Economic Growth vs. Living Standards Debate
Question
Discuss whether or not economic growth always increases living standards.
Category:
Economic Growth & Development
Frequently asked question
Preview Answer
I. 🍃Introduction
- Definition of economic growth
- Importance of economic growth
II. Reasons why economic growth might lead to higher output
- Enables people to enjoy more goods and services
- Increases employment and raises incomes
- Increases tax revenue
- Provides more and higher quality resources
- Improves healthcare and education
- Enables more resources to be devoted to improving environmental conditions
III. Reasons why economic growth might not lead to higher output
- Benefits may not be evenly spread
- Working conditions may decline and stress may increase
- Quality of output may be lower
- Expansion of heavy industries may create pollution
- Non-renewable resources may be depleted
- Economic growth may not be sustainable
- Increase in supply may not match increase in demand
IV. 👉Conclusion
- Summary of reasons for and against economic growth leading to higher output
- Importance of balancing economic growth with sustainability and equitable distribution of benefits.
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