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  • Anforme To what extent does economic growth guarantee economic development?

Anforme To what extent does economic growth guarantee economic development?

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Marwan Mikdadi, Head of Economics & Politics, St Paul’s School and a Principal Examiner, considers how increased output does not guarantee an improvement in living standards in poor countries.

 

Summary of Key Points:

  • An improvement in living standards for the majority of the population in developing countries cannot simply rely on economic growth to bring about this objective.
  • An improvement in human welfare requires not only more material goods but greater self-esteem and greater human choice.
  • There are several indices which aim to measure the wider concept of economic development than the narrow concept of the rate of increase in the production of goods and services.

This article is from ET Volume 15 Issue 3.

Marwan Mikdadi, Head of Economics & Politics, St Paul’s School and a Principal Examiner, considers how increased output does not guarantee an improvement in living standards in poor countries.

 

Summary of Key Points:

  • An improvement in living standards for the majority of the population in developing countries cannot simply rely on economic growth to bring about this objective.
  • An improvement in human welfare requires not only more material goods but greater self-esteem and greater human choice.
  • There are several indices which aim to measure the wider concept of economic development than the narrow concept of the rate of increase in the production of goods and services.

This article is from ET Volume 15 Issue 3.

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