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Economic growth is the increase or improvement in ... exceed the marginal benefits, however measured. ... effects of growth have prompted some people to advocate ...
Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development".
Economic: Economic agglomeration can create some economic benefits but also tends to widen the disparity between rich areas and poor areas and increase interregional inequality. [22] Interregional inequality cannot be prevented because it is a necessary stage during economic development.
While some types of unemployment may occur regardless of the condition of the economy, cyclical unemployment occurs when growth stagnates. Okun's law represents the empirical relationship between unemployment and economic growth. [157] The original version of Okun's law states that a 3% increase in output would lead to a 1% decrease in ...
In some nations, economic growth has been observed to promote democracy, while in others the opposite is true. [21] Research done in post-socialist nations has shown increases in political freedom to have little to no effect on economic growth, however changes in political freedom have been influenced by the aforementioned growth. [22]
Economic integration benefits (growth of economy, specifically the GDP; raise of productivity) depend on the level of development as well as a scale of unifying states. For instance, if there are two states being economically integrated, than the larger is the size of economy the less it receives from integration and vice versa (observed ...
This explains the enormous economic growth around the world brought on by the industrial revolution. However, the two columns on the right also show that, for every region, population growth in the future will decline and, in some regions, go negative. The table also shows that two major economies, Japan and Germany, may face the same conditions.
Demographic dividend, as defined by the United Nations Population Fund (UNFPA), is "the economic growth potential that can result from shifts in a population’s age structure, mainly when the share of the working-age population (15 to 64) is larger than the non-working-age share of the population (14 and younger, and 65 and older)". [1]