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Balancing Economic Growth and Other Goals

Discuss whether or not governments should aim for a high rate of economic growth.

Macroeconomic Factors and Policies

Answer

1. Understand the question: Before starting to write the essay, it is crucial to understand the question and what it is asking for. In this case, the essay prompt is asking whether or not governments should aim for a high rate of economic growth. It is essential to read the prompt carefully and identify the key points that need to be addressed in the essay.

2. Use evidence to support arguments: When discussing whether or not governments should aim for a high rate of economic growth, it is important to use evidence to support arguments. This can include statistics, case studies, and expert opinions. By using evidence, the essay will be more persuasive and convincing.

3. Consider both sides of the argument: When writing the essay, it is important to consider both sides of the argument. While there are benefits to economic growth, there are also potential costs that need to be taken into account. By considering both sides of the argument, the essay will be more balanced and nuanced. It is important to acknowledge potential drawbacks of high economic growth while also recognizing its benefits.

STEPS TO WRITE ESSAY 💡MAIN POINTS💡OVERVIEW

I. Introduction
A. Definition of economic growth
B. Importance of economic growth
C. Thesis statement

II. Why governments should aim for a high rate of economic growth
A. Economic growth can raise incomes
B. Higher incomes can raise living standards
C. Economic growth can reduce unemployment
D. Economic growth can increase tax revenue allowing the government to spend more on education

III. Why governments should not aim for a high rate of economic growth
A. May deplete non-renewable resources which can reduce future growth
B. May result in pollution
C. May put other demands on workers who may have to work long hours
D. May lead to a deficit on current account of the balance of payment
E. May result in greater inequality
F. Risk of inflation

IV. Analysis of the table
A. Comparison of the reasons for and against economic growth
B. Evaluation of the impact of economic growth on the economy and society

V. Conclusion
A. Restate thesis statement
B. Summary of the main points
C. Final thoughts on the topic.

Governments should aim for a high rate of economic growth, but only up to a certain point. Economic growth has several benefits, including raising incomes, improving living standards, reducing unemployment, and increasing tax revenue, which can be used for public services such as education. However, it is essential to balance these benefits against the potential costs of high economic growth.

On the one hand, high economic growth may lead to the depletion of non-renewable resources, pollution, and overwork for employees. It may also result in a deficit on the current account of the balance of payments, greater inequality, and a risk of inflation. Therefore, policymakers must consider these potential costs when deciding on an appropriate growth rate.

On the other hand, it is essential to recognize that economic growth can bring significant benefits, particularly in developing countries where there is a high prevalence of poverty. By creating more jobs and increasing incomes, economic growth can help lift people out of poverty and improve their standard of living. Additionally, economic growth can enable governments to invest more in public services, such as healthcare and education, which can further contribute to the development of a country.

In conclusion, while governments should aim for a high rate of economic growth, they must also be mindful of the potential costs associated with this growth. Policymakers must strike a balance between economic growth and sustainability, recognizing that economic growth can bring significant benefits, but also has potential drawbacks. Ultimately, it is essential to pursue sustainable economic growth that balances the needs of the present with the needs of future generations.