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  • Anforme Is economic growth always beneficial?

Anforme Is economic growth always beneficial?

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Simon Harrison, D’Overbroeck’s College, Oxford, examines the desirability of a continual rise in the level of national income.

Summary of Key Points:

  • Economic growth is measured by the change in national output each year and the main benefits are likely to be: higher living standards as consumption possibilities expand, greater tax revenue for the govern- ment and possibly an increase in income equality as society can afford a welfare state.
  • In the short-run, however, divergences between actual and potential growth may create issues. Excessively rapid actual growth may be infla- tionary and rapid productivity gains may create short term job losses.
  • In the longer run growth may not be wholly beneficial because of the opportunity cost of the investment in terms of current consumption, the depletion of non-renewable natural resources and the creation of negative externalities in the form of pollution and emissions.

This article is from ET Volume 15 Issue 4.

Simon Harrison, D’Overbroeck’s College, Oxford, examines the desirability of a continual rise in the level of national income.

Summary of Key Points:

  • Economic growth is measured by the change in national output each year and the main benefits are likely to be: higher living standards as consumption possibilities expand, greater tax revenue for the govern- ment and possibly an increase in income equality as society can afford a welfare state.
  • In the short-run, however, divergences between actual and potential growth may create issues. Excessively rapid actual growth may be infla- tionary and rapid productivity gains may create short term job losses.
  • In the longer run growth may not be wholly beneficial because of the opportunity cost of the investment in terms of current consumption, the depletion of non-renewable natural resources and the creation of negative externalities in the form of pollution and emissions.

This article is from ET Volume 15 Issue 4.

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