MREGC5001 Terotechnology and Life Cycle Costs: Asset Management

This report addresses asset management within the context of a waste-water system, likely for the Adelaide City Council. It defines the problems faced by maintenance engineers in life cycle decisions, focusing on communicating maintenance needs to management in terms of cost-benefit and risk. ...Read More

Solow growth model and Prosperity
without growth
Introduction
The video gave a decent review of the economic growth model and what steps were followed
breaking down the edge of the capital, work and individuals. Countries prospered with economic
growth principally from the agrarian business with an enormous extent of work engaged with its
advancement (Neto, 2019).
The prosperity without growth was talked about that growth doesn't build human growth after a
specific level. The book was composed by Tim Jackson and gave a decent diagram of the idea of
social greatness and venture as the duty of things to come. The economy was changed to secure
business, social venture, decrease inequality and praise money related solidness in like manner
(Blum, 2017). The two recordings are exceptionally related and there is constantly a cutoff to the
growth perspectives.
Analysis

The outward move and relocation towards urban focuses bring about economy enhancement with
innovation administrations. In creating nations, the relocation of work to urban communities
brings about high economic growth for administrations bringing about human capital as thoughts
and innovation advancement. This is named as Solow residual. Likewise, the video additionally
underlined that there are lessening paces of profits to scale after a specific stage bringing about
more work or capital. From this, we can reason that creating nations register high growth, not at
all like the created economies where there is less pace of profit for capital (Bohner, 2015). This
is known as the get up to speed impact, which incorporates that poor nations develop at a quicker
rate contrasted with rich nations guaranteeing there is the full assembly. (Corchón, 2016)
Having prosperity without growth would suggest that human improvement ought to be done in
both political and social rights. The centre ought to be in diminishing the expenditure on arms
and ammo and bolster the view that the Solow model is the growth model of capital amassing as
needs be (Mahmoudi, 2018). There ought to be equality and how the residential economies
develop will rely upon numerous components. While the US enlisted GDP growth paces of
under 2 per cent for a decade ago, then again, China and India developed by 8-10 per cent during
a similar period. It is imperative to see how economies with high growth rates adhere to the law
of reducing rates where the yield increments as the square base of the information variable. For
instance, if the venture made is 10,000, at that point, the yield will be 100 and this will remain
constant for every single created economy.

Conclusion
In the disdain setting, when there is 9 billion populace on the planet, the happiness by the growth
promoting business generation may not be the sole standard of estimation. Human improvement
as far as political and social rights comprising other personal satisfaction could be the better
basis. (Clemence & Wernette, 2015) The significant point is how we can put this planet in a
superior spot to live like decreasing the quantum of CO2 on the planet to lessen the dangerous
atmospheric deviation. Ought not there to be degrowth for the sustenance of nature of living right
now lessening the expenditure on arms and ammo and so forth? They ought to decouple
economic exercises for progressively human advancement. We should give a path for more up to
date innovations that raise the solace of individuals. There is a question of modifying the open
assets and putting into novel things for raising the government assistance of the individuals.
(Holmes, 2019)

References:
Blum, D., & Holling, H. (2017). Spearman's law of diminishing returns. A meta-analysis.
Intelligence, 65, 60-66.
Bohner, M., Heim, J., & Liu, A. (2015). Qualitative analysis of a Solow model on time scales. J.
Concr. Appl. Math, 13(3-4), 183-197.
Mahmoudi, A., & Feylizadeh, M. R. (2018). A grey mathematical model for crashing of projects
by considering time, cost, quality, risk and law of diminishing returns. Grey Systems: Theory and
Application, 8(3), 272-294.
Corchón, L. (2016). A Malthus-Swan-Solow model of economic growth. Journal Of Dynamics
And Games, 3(3), 225-230. doi: 10.3934/jdg.2016012
Neto, J. J., Claeyssen, J. C. R., & Júnior, S. P. (2019). Returns to scale in a spatial Solow-Swan
economic growth model. Physica A: Statistical Mechanics and its Applications, 122055.
Holmes, B. (2019). Looking for economic prosperity without growth. Knowable Magazine. doi:
10.1146/knowable-030519-1
Clemence, R., & Wernette, J. (2015). Growth and Prosperity without Inflation. The Journal Of
Finance, 17(1), 163. doi: 10.2307/2977712