoot" by William Catton, p. 3 [1980] ^ Garrett, T. J. (2014). "Long-run evolution of the global economy: 1. Physical basis". Earth's Future. 2 (3): 127. arXiv:1306.3554. Bibcode:2014EaFut...2..127G. doi:10.1002/2013EF000171. ^ Landes, David. S. (1969). The Unbound Prometheus: Technological Change and Industrial Development in Western Europe from 1750 to the Present. Cambridge, New York: Press Syndicate of the University of Cambridge. pp. 289, 293. ISBN 978-0-521-09418-4. ^ Devine, Jr., Warren D. (1983). "From Shafts to Wires: Historical Perspective on Electrification". Journal of Economic History. 43 (2): 347–372 [p. 355]. doi:10.1017/S0022050700029673. ^ Committee on Electricity in Economic Growth Energy Engineering Board Commission on Engineering and Technical Systems National Research Council (1986). Electricity in Economic Growth. Washington, DC: National Academy Press. pp. 16, 40. ISBN 978-0-309-03677-1. ^ Paepke, C. Owen (1992). The Evolution of Progress: The End of Economic Growth and the Beginning of Human Transformation. New York, Toronto: Random House. p. 109. ISBN 978-0-679-41582-4.Further studying
Acemoglu, Daron; Robinson, James A. (2012). Why Nations Fail: The Origins of Power, Prosperity, and Poverty. Crown Business department of Random House. ISBN 978-0-307-71922-5. Argyrous, G., Forstater, M and Mongiovi, G. (eds.) (2004) Growth, Distribution, And Effective Demand: Essays in Honor of Edward J. Nell. New York: M.E. Sharpe. Barro, Robert J. (1997) Determinants of Economic Growth: A Cross-Country Empirical Study. MIT Press: Cambridge, MA. Galor, O. (2005) From Stagnation to Growth: Unified Growth Theory. Handbook of Economic Growth, Elsevier. Halevi, Joseph; Laibman, David and Nell, Edward J. (eds.) (1992) Beyond the Steady State: Essays within the Revival of Growth Theory, edited with, London, UK: Hickel, Jason (2020). Less is More: How Degrowth Will Save the World. Penguin Random House. ISBN 9781785152498. Jones, Charles I. (2002) Introduction to Economic Growth 2d ed. W. W. Norton & Company: New York, N.Y. Lucas, Robert E., Jr. (2003) The Industrial Revolution: Past and Future, Federal Reserve Bank of Minneapolis, Annual Report online edition Schumpeter, Jospeph A. (1912) The Theory of Economic Development 1982 reprint, Transaction Publishers Weil, David N. (2008) Economic Growth second ed. Addison Wesley.External links
Wikiquote has quotations related to: Economic growthArticles and lectures "Economic growth." Encyclopædia Britannic. 2007. Encyclopædia Britannica Online. 17 November 2007. Beyond Classical and Keynesian Macroeconomic Policy. Paul Romer's plain-English explanation of endogenous growth principle. CEPR Economics Seminar Series Two seminars at the importance of growth with economists Dean Baker and Mark Weisbrot On global economic history by means of Jan Luiten van Zanden. Explores the theory of the inevitability of the Industrial Revolution. The Economist Has No Clothes – essay via Robert Nadeau in Scientific American at the fundamental assumptions in the back of present economic idea World Growth Institute. An group devoted to serving to the creating world realize its full attainable by the use of economic growth. Why Does Growth Keep Slowing Down? St. Louis Federal Reserve BankData Angus Maddison's Historical Dataseries – sequence for the majority nations on GDP, inhabitants and GDP in step with capita from the 12 months Zero up to 2003. OECD economic growth statistics Multinational knowledge sets - simple to use dataset appearing GDP, in keeping with capita and inhabitants, by way of country and region, 1970 to 2008. Updated continuously.vteEconomics Economic principle Political economy Applied economicsMethodology Economic fashion Economic techniques Microfoundations Mathematical economics Econometrics Computational economics Experimental economics PublicationsMicroeconomics Aggregation drawback Budget set Consumer selection Convexity Cost Average Marginal Opportunity Social Sunk Transaction Cost–benefit research Deadweight loss Distribution Economies of scale Economies of scope Elasticity Equilibrium General Externality Firm Goods and services Goods Service Indifference curve Interest Intertemporal choice Market Market failure Market construction Competition Monopolistic Perfect Monopoly Bilateral Monopsony Oligopoly Oligopsony Non-convexity Pareto efficiency Preference Price Production set Profit Public just right Rate of profit Rationing Rent Returns to scale Risk aversion Scarcity Shortage Surplus Social selection Supply and insist Trade Uncertainty Utility Expected Marginal Value Wage PublicationsMacroeconomics Aggregate call for Balance of payments Business cycle Capacity utilization Capital flight Central bank Consumer confidence Currency Deflation Demand surprise Depression Great Disinflation DSGE Effective demand Expectations Adaptive Rational Fiscal policy General Theory of Keynes Growth Indicators Inflation Hyperinflation Interest rate Investment IS–LM model Measures of national revenue and output Models Money Creation Demand Supply Monetary policy NAIRU National accounts Price degree PPP Recession Saving Shrinkflation Stagflation Supply shock Unemployment PublicationsMathematicaleconomics Contract theory Decision concept Econometrics Game idea Input–output fashion Mathematical finance Mechanism design Operations analysisApplied fields Agricultural Business Demographic Development Economic geography Economic history Education Industrial Engineering Civil Engineering Environmental Financial Health Industrial group International Knowledge Labour Law and economics Monetary Natural resource Economic making plans Economic coverage Public economics Public selection Regional Service Socioeconomics Economic sociology Economic statistics Transportation Urban WelfareSchools (historical past)of economic thought American (National) Ancient concept Anarchist Mutualism Austrian Behavioral Buddhist Chartalism Modern Monetary Theory Chicago Classical Disequilibrium Ecological Evolutionary Feminist Georgism Heterodox Historical Institutional Keynesian Neo- (neoclassical–Keynesian synthesis) New Post- Circuitism Mainstream Malthusianism Marginalism Marxian Neo- Mercantilism Neoclassical Lausanne New classical Real business-cycle theory New institutional Physiocracy Socialist Stockholm Supply-side ThermoeconomicsNotready economistsand thinkerswithin economics François Quesnay Adam Smith David Ricardo Thomas Robert Malthus Johann Heinrich von Thünen Friedrich List Hermann Heinrich Gossen Jules Dupuit Antoine Augustin Cournot John Stuart Mill Karl Marx William Stanley Jevons Henry George Léon Walras Alfred Marshall Georg Friedrich Knapp Francis Ysidro Edgeworth Vilfredo Pareto Friedrich von Wieser John Bates Clark Thorstein Veblen John R. Commons Irving Fisher Wesley Clair Mitchell John Maynard Keynes Joseph Schumpeter Arthur Cecil Pigou Frank Knight John von Neumann Alvin Hansen Jacob Viner Edward Chamberlin Ragnar Frisch Harold Hotelling Michał Kalecki Oskar R. Lange Jacob Marschak Gunnar Myrdal Abba P. Lerner Roy Harrod Piero Sraffa Simon Kuznets Joan Robinson E. F. Schumacher Friedrich Hayek John Hicks Tjalling Koopmans Nicholas Georgescu-Roegen Wassily Leontief John Kenneth Galbraith Hyman Minsky Herbert A. Simon Milton Friedman Paul Samuelson Kenneth Arrow William Baumol Gary Becker Elinor Ostrom Robert Solow Amartya Sen Robert Lucas Jr. Joseph Stiglitz Richard Thaler Paul Krugman Thomas Piketty extraInternationalorganizations Asia-Pacific Economic Cooperation Economic Cooperation Organization European Free Trade Association International Monetary Fund Organisation for Economic Co-operation and Development World Bank World Trade Organization Category Index Lists Outline Publications Business portal Authority control GND: 4066527-6 MA: 50522688 NDL: 00565455 NKC: ph114429 Retrieved from "https://en.wikipedia.org/w/index.php?title=Economic_growth&oldid=1009925950"Jackson Graduates from U. of Georgia
United Steelworkers Press Releases Feed
martin o'reilly
United Steelworkers Press Releases Feed
United Steelworkers Press Releases Feed
複線ポイントレール④: SketchUpでプラレール
Housing in Kiev: Why don't we have a place to live ...
john wren
charlotte arnold
複線ポイントレール④: SketchUpでプラレール
United Steelworkers Press Releases Feed
United Steelworkers Press Releases Feed
jeffrey pohlman
rachel whetstone
Audible Audiobooks - HistoricalWords E-books
United Steelworkers Press Releases Feed
robert fronk
http://www.gogofinder.com.tw/books/pida/6/ OPTOLINK 2013 ...
United Steelworkers Press Releases Feed
sydney ember
Русский АвтоМотоКлуб | Экспресс-помощь на дорогах для ...
0 comments:
Post a Comment