The real GDP per capita of an economy is often used as an indicator of the average standard of living of individuals in that country, and economic growth is therefore often seen as indicating an increase in the average standard of living. However, there are some problems in using growth in GDP per capita to measure increasing well-being. These include: expenditure to offset the adverse environmental effects of economic growth such as pollution. (These are called defensive expenditure.) economic 'bad ...

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Economic growth, Economic growth - Origins of the concept of Economic Growth, Economic growth - The Question of Growth, Economic growth - The limits to growth

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Economic growth, Economic growth - Origins of the concept of Economic Growth, Economic growth - The Question of Growth, Economic growth - The limits to growth

Read more here: » Economic growth: Encyclopedia II - Economic growth - The limits to growth

In the early modern period, some people in Western European nations began conceiving of the idea that economies could "grow", that is, produce a greater economic surplus which could be expended on something other than religious or governmental projects (such as war). The previous view was that only increasing either population or tax rates could generate more surplus money for the Crown or country. During much of the "Mercantilist" period, growth was seen as involving an increase in the total amount of specie, that is circulating medi ...

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Economic growth, Economic growth - Origins of the concept of Economic Growth, Economic growth - The Question of Growth, Economic growth - The limits to growth

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In the early modern period, European nations began conceiving of the idea that economies could "grow", that is produce a greater surplus of value which could be expended on something other than mere subsistence. This surplus could then be used for consumption, warfare, or civic and religious projects. The previous view was that only increasing either population or tax rates could generate more surplus money. In the mercantile period, growth was seen as an increase in the total amount of specie, that is circulating medium such as silve ...

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Growth theory, Growth theory - Origins of the concept of Economic Growth, Growth theory - The Question of Growth, Growth theory - The limits to growth, Growth theory - External link

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Smart growth tries to take into consideration the total long-term economic costs of development decisions, rather than merely an aggregation of the short term profits that can be made by improving each individual parcel of land. For example, a person wishing to convert a farm 20 kilometers outside a city center to an office building may profit from the increased rents, but the community may pay more in the long run if more roads, commuting time and pollution is generated by the distance the office building at ...

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Smart growth, Smart growth - Elements of Smart Growth, Smart growth - Rationale for Smart Growth, Smart growth - Economic Analysis of Development, Smart growth - Policy Tools Used to Achieve Smart Growth, Smart growth - Zoning Ordinances, Smart growth - Environmental Impact Assessments, Smart growth - Examples of Communities Implementing Smart Growth Principles, Smart growth - Timeline, Smart growth - Criticisms of smart growth, Smart growth - External links

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Uneconomic growth, in welfare economics, human development theory and some forms of ecological economics, is economic growth which reflects or creates a decline in human well-being. The concept is variously attributed to Herman Daly and Marilyn Waring, though other theorists are also often credited: For instance, in Daly's 1999 Feasta Lecture, "uneconomic growth in theory and in fact", he cites John Ruskin, then William Nordhaus and James Tobin as having identified the issue. His own colleagues John Cobb and Clifford Cobb devel ...

Including:

Uneconomic growth - Good vs. bad growth Uneconomic growth - Difficult to detect Uneconomic growth - Underlying theories of value Uneconomic growth - Hopelessly political?

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Smart growth tries to take into consideration the total long-term economic costs of development decisions, rather than merely an aggregation of the short term profits that can be made by improving each individual parcel of land. For example, a person wishing to convert a farm 20 kilometers outside a city center to an office building may profit from the increased rents, but the community may pay more in the long run if more roads, commuting time and pollution is generated by the distance the office building at ...

See also:

Smart growth, Smart growth - Rationale for Smart Growth, Smart growth - Economic Analysis of Development, Smart growth - Policy Tools Used to Achieve Smart Growth, Smart growth - Zoning Ordinances, Smart growth - Environmental Impact Assessments, Smart growth - Examples of Communities Implementing Smart Growth Principles, Smart growth - Timeline, Smart growth - Criticisms of smart growth, Smart growth - External Links

Read more here: » Smart growth: Encyclopedia II - Smart growth - Economic Analysis of Development

Complex economic and institutional factors affected Japan's postwar growth. First, the nation's prewar experience provided several important legacies. The Tokugawa period (1600-1867) bequeathed a vital commercial sector in burgeoning urban centers, a relatively well-educated elite (although one with limited knowledge of European science), a sophisticated government bureaucracy, productive agriculture, a closely unified nation with highly developed financial and marketing systems, and a national infrastructure of roads. The buildup of ...

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Economic history of Japan, Economic history of Japan - First contacts with Europe 16th century, Economic history of Japan - Trade with Europe, Economic history of Japan - Edo period, Economic history of Japan - Meiji period, Economic history of Japan - Militarism, Economic history of Japan - Postwar period, Economic history of Japan - Occupation, Economic history of Japan - Rebuilding, Economic history of Japan - Oil crisis, Economic history of Japan - Factors of growth, Economic history of Japan - 1980s, Economic history of Japan - The Evolving Occupational Structure, Economic history of Japan - Timeline, Economic history of Japan - Reference

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In economics and sociology, the cycle of poverty, or poverty cycle is a social phenomena whereby poverty-stricken individuals exhibit a tendency to remain poor throughout their lifespan and in many cases across generations. The cycle of poverty has been described as a catch-22 and a feedback loop, as it occurs because the financial resources necessary to get out of poverty, namely productive capital, can only be obtained if the individual has financial resources in the first place. This often means the poverty-stricken find it ...

Including:

Cycle of poverty - Effect on Economic Growth Cycle of poverty - Causes Cycle of poverty - Solutions Cycle of poverty - The Vicious Cycle of Poverty
Cycle of poverty - Implication and criticism

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The emergence of Norway as an oil-exporting country has raised a number of issues for Norwegian economic policy. There has been concern that much of Norway's human capital investment has been concentrated in petroleum-related industries. Critics have pointed out that Norway's economic structure is highly dependent on natural resources that do not require skilled labor, making economic growth highly vulnerable to fluctuations in the demand and pricing for these natural resources. The Petroleum Fund of Norway ...

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Economy of Norway, Economy of Norway - History, Economy of Norway - Pre-industrial revolution, Economy of Norway - Industrial revolution, Economy of Norway - Social democratic reforms and the welfare state, Economy of Norway - Petroleum and post-industrialism, Economy of Norway - Economic structure and sustained growth, Economy of Norway - Statistics

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[3] [4] The EU's share of Gross world product (GWP) is falling. GDP growth, though strong in the new member states, is being affected by sluggish growth in France and especially Germany and Italy. The Benelux countries also have low growth. Table to show IMF EU15 GDP Growth Rates, 2004 & 2005 (est.) The EU15 is characterised by low growth comparative to other industrialised nations such as the US (Growth at 4.2% 2004). However it is in line with other G7 nations, with Canada (2.9% 2004) and Japan (2.7% 2004). Table to show IMF GDP Grow ...

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Economy of the European Union, Economy of the European Union - Economic Growth, Economy of the European Union - Currency, Economy of the European Union - Energy resources, Economy of the European Union - Trade, Economy of the European Union - Unemployment, Economy of the European Union - Industries, Economy of the European Union - Agriculture, Economy of the European Union - Tourism, Economy of the European Union - Economies of member states, Economy of the European Union - Regional variation, Economy of the European Union - Top 10: economically strongest NUTS-1 and NUTS-2 regions, Economy of the European Union - Bottom ten: economically weakest NUTS-2 regions, Economy of the European Union - Richest & Poorest NUTS-2 Regions GDP 2002 PPP, Economy of the European Union - Footnotes

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The term itself is controversial as present techniques of managing money supply and setting reserve policy at most central banks assumes that "all growth is good" and "all inflation is bad". Under these assumptions, policies that many consider ecologically or socially nonsensical can be defended politically as making "economic sense" - a term that can be considered just as nonsensical, since an economy cannot exist with ...

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Uneconomic growth, Uneconomic growth - Good vs. bad growth, Uneconomic growth - Difficult to detect, Uneconomic growth - Underlying theories of value, Uneconomic growth - Hopelessly political?

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The question of economic versus uneconomic growth is, as this example shows, hopelessly 'political' in that it cannot be separated from the basic beliefs about market systems that different factions have. A larger discussion of these definitions and decisions is in the article political economy, which focuses on challenges to the assumptions of dominant technical paradigms in economics, including that of 'growth'. A closely related question is whether there can be such a thing as full cost accounting - since people vary ...

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Uneconomic growth, Uneconomic growth - Good vs. bad growth, Uneconomic growth - Difficult to detect, Uneconomic growth - Underlying theories of value, Uneconomic growth - Hopelessly political?

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Critics of the idea of uneconomic growth argue that, whether well-being is increasing or decreasing, people must take deliberate steps to accelerate its increase or limit its decline (in the long run, everyone's quality of life must decline to zero - death). These steps lead to remediation, medical, or other expenditure that shows up as economic growth legitimately. Life causes harm and economies can mediate that if individuals have freedom to choose their own remedies. Whether growth has caused harms of its own, they say, is not the same qu ...

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Uneconomic growth, Uneconomic growth - Good vs. bad growth, Uneconomic growth - Difficult to detect, Uneconomic growth - Underlying theories of value, Uneconomic growth - Hopelessly political?

Read more here: » Uneconomic growth: Encyclopedia II - Uneconomic growth - Underlying theories of value

The three building blocks of most growth models are: (1) the production function, (2) the saving function, and (3) the labor supply function (related to population growth). Together with a saving function, growth rate equals s/ß (s is the saving rate, and β is the capital-output ratio). Assuming that the capital-output ratio is fixed by technology and does not change in the short run, growth rate is solely determined by the saving rate on the basis of whatever is saved will be invested.< ...

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Economic development, Economic development - Overview, Economic development - Models of economic development, Economic development - Harrod-Domar Model, Economic development - Exogenous growth model, Economic development - Surplus labor, Economic development - Harris-Todaro Model, Economic development - Institutions

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Rennaissance Europeans were quite admirative of Japan when they reached the country in the 16th century. Japan was considered as a country immensely rich in precious metals, mainly owing to Marco Polo's accounts of gilded temples and palaces, but also due to the relative abundance of surface ores characteristic of a volcanic country, before large-scale deep-mining became possible in Industrial times. Japan was to become a major exporter of copper and silver during the period. Japan was also perceived as a sophisticated feudal society ...

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Economic history of Japan, Economic history of Japan - First contacts with Europe 16th century, Economic history of Japan - Trade with Europe, Economic history of Japan - Edo period, Economic history of Japan - Meiji period, Economic history of Japan - Militarism, Economic history of Japan - Postwar period, Economic history of Japan - Occupation, Economic history of Japan - Rebuilding, Economic history of Japan - Oil crisis, Economic history of Japan - Factors of growth, Economic history of Japan - 1980s, Economic history of Japan - The Evolving Occupational Structure, Economic history of Japan - Timeline, Economic history of Japan - Reference

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In this view, it is a central tenet that government policies which benefit upper-income taxpayers and corporations (through tax cuts, subsidies, deregulation, etc.), will indirectly benefit the middle classes and even the poor. These benefits will trickle down. This tenet is central to Supply-Side economics, a version of laissez-faire economics, and it was a highly charged issue during the Reagan Administration. In fact, at some times, pro-Reagan economists, such as Arthur Laffer, were arguing that the benefits of supply-side rate reductions ...

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Trickle down effect, Trickle down effect - Upper income and corporate tax rate reductions, Trickle down effect - Laissez-faire, Trickle down effect - The Growth of the GDP Benefits All

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The vicious cycle of poverty is an argument about the causes of poverty offered by liberal reformists. The basic argument is that the poverty of each generation creates the poverty of succeeding generations. When it is objected that this is an uninformative tautology, the reply is that poverty is a total condition in which all sorts of factors are linked, creating a "chain" which is difficult to break; or else that the poor have themselves to blame for their predicament. The vicious cycle of poverty occurs mostly in developing countri ...

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Cycle of poverty, Cycle of poverty - Effect on Economic Growth, Cycle of poverty - Causes, Cycle of poverty - Solutions, Cycle of poverty - The Vicious Cycle of Poverty, Cycle of poverty - Implication and criticism

Read more here: » Cycle of poverty: Encyclopedia II - Cycle of poverty - The Vicious Cycle of Poverty

The Chiluba government (1991-2001), which came to power after democratic multi-party elections in November 1991, was committed to extensive economic reform. The government privatised many state industries, and maintained positive real interest rates. Exchange controls were eliminated and free market principles endorsed. It remains to be seen whether the Mwanawasa government will follow a similar path of implementing economic reform and undertaking further privatization. Zambia has yet to address issues such as reducing the size of the public sector, which still represents 44% of total formal employment, a ...

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Economy of Zambia, Economy of Zambia - Economic reform, Economy of Zambia - Copper, Economy of Zambia - Inflation, Economy of Zambia - Agriculture, Economy of Zambia - Growth, Economy of Zambia - Economy - overview

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Development economics emerged as a branch of economics because economists - after World War Two - become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. The first approaches to development economics assumed that the economies of the less developed countries (LDCs), were so different from the developed countries that basic economics could not explain the behavior of LDC economies. Such approaches produced some interesting and even elegant economic models, but these models failed to explain the patterns of no growth, slow growt ...

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Economic development, Economic development - Overview, Economic development - Models of economic development, Economic development - Harrod-Domar Model, Economic development - Exogenous growth model, Economic development - Surplus labor, Economic development - Harris-Todaro Model, Economic development - Institutions

Read more here: » Economic development: Encyclopedia II - Economic development - Overview