Topic: Economic growth and it effect on the standard of living - page 2. (Read 493 times)

When there's growth in an economy of a country, it will affect the life of the people in a positive way, there will be opportunities made available for the people to get engaged in a y aspect of the economy in their own little way of contributions to it development, since they know it will all be to their own advantage, it will also lessen the burden on the governments because they have created enough avenue that allows for an economy development for the people at all sectors.

Economic growth and standard of living are directly proportional. We have raised the standard or living because of the growth of the economy and hence the expectations of the people living have risen. With growth of technology, people are learning about their neighboring countries and how they live and eventually bringing that culture into their countries.

This is how a civilization progresses and lack of economic growth is bad for that country.

Income disparity is another important element to take into consideration. If economic growth is not distributed fairly, it might not result in an increase in everyone's standard of life. For instance, not everyone may profit from a nation's strong economic growth if there is also a significant level of income disparity. It's likely that some people's level of life will really decrease. There is a growing awareness of this among economists and decision-makers. The quality of social services such as welfare, healthcare, and education can also have a big influence on people's living standards.

I am not so sure if economic always means that the standard of living increases as well. In case the business owners are saving the profits and don't reinvest it might not be distribute to all people. Nothing wrong with saving money, it's definitely better than consuming all our money or making unnecessary purchases. But if the companies don't invest in themselves the wealth is going to remain with the stockholders. Especially when the economic growth comes from technological advances like AI, it doesn't mean that there will be new jobs created. It's hard for economic growth to directly make everybody else better off, because there is usually a delay in companies profits and the rise of wages. On top of that we need to take inflation into consideration. If wages are growing 2% while the inflation is at 3% then workers are going to be worse off.

Well exonomic growth is like the engine that drives a country forward. When the economy is booming, it means more goods and services are being produced, which leads to more jobs and opportunities for everyone. So yeah economic growth is a big deal when it comes to improving our lives and making sure everyone has a shot at success. I just hope more people will benefit from it

The first sign you notice when their is a economic growth is a good value in the currency, when the money of people is valuable and it can be used to solved problems. When economy is doing well you will noticed that business starts doing well, marketers won't be complaining  of how they struggle to manage their business.  In economic growth i think their would be about 70 percent job opportunities for the citizens living in the country.  When the economy is doing well, people will definitely feel it and get the effect. When their is economic growthtye level of hardship will reduce and it will have a good impact in the life of the people.

Economic growth has a direct effect on increasing the standard of living of the majority of citizens in the country. Usually this will be marked by a decline in stunting rates, bad nutrition, unemployment, extreme poverty rates, and various other factors. However, even though people's living standards are improving, this also has the effect of increasing the price of living necessities, higher taxes, etc. This is a new challenge for the government, because even though their economy is improving, it is in line with other quite complex problems.

Every nations considers their national economy growth as most attentive areas to be considered first and foremost and then the rate of the populations in the country is also considered so as to be able to make provisions of comfortable living for the masses.
So therefore, every economic system is targeted to subject its economy growths either by their natural resources, manpower resources, infrastructural structures or by political structures in other to suit the nations population by creating formats of how a populous nation can scale through without being congested.

Hence a congested nation that doesn't have enough economic capacity to encourage good living in their nation Invests on their citizens either skillfully, educationally and other services just to reduce the pressures in an unconducive level of national economy.

No doubt, economic growth is good, it means that more jobs would be created even as the economy of the country is progressive. But one may be wrong if he uses that to entirely judge the effect on the standard of living of the residents of the country. Many countries have recorded positive economies in years and the people in the country are still suffering, so some factors are to be considered in line with this as well. Among these factors, the standard of living would depend on the level of the standing issues before the economic growth, the level of the economic growth itself and the sustainability of the growth as some are only too short.

The inflation in the country matters so well here also, and even the population, because a high population may not allow the effect of economic growth to be much. This takes me to the particular country we are talking about, is it a developed, developing, or underdeveloped country? All these play vital roles in this subject because these indexes would ascertain the level of some metrics and statistics to know whether economic growth can make fortune circulate to the point that it would improve the standard of living to a high degree.

It's not an economic growth if the people that's responsible for the production of quality goods and services can't afford those very things that they've made, that economic growth should also factor in the poverty rate, the salary increase of a minimum wage worker and many other things. The kind of growth where the people are left behind isn't really the best kind of growth in a country. With the kind of economic growth model that we've got, it's definitely going to affect our standard of living but for the worse because things are getting more expensive but the money to afford them isn't going up per person then what's the point then, the growth will only be beneficial to the businesses that's selling those product not those at the bottom line.

Economic growth is one of the major factors that would drive
a nation to get out of poverty. There is that quote of “we produce more,
we consume more” and since consumption is higher than before
the country would need to exert extra effort to maintain that standard
thus allowing for more job opportunities as labor would be more required

these opportunities give chance for a country to grow and its citizens to
have better livelihoods

Economic growth is important in any country. For economic growth to take place, first of all its need good governance by electing capable hand that can run the affairs of government effectively. When the elected body's can creat production in the country by investing in agriculture, creating employment opportunities for the masses by building production company and factories, constructing of good roads for easy access and transportation of goods and services without delay, decreasing the price of petrol sothat transportation cost of commodities will reduce because people always capitalise on transportation fee,  by saying that it is the reason why price of good and services are expensive. But if they can control and regulate it, the economy will be good. Another one is providing constant electricity to the nation. Alot of production company needs electricity to facilitate there job because maintenance cost of petrol generator is expensive which makes work force reduce. And also make some products more expensive in the market. Because they will like to impose the amount wasted in petrol on the goods produced. and the goods becomes expensive. But if there were steady light, those goods produced by the use of electricity will be sold at cheaper rate. so these are the things I know will enhance a good economy.

Economic growth is a powerful driver of improved living standards. It creates a positive ripple effect by fostering job creation, boosting incomes, and allowing people to afford a better quality of life. Additionally, economic growth enables governments to invest in crucial infrastructure, such as roads and hospitals, and essential public services like education and healthcare. This improves overall access to resources and enhances the well-being of the population. Furthermore, economic growth fuels innovation and technological advancements, leading to increased efficiency, a wider range of goods and services, and even the creation of entirely new industries. It can also play a role in poverty reduction by creating opportunities and providing resources for people to climb the economic ladder.

However, economic growth isn't without its challenges. If not managed effectively, it can exacerbate income inequality. The benefits may disproportionately favor the wealthy, widening the gap between them and the less fortunate. This scenario limits the overall positive impact of growth on the lives of many citizens. Additionally, traditional models of economic growth often prioritize rapid expansion with little regard for the environment. This can lead to pollution, resource depletion, and climate change, all of which negatively impact health, well-being, and ultimately, future economic prospects. Furthermore, rapid economic growth can sometimes cause social disruption as traditional ways of life are forced to adapt quickly. This can lead to feelings of instability and disorientation, even if material standards improve.

Therefore, to ensure that economic growth translates into genuine and widespread improvements in living standards, it must be approached with a two-pronged strategy. First, it needs to be inclusive. Policies should be designed to ensure that the benefits of growth are broadly shared and reach even the most vulnerable populations. Second, economic growth must be sustainable. We need economic models that prioritize environmental protection and long-term resource management. By focusing on both inclusion and sustainability, we can ensure that economic growth benefits both present and future generations.

Everything has its sides, economic growth can positively/negatively affect anyone's life, and what we need to do is adapt to change.
There needs to be a balance between economic growth and sustainable development to ensure the country's longterm development and sustainably improve people's living standards environmental pollution, resource depletion,... are all trade offs that we are making, after all, there needs to be balance.

Economic growth definitely is a good thing and usually that's the indicator of increased quality of life and standard of living, it positively affects thing but to my mind there are moments when economic growth can give someone a false sense of improvement. For example, if there is an oligarchy in a country, i.e. if the power is managed by a small number of people, this means that majority of businesses are owned by them and majority of taxes go into their pockets. In this case, yes, production of goods might increase but people will still suffer like before.

This is very straightforward as economic growth can have really significant effects on the standard of living. When there is economic growth, you’ll usually see an increase in income levels, more job opportunities, and even access to goods and services. This will definitely impact the quality of life because there’ll be better roads, schools, healthcare, etc. That’s definitely high standard of living.

In the end, governments are the deciding factors for any falling or thriving economy of any country across the world. The way governments can solve the problems of poverty and poor standards of living boils down to two or three major aspects.

Firstly, the government can decide to expand the scope of its labor market to accommodate more people. In every country across the globe, there are only a limited number of government jobs available in the formal sector, leaving millions of undergraduates skilled and hoping to secure those few opportunities. Therefore, the government can expand the scope of government jobs, ensuring it is commensurate with the revenue generated. This can be achieved by identifying government institutions that can be expanded, creating branches across states, regions, or even local governments to engage more people and increase revenue generation.

Secondly, the government needs to strongly empower micro, small, and medium enterprises (MSMEs) by making ease of doing business their top priority. By achieving this, small businesses will thrive and significantly contribute to the country's economy. Governments can also facilitate ease of doing business for small enterprises by improving power generation, providing funding through intervention funds, and investing in manufacturing and production. By focusing more on production than consumption and tapping into natural resources, governments can bolster the economy and improve living standards for the larger society.

I feel like the "growth" is a group thing, and standard of living is a personal thing. Meaning, if the whole nation grows economically, but that's due to 100 people getting insanely wealthy and everyone else stays the same, that's still a growth in a nation and that's still means the average went up, but everyone is still the same while the average was just raised by 100 people. Whereas, standard of living means everyone, and I think that's not going up right now, maybe growth is happening but regular people like you and me are still living a normal life. This is what we need to fix in the near future and I believe that its not going to be solved easily neither, it may take big actions.

Discussing economic growth hurts so much. This is because when i look at how the growth has done nothing but keep the masses in abject poverty, it is nothing to be happy about. The poor can barely afford 1 square meal a day, which is their normal routine. Truly, inflation has really caught up on us, so even if you are earning a little more than what you were earning last year, you will still be at the same level, and nothing changes.

I have read so many responses to the issue of economic growth. In my opinion, it favors some countries, while in others, it increases the rate of inflation. Only the rich will be able to survive.

Economic growth is the availability of funds to solve the necessary needs of the society. When all the economic needs are meant then it is said as the economic growth of the nation. The increase of the production of goods and services is also part of the Economic Growth because at that time every businesses move or flow well in the market and these are some of the indices that is use to measure growing economy in a nation. The wellbeing of the humans and the productivity of business activities in the country. When the economy of a nation or a country is good then the citizens rejoice.

And as for now the economy of the world is very bad. So the individual are not even growing and if the individual are not growing then the economy is also stagnant.