Economic Growth And Standard Of Living Essay

To assure any topic it is always authoritative to take none of the delineate words. In this case I am going to first surrender point the key words. Economy in a lay s old(a)ierys language is the management of funds or care in the utilize of resources. Others may say it is a system of producing and managing resources. This and so puts e precise whizz in light that scotch harvest-feast as the increment of management and use of resources like finances, wealth and so on.Standard of upkeep can measured by types of animated styles that is quality ( breathing in high archetypes and able to present specially the basic needs) or of no quality that is ( forgetful quality roughly in particular not being able to afford the basics in life and probably living be measly the poverty line) (Elkington J. , 1974) sparing growing is seen on two extremes by different individuals that is the best or pommel and the situations of it depending on how it has abnormal their standards of living.The way it affects the standards of living in the present and how it affected in the past is very different from the way it will be tomorrow. Its just expansion at once has to a fault affected different individuals differently. Others agree seen it to lose caused more harm than good while others see it to have caused more than more good than harm and this second conference appears to be the majority thereof increasing the gap between these two groups of throng (The World Business Council for sustainable).Nevertheless sparing growth to a bigger extent is seen as a worth(predicate) vehicle for raising standards of living in aspects like social life, political aspects and even out psychological aspects. Since age immemorial, everyone valued a high standard of living and every segment of the family and society worked toward achieving more and more resources so as to live a better life. Men, women and children for instance did farming and cultivated food crops for home consumption. This was in the past before the innovation of cash economy.In that era, the three implicit in(p) processes used in economic growth were identification, cooperation and imitation Aragon-Correa and Sharma S. , 2003 and Dunphy D, Griffiths A, and Benn S. , 2000). Today or instanter it is lawful that further economic expansion has been seen. This is why the ground immediately bases on the mechanism of survival for the fittest. This mechanism is chiefly laborious to see that everyone actively enters towards economic growth and hence improving their standards of living.So community have just deliberately decided to be unemployed and they are the selfsame(prenominal) citizenry complaining of economic growth as unnecessary. They have given others the opportunity to even grow ampleer as they (the trifling ones) be get on with shorter. It is important to note that as the world economy grows, the standard of living also grows. It does not remain stagnant hence the ability of workforce in the society should also addition so as to match the economic growth and avoid lagging behind. It is done in this manner, and then the difficulty of economic growth affecting the standards of living presently will not be felt (World scotch Forum).It is seen clearly that as worlds life proceeds, very many aspects change. For instance, the population of randomness Africa in early 1930s cannot match or be the same as the population today. Todays population has definitely outgrown the one of 1930s hence the economic growth will remain a valuable vehicle for raising and not degrading the standards of living if we offend into issues like education, population control, employment especially skilled manpower in passkey fields, etc. good example here is population control. In the past population was not as big and huge as today hence the issue of light standard of living was not intensely felt. Today the population has double even tripled in particular proposi tion places. This then has led to shortage of land, food, employment, schools hence giving the first priorities to the rich who can scramble. This then has led to high illiteracy, creation of slums, high annoyance rates.So if population standards are controlled by example introducing and sensitizing slew on the issue of using contraceptives, keeping slew in schools especially women who can go up to high institutions of learning hence reservation them concentrate in books and by the time they think of marriage, they are old enough not to give birth to too many children as compared to when they are out of school making them marry early and strength many children.The issue of education, population control will improve both the economic growth and standards of living in the long run (World economical Forum). Another very crucial thing is and that we in the world today cannot do without is the fact that of the machineries invention and innovation. This was not in the past, but toda y it has actually ameliorate our majority standards of living. It is a fact that even the suffering man at least can afford some grade of machinery for instance he or she may not afford a television set but may afford a small(a) radio set of about three dollars.This is because it is extremely important to listen to and hold out what is going on in the world done that small radio an issue that was not at that place in the past though hatful at that time were still comfortable because these machineries were not there. This hence is seen that economic growth is vats and can accommodate everyone. This means that despite the economic growth, there are still some cheap commodities that can be afforded by the low train populate so as to enjoy their lives.The economic growth is also seen to incorporate the non professional activities for example engaging in vegetable sales, shoe shining, house helps and so on. Not everyone has a professional duty like teaching nursing, etc yet ev en the non professional people must(prenominal) live and enjoy their lives. By doing their non-professional duties, they also actively participate in economic growth. For instance, a person doing the shoe shine hypothesize will have to buy the shoe polish hence bestow to the economic growth of the shoe polish company.On the other side of the economic growth, which is also to a lesser extent, I see its further expansions to be unnecessary and especially when its undesirable effects are considered from a true cost perspective rather than form a true benefit perspective (World Economic Forum). As I have discussed in the previous paragraphs, everyone cannot be the same in terms of gifts and talents, in brain, strength, countenance and understanding. There must be both low and high aim people. This also applies in the standard of living which is determined by the economic growth.For sure it is true that it affects people differently. In the real world, today, this economic growth has made the rich richer and the poor poorer. This hence has made the poor group to look at economic growth as an enemy. This is mainly because the poor have not been given a chance to enjoy the changes that acquire with economic growth. For instance, most of the poor people are not computing device literates hence when employment opportunities come up, the first requirement is computer literacy which whole excludes them from the race even when one had the potential of doing that job.These computer courses are mainly provided in the schools of the rich (International Chamber of Commerce, Business charter for sustainable Development, 1990). Economic growth has been accompanied by a lot of bureaucracy. The rich people have taken the top levels and the poor people the low levels. It becomes very difficult for the one at the bottom to reach the one at the top. Before one reaches to the top from the bottom he or she must have used a lot of time, some little finances so as to get favou rs fro above.Those favours mainly may not be there because the ones at the top always are interested in doing things that favour and benefit them especially when it comes to finances thus rendering the poor back to or get stuck in poor living standards (World kick for Environment and development, 1987). When it comes to distribution of resources, it is clearly seen that some regions in countries are not considered or given priorities. This then instead of improving their standards of living through economic growth, they continue to deteriorate.A good example is usually when the politicians especially the presidents in the third world countries who give priorities to their regions of origin neglecting the other regions. This is even worse when a certain region has got no representative in the government hence making them curse the economic growth (World Economic Forum). In summary, I have discussed that economic growth is for raising the living standards to a larger extent in that It helps improve the capacity of manpower thus encouraging participation to improve the living standards Because everyone wants to olive in a good standard population will be controlled and hence more nest egg for more economic growth. Education is seen as an important factor leadership to both economic growth and standard of living though in the long run Employment opportunities which leads to earnings and savings hence considering both the economic growth and living standards as valuable Economic growth being vats that is accommodating both the rich and the poor through machinery.An example is if one cannot afford a television then he r she can buy a radio which he or she can afford to listen to hence seen as improved his or her standards of living. it has too much bureaucracy making low level people not reach the top people Top people are seen as selfish and just for issues that benefit them especially finances. myopic people not given a chance to enjoy changes that come with economic growth for example computer literacy which is mainly taught in schools for the rich.In conclusion, economic growth is important to our living standards but can be disastrous especially when others are deprived of it. This ends up creating gaps between people hence leading to other social problems. There is a low level of economic growth rate. Economists researchers have maintained that in set out for economy to realize good standard of living 10% increase in her economy is necessary, she must invest 10 % of her national income. prune consumption, increase investments or savings at same time lower the family size children or they end up in vicious motorbike of poverty. There is a lot of pressure in terms of render of social services in un developed world. This leads to difficulty in distributing resources equally. It is also costly because of the large numbers thus social service supply becomes inadequate. It is seen to be affecting the nature of social services f or example leading to poor housing and low quality of education.