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Economic growth and development Advantages and disadvantages
Economic development can be describe as the development of economic wealth of countries or regions for the well-being of their inhabitants such as the improvement and innovation on the political, economic, and social of its people. Economic development and growth are totally different in terms which are used in economics. Economic development refers to economic growth which accompanied by changes in economic structure and output distribution. So, economic growth may be necessary but not sufficient to attain economic development. Thus, peoples always said that economic development is the problems of underdeveloped countries and economic growth to those of developed countries. Underdeveloped countries always face some problems such as low income, weakness of human resource and also the economic vulnerability. These problems also made the countries hard to attain the development of economic. However, for those developed countries, they do not face the same problems as what underdeveloped countries do, therefore, they are more easily to attain the economic development and treat it as an economic growth.
In addition, in the term of economic development is much more comprehensive because it implies progressive changes in the socio-economic structure of a country. Nowadays, the evolution of new technology is directly related to economic development. Without high technology in a country, it is hard to bring an economic development toward its people. Viewed in this way economic development involves a steady decline in agricultural shares in GNP and continuous increase in shares of industries, trade banking construction and services. However, economic growth just only refers to the rise in total output in a country; development implies change in technological and institutional organization of production as well as in distributive pattern of income.
Hence, if compared to the goal of development, economic growth is much easy to realize. Between, we just need a larger mobilization of resources and raising their productivity by enhance it to be more efficiency and effective, then the output level can be raised and economic growth will occur. However, the development process is far more extensive than the economic growth. Not only a rise in output, it also involved changes in composition of output, and shift in the allocation of productive resources, and reduction or elimination of poverty, inequalities and unemployment.
Nutshell, economic development is impossible without having an economic growth but economic growth is possible without an economic development. Growth is just increase in GNP but it does not have any other parameters to it; unlike development which can be conceived as Multi-Dimensional process.
Are economic growth and development worthwhile?
Economic growth and development have their advantages and also disadvantages. Although economic growth widens the range of human choices, but this may not necessarily bring happiness toward people. Happiness is dependent on the relationship between wants and resources. People may become more satisfied, not only by having more wants met, but perhaps also by renouncing certain material goods. Wealth may make people less happy if it increases wants more than resources. Furthermore, acquisitive and achievement-oriented societies may be more likely to give rise to individual frustration.
Economic growth will decreases famine, starvation, infant mortality, and death; gives us greater leisure; can enhance art, music, and philosophy; and gives us the resources to be humanitarian. Economic growth will especially benefit to societies in which political desire exceed the resources, because it may prevent what might otherwise prove to be social tension that people can’t take it. However, without economic growth, the desires of one group can be met when others expense on it. Lastly, economic growth can help newly independent countries in mobilizing resources to increase the power of a nation.
Growth has its value. First, the disadvantage might be the acquisitiveness, materialism, and dissatisfaction with one’s present state associated with a society’s economic struggles. Second, liquidity, objective, and self-associated with economic growth may undermine the reliance on extended family system, in fact, the focus of the prevailing social structure. Third, economic growth, which depends on the rational and technological innovation and changes in scientific methods, often is the threat in religious and social authority. Fourth, economic growth often require more specialized work, which may be caused by more objective, accompanied more drab and monotonous tasks, more discipline, and a pair of process loss.
In addition, economic growth which follow by large organizational units are more likely to lead to bureaucratization, objective, communication problems, and the use of force were consistent. Economic growth and development of large enterprises with a manufacturer's products and services while demand increased, and urban growth, this may be is accompanied byrootlessness, environmental blight disease, and unhealthy living conditions, even in the narrow social values change and may ultimately lead to a new dynamic equilibrium that is better than the old static equilibrium, the transition could have some very painful issues. In addition, the political transformation, as rapid economic growth, may lead to greater concentration, stress, social disruption, even authoritarian.
Therefore, even if the population seriously committed to economic growth, its implementation is not likely at all costs pursued. All societies must take into account that the conflicts with the maximization of economic growth and other objectives. Because it was want sits in high level positions, a developing country own citizens can promote the local production control to reduce the growth in the short term. The question now is what will be weighed to achieve an orderly, stable society, and maintain traditional values and culture, and promoting political autonomy?
Economic growth is the increase a country's per capita output. Economic development, economic growth has resulted in the poorest strata of the population or level of education, changes to improve the output distribution of economic welfare and economic changes in different structures.
Economic growth and development of Asia
Nowadays, economic development in Asia shows high impact of economic development of this respective continent. Economy of Asia has taken an important part in the view of the world's economy. These continents have adopted one of the following economic systems such as capitalism, socialism, communism, and fascism. As we know, Asia is the largest continent in terms of area surface and also the population. Beside it, it is also the region with the highest growth rate. Below are Asian countries that contribute their economic development to our society.
Of all the Asian Countries, the only Asian country included among the industrialized countries is Japan. According to the International Monetary Fund, the country per capita was GDP 32,608 U.S. dollars or in 2009, the 23rd highest on record. Moreover, according to certain criteria, the term means that developed countries is the countries that having a high level of development. What standards and which countries are classified as being developed, is a controversial issue which surrounded by a fierce debate. Thus, economic criteria tend to dominate discussions. Countries which having per capita income and high per capita gross domestic product (GDP) will be described as developed countries. Another criterion is the industrialization; countries in the tertiary and quaternary sector-of industry leading will be described as development. Another recent measure, the human development index, which combines economic measures, and other measures of national income, life expectancy and education indicators, have become prominent. This criterion will define the development country as those very high (HDI) rating. However, many exceptions exist when the decision to "developed country" status is used to measure the subject. Countries do not fit this definition are classified as developing countries.
However, Taiwan, Hong Kong and Singapore are regarded as newly industrialized countries. The category of newly industrialized country (NIC) is a socioeconomic classification which applied to various countries in the world by political scientists and economists. NIC is the nation's economy has not yet reached first world status, but in the macro sense, the development of the countries is normally faster than counterpart. Another feature of newly industrialized countries is that undergoing in rapid economic growth (usually export-oriented). However, the starting or ongoing industrialization is an important indicator of NIC. In many newly industrialized countries, may also be experiencing social unrest by major primary rural, or agricultural, populations migrate to the cities, where the thousand of laborers can be draw by growth of manufacturing concerns and factories.
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