Briefly mention the main benefits that economic growth confers upon society.
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Improvements in living standards: Growth is an important avenue through which per capita incomes can rise and absolute poverty can be reduced in developing nations. Professor Paul Collier has argued that “growth is not a cure-all; but the absence of growth is a kill-all.”
More jobs: Growth creates new jobs – although the pattern of employment will also change
The accelerator effect of growth on capital investment: Rising demand and output encourages investment in capital – this helps to sustain GDP growth by increasing LRAS
Greater business confidence: Growth has a positive impact on profits & business confidence
Improvements in living standards: Growth is an important avenue through which per capita incomes can rise and absolute poverty can be reduced in developing nations. Professor Paul Collier has argued that “growth is not a cure-all; but the absence of growth is a kill-all.”
More jobs: Growth creates new jobs – although the pattern of employment will also change
The accelerator effect of growth on capital investment: Rising demand and output encourages investment in capital – this helps to sustain GDP growth by increasing LRAS
Greater business confidence: Growth has a positive impact on profits & business confidence
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