Economic Growth And Its Effect On Society - 1737 Words

For most of human history, life remained pretty much the same. The conditions of living were almost completely stagnant, and there was no such thing as economic growth to the general public. This all changed when two different events occurred that greatly impacted the course of history. The first of these being the British industrial revolution in 1750, and then the more prominent American industrial revolution in 1870. Acting like a catalyst, these two events created a boom of economic growth unlike anything the world had ever seen. As certain nations have continued to expand, an important question that arises is, is economic growth beneficial or harmful to society? Economic growth as defined as: â€Å"An increase in the amount of goods and services produced per head of the population over a period of time (The Oxford American College Dictionary)† is in no way a bad thing for society. The issue with this comes from the way we as humans use such this broad definition of econom ic growth as an indicator of wellbeing and happiness within a country, leading to misuse of wealth, as well as misplaced focus on important areas of life. Whereas previously it took almost 350 years for a family to double its standard of living, over the course of a few years, unemployment dropped drastically as well as the standard of living increased tremendously (Wallace-Wells). In order to measure just how much growth was accumulating, a numerical value called the Gross Domestic Product (GDP) wasShow MoreRelatedEffects Of Economic Growth On Society1498 Words   |  6 Pages1. INTRODUCTION 1.1 BACKGROUND The harmful effects and environmental problems resulting from impact of economic growth have increased concerns of environmentalists, shareholders, governmental bodies and society about environmental issues. Pressures from a variety of sources have come to bear on the companies to accept responsibility for impacts on society from business activities (Hackston and Milne, 1996). Companies are being urged to become accountable to a wider audience than shareholder and creditorRead MoreThe Social Benefits Of Economic Growth And Development1342 Words   |  6 PagesSocial Benefits of Economic Growth and Development In general, individuals in developed countries strive to improve their quality of life. All developed nations, as well as developing countries, are currently experiencing the negative impact of the global economic downturn. This has prompted all nations to make economic development a top priority (Bruyn 14). Economic development is defined as a state in which a society enjoys sustained economic growth. One effect of economic growth is an increase inRead MoreEconomics and the Effects on Our Society Essay962 Words   |  4 PagesEconomics and the Effects on Our Society Post University Maria Krug BUS501 January 13, 2013 Economics and the Effects on Our Society A crucial topic of discussion that we hear among our fellow co-workers, family, friends, or colleagues is how the economy is affecting our daily activities of living. 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Growth has brought us many great technologies that have helped form the global culture that we now live in. However, there is a misapprehension among society that economic growth is limitless. In fact, it is impossible to have unlimited growth in a finite world. This has lead society to expect more from the economyRead MoreThe Context Of Growing Economic Interdependence1672 Words   |  7 Pageswill endeavour to explore the context of growing economic interdependence (globalisation); inequality is both growing within and between nations. In turn, analysing the following the following statement that â€Å"Inequality can undermine economic, s ocial and perhaps even political stability. It can tear the very fabric that holds society together. We now have firm evidence that a severely skewed income distribution harms the pace and sustainability of growth over the longer term. The growing gap betweenRead MoreEconomics : An Integral Part Of Civilization Of The World1246 Words   |  5 PagesEconomics is an integral part of civilization of the world. In any case, economics issues that emerged in the community is practically quite difficult to resolve. Henry Hazlitt in his book Economic in one lesson revealed that economics is overshadowed by fallacies because of two main factors which intensify the problem’s complexity. The first factor is the tendency of people to defend their respective interests. Although some of groups have similar interests with all other groups, yet in fact,Read More Income Distribution and Economic Growth in LDCs Essay1673 Words   |  7 PagesIncome Distribution and Economic Growth in LDCs INTRODUCTION In recent years, one of the major concerns of economic development is the study of poverty, the income distribution and growth in the less developed countries (LDC’s) or Third World countries. Economists from all over the world have been doing researches and studies on how to induce a growth in those underdeveloped countries. However, countries differentiate in historical backgrounds, cultural believes and natural resources.