Economic Growth and Sustainable Development

This study explores the relationship between economic growth and sustainable development, focusing on Italy and Tanzania. It examines the application of theories such as the Solow growth model and Malthusian population theory, as well as the impact of government intervention. The study also discusses the importance of technology and capital growth in achieving sustainable development.

Running head: Economic growth and sustainable development
ECONOMIC GROWTH AND SUSTAINABLE DEVELOPMENT
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Economic growth and sustainable development
Table of Contents
Introduction................................................................................................................................3
Theoretical Overview.................................................................................................................4
Application of modern theories..................................................................................................8
Recommendation......................................................................................................................13
Conclusion................................................................................................................................15
Reference list............................................................................................................................17

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Economic growth and sustainable development
Introduction
The term sustainable development is closely related with the economic growth of any
country. The term economic growth considers the growth in the GDP, reduction in the
population, increase in the capital level, and improvement in technologies. Most of developed
nations like Australia, Italy, Austria and other countries are increasing their production rate
so that the sustainable development is possible to bring in. The main aim of this study is to
identify the economic components and has taken Italy as the richest country and Tanzania as
the poorest country. Through the analysis of the economic component the study will identify
the development and application of various economic theories such as Solow growth model,
growth of population taking Malthusian model, the impact of government intervention and
the consequences of upgraded technologies on the production rate. The study will also
identify various social and environmental issues that are closely related with the economic
growth. The identification will help in the development of government policies that will not
only increase the future growth of economy but will also indulge in better sustainability. The
economic growth analysis of the above mentioned countries will help the study in applying
the theories taking realistic examples.
Application of modern theories like Solow growth will determine the pros and cons of
Solow growth model and how the above-mentioned countries are incorporating the growth
rate and the technology rate and the capital growth. Through the incorporation of the capital
and technology growth rate the economy of the above mentioned countries will allow the
improvement in the production rate. The Study will incorporate the Solow model and will try
to identify the fact that are affecting the development of capital and technology at the rate of
n+g. On the other hand, the introduction of Malthusian theory, the study will allow the study
to identify the effects of population growth on the growth of economy. Through the
sustainability of economic growth, the economy of Italy and Tanzania will allow the resource

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Economic growth and sustainable development
development. This will identify the future aspects of the economic growth and economic
sustainability that will not only induce development in the development but also
channelization will increase. Taking the help of various government articles and journals, the
study will analyse the data for last 20 years and will identify the impact of key variables like
GDP per capita and expenditure on health and education by the people living in the above
mentioned countries in order to increase the quality of labour force.
Part A: Theoretical Overview
Taking into consideration the theoretical approaches and theoretical overview it will
be easy for the study to highlight the incorporation of applications. Considering the theories
like Solow growth will allow the study to identify the growth of the economy.
Solow growth model
The Solow growth models shows the relationship among output Y, capital (K) and
technology (A). The mathematical relationship is claiming the relationship as Y=Af (K). Now
this is one of the important aspects in the sense that country Italy and Tanzania will be able to
identify the base of resources.
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Capital formation
Capital formation Italy Capital formation Tanzania

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Economic growth and sustainable development
Figure 1: Gross capital formation of Italy and Tanzania
(Source: Gross capital formation (% of GDP), 2019)
The above diagram is showing the fact that gross capital formation of Tanzania is
more compared to Italy during the period of 1995-2017. The huge growth of capital in the
economy of Tanzania is mainly because of huge rate of growth in the mining industry. The
Diamond is one of the mineral in South Africa that is actually creating demand and supply of
whole economy (Abel, Barakat, Samir & Lutz, 2016). On the other hand, the major concept
of the Solow model is the growth of economy through technology and capital. According to
the report published by the World Bank, the new Tanzanian government is mainly looking to
increase the investment on the infrastructure and curbing corruption. The growth rate of
Tanzania is high and yet it failed to accelerate the job market (Assembly, 2015). Even the
poverty rate is too high in the Tanzania and even about 12 million Tanzanian are living well
below the poverty level and every year 800,000 young graduates are entering the job market
every year. Taking the help of the Solow Growth model, the economy of Tanzania is mainly
looking to increase the capital growth rate that will increase both human and capital
resources.
Malthusian population theory
The theory of population was penned by Malthus in the year back in 1979 and some
of the modifications were made in 1803. The main agenda of this theory is that the food
production grows at the arithmetic progress and the population grows at the rate of GP. This
is one of the important aspect for both rich and poorest country in the sense that population
growth have a significant impact on the capital growth of the economy (Costanza et al.
2016). Moreover, keeping this theory in mind, the both rich and poor country like Italy and
Tanzania will be looking to minimise the population pressure. Both the country will be

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Economic growth and sustainable development
aiming to take government intervention in order to increase the population control measures.
Through the incorporation of better improvement in the growth of the capital, the level of
investment will definitely increase. This increased level of investment is going to increase the
job opportunity that will increase the rate of migration of labourers from rural to urban areas.
Most of the developed nations like Italy will stop the growth rate of the population because of
the fact that the main focus of the economy is to increase per capita income and per capita
level of consumption of the country (Gupta & Vegelin, 2016).
Figure 2: Malthusian model
(Source: Created by Author)
This will increase the development of resources and will increase the internal demand
of the economy. Through the improvement in the government intervention, the poorest
economy will be having better opportunity to grow and develop. On the other hand, it is
important for the economy to indulge in strong rules and regulations that will not only
increase the channelization of resources but will also increase the resource allocation.

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Economic growth and sustainable development
Growth of technology
Technology growth is important in the sense that through the improvement in the
technology, the relationship between level of investment and the employment opportunity.
Both Italy and Tanzania are having their resources plenty and using them in an efficient
manner will automatically increase the level of the investment. Through the increased level of
the investment within the economy of both Italy and Tanzania will both aiming to increase
the rate of investment within them so that economy will be aiming to increase their resources
allocation and it will definitely allow the economy to indulge in better use of technology will
indulge the development of the better learning process for their human resources (Jasovský,
Littmann, Zorzet & Cars, 2016).
Price
Supply curve
P0
P1 Demand curve
0 Q0 Q1 Quantity
Figure 3: Shift of demand curve due to technological upgradtaion
(Source: Created by author)
On the other hand, through the improvement in the technology the poorest country
will be able to reach the required level of GDP. Not only this, the growth of technology will
increase the employment opportunity as firms will be willing to increase the development of

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Economic growth and sustainable development
resources. It is highly important in the sense that through the development of better
employment opportunity that will increase the real wage that will increase the demand of the
customers that will increase the rate of goods and services that are produced within economy.
Moreover, the growth of the economy of Italy and Tanzania will be willing to bring in
foreign direct investment so that the country can increase the investment based on their
comparative advantages. This will increase the involvement of resources that will not only
increase the resources navigation but will also channelize the resources into productive ways.
Government intervention
Public choice theory of government intervention is important in the sense that through
the development of resources, it has been seen that government intervention is important in
order to increase the efficiency rate of the economy. On the other hand, through the improved
level of resources and effective rate of government intervention, the development of the
economy will highlight the importance of government policies. Settlement of both fiscal and
monetary policy will finally induce the economy to increase the flow of investment by
igniting the variables of investment (Le Blanc, 2015). The new government of Tanzania and
Italy will be aiming to increase the effect of the fiscal policy that will not only increase the
growth rate but will also minimise the corruption level. Government intervention in the
economy affects the behaviour of both producers and consumers. For example, tax
implementation is one of the policy that will have an impact on the behaviour of both
producers and consumers. The theory of welfare economics penned by Pareto is one of the
theory that will increase the resource development (Panayotou, 2016). Moreover, the
development of government intervention has seen that in order to increase the welfare of one
country or individual the other country or individual will have to sacrifice. Now in order to
make the sacrifice meaningful the government intervention is required.

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Economic growth and sustainable development
Part B: Application of modern theories
The following theories is showing amount of investment that has been done by both
the government of Italy and Tanzania is investing in the research development. The increase
in the investment in the research & development will automatically increase the technology
that will automatically increase the development of resources. According to Pelinescu (2015)
through the improvement in the research development both the economy will be aiming to
increase the development of resources. On the other hand, Italy is increasing its investment in
the research technologies from the year 1995. As opined by Pradhan, Costa, Rybski, Lucht &
Kropp (2017) the amount of investment is increasing in the economy of Italy regarding the
research and development of new technologies. Moreover, on the other hand, through the
development of better economic research & development, the economy will be moving into a
better position. On the other hand, the economy of Tanzania is having three sets of
investment only in three years namely 2007, 2010 and 2013.
Application of Solow model
Taking the help of Solow model, the growth of the country Italy and Tanzania will be
willing to identify the development of economy. Italy is having huge opportunity of
employment. The growth of Italy is highly significant among all the European Union. Among
the development of the business, the Italy is mainly dealing with hospitality and tourism
industry, mainly fine chocolates and sports cars. Now most of the companies doing business
in Italy is looking to incorporate the technologies that are being imported from abroad
(Stafford-Smith et al. 2017). On the other hand, through the development of technology is
going to bring more amount of foreign direct investments in the economy. This is actually
helping in increasing employment opportunity to the economy. On the other hand, the
economy of Tanzania is having huge potentiality in their growth potentiality but they are
unable to utilise their resources due to lack of government intervention that will not only

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Economic growth and sustainable development
increase the development of technological up gradation but will increase the development of
better economy.
Figure 4: Solow Model
(Source: Created by Author)
From the development of the Solow Model, both the economy like Italy and Tanzania
will include growth factor g in different manner. Italy will mainly focus on improvement in
the technology along with the increase in the investment. On the other hand, the economy of
Tanzania will be aiming to increase the development of resources that will not only increase
the resource development. The Italian economy is going to increase the development of
resources, and it is aiming to indulge the development of better trade and commerce
regulations. On the other hand, through the development of better policy, the Italian economy
will be able to highlight better trade off. On the other hand, the Tanzanian economy will be

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Economic growth and sustainable development
mainly aiming to increase the development of resources and they will be aiming to increase
the GDP growth rate at first.
Application of Malthusian theory
The application of Malthusian economy is going to increase the development of
resources and the impact of population is posing significant threat in the whole economy. On
the other hand, using the resource utilisation, the economy like Italy and Tanzania will be
able to increase their rate of growth.
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Populati on growth
Population growth Italy Population growth Tanzania
Figure 5: Population growth
(Source: Data.worldbank.org, 2019)
The population growth of the Italian economy is growing at a constant rate from the
period of 1995-2017. On the other hand, the population growth of Tanzanian economy is
showing a huge leap in the growth of population. This huge growth in the population is
showing problems for the Tanzanian economy. As the economy is poor and is having lack of
resource distribution techniques, huge level of population will engulf the GDP that will make
the economy much slower. In spite of having huge growth potentiality in the form of

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Economic growth and sustainable development
extensive diamond mines across the states of Africa (Van den Berg, 2016). Not only
diamond, tourism sectors will also be beneficial for the sustainable growth in the economy.
Now according to Malthusian theory, the population grows at AP and food production grows
at GP. The effect of population is having strong impact on the development of policy. For
example country like Japan and many other developed countries have taken the birth control
policy in order to restrict the population growth of the economy. Application of Malthusian
theory can be found in the theory of urbanisation. It has been seen that in the last 10 years the
rate of employee migration has increased by huge margin in most of the countries. It has been
predicted that in order to increase the development of economic ground, most of investment
will happen in rural areas. Now in order to get more jobs in the rural areas, the employees
shifts to urban areas by huge margin. This is having deep impacts in the sense that through
the development of resources it is important for the economy to control the birth. On the
other hand, through the development of birth control policy will bring the sustainability
within the economy as less population pressure will bring better job opportunities for the
population.
Moreover, the increase in the population will help in the increase in the GDP growth
and per capita GDP growth. Another impact of the population growth is the increased level of
growth of malnutrition and poverty. These two factors has been identified as the factors that
are mainly posing threat for the poor countries like most of the African countries. Incidence
of poverty is increasing in these countries that are making the government policy week. On
the other hand, the sustainability is also linked with the minimisation of poverty and
malnutrition. The country of Tanzania and other regions like Kilimanjaro are heavily
surrounded by dense forests and national parks. Presence of wild animals in those areas are
also creating lots of problems. People in these regions mainly depends on the livestock that is
earned from forests are creating problems in the course of development. Moreover, through

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the improvisation of resources will help in solving the problems in a better and effective
ways. In order to increase the development of resources, it is important for the government to
increase the development of economy through the improvement in the trade and commerce.
Government intervention
Government intervention is one of the important aspects that will not only increase
the development of trade and commerce but will also increase the development of resources.
Government intervention is one of the important factor that has played significant role in
improving the economic scenario. The development of the resources and lack of government
support will not be beneficial in the long run. Moreover, the development of the resources
will obviously allow the economy to increase the development of trade and commerce.
Government intervention in the form of building infrastructure and other government aided
project will enhance the development of employment. Government intervention will
automatically increase the development of sustainability so that more amount of foreign
direct investment comes in the economy of Tanzania and Italy. Incorporation of better fiscal
and monetary policy will definitely bring sustainability within the economy. Another
important factors that is being served by the government is that increasing rate of investment
within the economy. Through the incorporation of cost minimisation policy the economy of
Tanzania will be aiming to minimise the inflation rate. Tanzania will be having a mixed
characteristics of both public and private entity and government need to take care of these
characteristics.
Technological up gradation
This is one of the most important aspects in the sense that it will definitely allow the
economy to bring more development in the economy. Technological up gradation will only
allow the economy to increase the development of resources but will also increase the

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Economic growth and sustainable development
participation of the human resources as well as capital resources will be able to perform. This
is important in the sense that technological up gradation will automatically allow the
economies in the form of Italy and Tanzania will be aiming to increase the development of
employment opportunity. Through the implementation of better accessibility of resource, the
poor economy will be able to counter the environmental and sociological impacts that
economy is having mainly incorporating from economy. The sociological factors that are
helping is the welfare of the economy, trade off from the economy and the environmental
factors that are mainly associated with sustainability development is the environmental
damage and environmental degradation.
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Expenditure on Reseach & Development
Expenditure on Reseach & Development Italy (Trillion)
Expenditure on Reseach & Development Tanjania (Trillion)
Figure 6: Expenditure on research & development
(Source: Data.worldbank.org, 2019)
The biggest challenge is that poor countries do not have that much level of access to
install better technology to clean the environment. Through the development of resources, the
economy will be playing crucial role in the sense that it will not only bring the development
but will also include the better accessibility to indulge the development of resources
channelization.

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Part C: Recommendation
Most of the developed and developing nations, the application of Solow model and
Malthusian model becomes tough and challenging due to some of the external factors that are
present within every economy. From the above analysis, some of the recommendations both
for the Italy and Tanzania has popped out. Whereas the Italian economy is having huge
potentiality in their growth. Among the European Unions, Italy is having the potentiality
level of high growth that will automatically increase the growth and development of human
and capital resources. In order to increase the employment opportunity of the economy, the
government need to increase the amount of FDI so that more amount of foreign investors can
invest in the country. Considering the factors of Solow model, the economy of Italy will be
aiming to increase the improvisation of technology so that the economy of Italy can grow at
the rate of n+g. The government of Italy is mainly looking to include the capital intensive
technology that will increase the rate of production to increase the growth rate of economy.
Taking into account the development and incorporation of Malthusian model, Italy is
aiming to increase the development of GDP and per capita consumption of the people living
within the country. Through the incorporation of the better government policies will allow the
economy of Italy to indulge the development of resources mitigation. On the other hand,
through the development of resources Italian economy will be aiming to increase the
development of capital intensive technologies that will definitely increase the economic
sustainability by opening up more employment opportunities.
However, through the development of resources will not only increase the production
rate of the economy but in order to increase the sustainability development, the government
of Italy need to increase the development of industries and services based on the comparative
and absolute advantages. On the other hand, increasing the efficient allocation of resources to
the economy will definitely increase the rate of production. Through the development of

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Economic growth and sustainable development
capital intensive technologies the Italian economy will be aiming to increase the growth of
the economy of Solow Model through the development of better accessibility of resources. In
order to receive gains from trade and bring the sustainability within the business the Italian
government need to manufacture the products and goods based on the terms of trade the
country is having so that it can maximise the long term objectives. This will increase the
development of resources allocation and will increase the development of production rate of
both human and capital resources.
Looking into the economy of Tanzania, the government of Tanzania need to take the
policies that will control the birth of the populations. The Tanzania economy is having high
growth of population and in the long run, the growth of population is having direct impact on
the economic performances. Taking better policy recommendations the government of
Tanzania will allow the economy to perform better by employing effective human resources.
In order to increase the technological knowledge of the human resources, the government will
be able to optimise the rate of education that are provided in high schools and degree level
will help them in increasing the development of growth potentiality. The government of
Tanzania are looking to increase the resource allocation and they are taking the help of
policies that will automatically increase the development of education scenario within the
country. Since it is the poorest country, the government policies that are taken by the
economy will be more focussed on the growth of economy through the growth of GDP and
employment opportunity. Through the increased opportunity of government intervention, the
technological up gradation is going to bring advanced level of industries based on the
comparative and absolute advantage. The government of Tanzania will be looking to increase
the development of better technologies so that the economy will be aiming to increase the
employment opportunity.

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Economic growth and sustainable development
Tanzania economy is mainly aiming to increase the development of GDP and per
capita consumption that will definitely increase the development of resources. This is
because, through the development of better accessibility of resource economy will
automatically allow the sustainable development in both poor and rich country. Though the
development of better policy framing, the economy will be aiming to increase the
development of resources but will also indulge the improvement in the economic syndrome.
Through the development of better accessibility towards the resources, the economy will be
mainly helping to indulge in smoothing of trade and commerce that will increase the
opportunity for the country to use better and advanced level of technologies.
Conclusion
The whole study has successfully concluded the fact that in order to increase the
development of resources, the government of both poor and rich country will automatically
try to increase the resources development. Moreover, increasing the sustainable development
of any economy is directly linked up with the smooth trade and commerce. Through the
study, it has been seen that how the poor and rich countries are indulging government rules
and regulations that will automatically increase the development of better human
accessibility. Through the improvement in the policies that has been taken by the government
in order to increase the GDP growth rate will increase the per capita consumption level of the
economy. Both the economy of Tanzania and Italy are having their set of policies that will
automatically increase the improvement in the economic activities. Identifying the economic
variables that will increase the sustainability within the economy will improve the long run
growth of economy. Through the incorporation of better accessibility of the resources, both
the government will definitely looking to increase the development of trade and commerce.
Moreover, the economy will be aiming to increase resources distribution so that better
accessibility of trade models can be established.

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