Economic Growth and Development: Importance, Measurement, Advantages and Disadvantages

This essay explains the meaning of economic growth, its importance as an objective for government, and evaluates why relying on economic growth alone is not a useful way of measuring real progress in advancing the well-being of society. It also covers the advantages and disadvantages of economic growth and provides solutions to maintain well-being and economic growth in the country.

Economic Growth and
Development
Table of Contents
INTRODUCTION.....................................................................................................................................2

TASK Explain both the meaning of economic growth and why it s considered to be important
objective for government. Apply relevant economic analysis to evaluate why it is argued that
relying on economic growth itself is not a useful way of measuring real progress in advancing the
well being of society...................................................................................................................................3
CONCLUSION..........................................................................................................................................5
REFRENCES.............................................................................................................................................5
INTRODUCTION
Economic growth refers to the increase in the range of the goods and the services that is
produced by the economy of the particular company. The development and the growth in the
economy defined as the minimization and the elimination of certain aspects that stopping
economic growth such as poverty, unemployment, in equality and many more. Economic growth
also terms as a increment in the national income and the output that is generate by the particular
nation. This report is being made in the context of highlighting the importance of the economic
growth with the importance in he government(Acheampong, 2018). The main aim of the report
is to understand the value of economic growth in the nation and how it make influences on the
people of the particular nation.
TASK
Explain both the meaning of economic growth and why it s considered to be important
objective for government. Apply relevant economic analysis to evaluate why it is argued
that relying on economic growth itself is not a useful way of measuring real progress in
advancing the well being of society.
Economic growth is very much important for the growth of the particular nation. Having
access to the good health, equal rights to the human, a healthy living environment, happiness
among people and generation of effective regular income in a particular country is considered as
the good economic growth. With the economic growth there are many ways through which a
nation can make measurement of the economic growth. There are multiple measures that can be
measure the economic growth of the particular nation such as knowledge, it is the base of any
measurement(Liang and Yang, 2019). The data allows to understand how a particular country is

making their people aware about the rights and the laws in the country. Having effective
knowledge is necessary. The second tool of measurement is a well developed infrastructure of
the country which includes public transportation, subways and trains roads and other financial
services. Having good infrastructure indicates that country is managing its resources well and
providing employment to each and everyone within the foundries. The third tool of
measurement is tools and technology that country is using in production and providing services
to the people of the country. Making country capable to use different tool and technology that
make the work of the people easy and make them stand in the competitive market among the
other countries. The forth tools of measurement is poverty in the country and the social services.
The ratio of poverty analyses the how people is living I the particular country and how much
facilities they are getting in order to enhance the living standard of them. Social services also
comprises the protection from the crime and help by non profit organization. The fifth element is
health and the living standard of the people, it consists how much healthy are the country people
are country people are how much services they are getting from the government for making their
lives healthy and upgrading their standard of living.
The mainly focused economic concept that is followed by the most countries to maintain
and enhance the economic growth is enhancement on the increment in the production of the
goods and services in an economy(Rao. and Yan, 2020). The whole increment in the capital
goods of the country, labor workforce, technology mad the human capital develops the economic
growth of the nation. There are 4 factors that need to be considered for economic growth that are
land, labor, capital and the entrepreneurship. These factors needs to fulfill well by the
government of the country to maintain healthy economic growth. A well being of the economy
recognizes as the people of the country living their life happily and for that government and other
institutions around the world need to welcome the new ways of thinking and constantly engaging
into the widespread innovation system in order to make progress towards healthier and more
prosperous country. Government need to address all the issues relating to the environment and
social to make sure that people of the country will lead a life that comprises nation as well as
individual growth.
Economic growth refers to the increment in the gross domestic product and increment in the
value of the national output. There are several benefits of the economic growth that are higher

incomes of the people of the country, reduction in the poverty, better allotment in terms of
education and rights, increment in the life-expectancy , improved government finances to lead
country, higher average income, reduction in the unemployment and lower government
borrowing(Zheng. and Walsh, 2019). But with the benefits there are certain disadvantages that
country pay in order to maintain the growth that are increment in the pollution, inequality in
terms of allocation of the funds, increment in the use of non-renewable resources, inflation,
deficit in the current accounts, increment in diseases and the most important is to rely on the
technology heavily. This disadvantage can occur as order to make country capable to stand
among the competitors there are certain costs that a nation needs to pay for it.
These advantages and disadvantages is based on certain aspects that are increased in the
consumption results a higher income , as when a nation generates more goods and services in the
country its consumption automatically increases and by that income is generated which helps in
the higher income of the people and make reduction in the poverty. However evaluation of the
costs that nation needs to pay for economic growth states that country needs to take the
temporary boom and many unlikely situations for the long term growth. It can be very damaging
sometime and sometimes its for the short span of time. For better implementation of the
economic growth strategy and for setting goals for the future success there is a need to focus on
the current routine that a company is following. There are certain aspects that country should
maintain for economic growth that are following strategy of stable pricing, generating full
employment in the nation and many more. For the generating of the full employment , there is a
need to work on the reason that make people not to work and provide solutions to that problems.
Stable prices can be attain through reduction in the value of the money and make the balance
between inflation and recession.
CONCLUSION
From the above report it is concluded that economic growth is very important for the
development of the particular country and that development can be attain by the various methods
and technology that country needs to evaluates and implement them in effective ways. This
report is being made in the form of essay which states deep analysis of the term economic
growth with many alternatives methods that is being used for the measurement of the well being

of the country, After that it includes the economic concept that brings growth and well being in
the country. It also covers the advantages and the disadvantages of the economic growth with
the evaluation of it . At last there are some solutions of how to maintain well being and economic
growth in the country.
REFRENCES
Acheampong, A.O., 2018. Economic growth, CO2 emissions and energy consumption: what
causes what and where?. Energy Economics, 74, pp.677-692.
Liang, W. and Yang, M., 2019. Urbanization, economic growth and environmental pollution:
Evidence from China. Sustainable Computing: Informatics and Systems, 21, pp.1-9.
Rao, C. and Yan, B., 2020. Study on the interactive influence between economic growth and
environmental pollution. Environmental Science and Pollution Research, 27(31), pp.39442-
39465.
Zheng, W. and Walsh, P.P., 2019. Economic growth, urbanization and energy consumption—A
provincial level analysis of China. Energy Economics, 80, pp.153-162.