Economic Growth
Economic Growth, Economic Freedom and Morality
Mikita Katliarou
LCC International University
Economic Growth, Economic Freedom and Morality
In our fast-developing world where people are overwhelmed with all the insane progress we never stopped for moment to think rationally “whether it is good thing that we developed for the last decade more than for the last ten centuries?” But for now let’s put up this question for later. “The pursuit of high economic growth is considered desirable as it generates an increase in a nation’s wealth, income, employment and output” (Mahadea, 2008). No matter where you are coming from if your country gets to experience economic growth your family, your country will better off. As we are experiencing the growth we get to enjoy its harvest such as better health care, education, and social infrastructure. Economic freedom gives us more chances of having better life conditions that we pass on to the next generation. In society and among countries recently took place a question “is economic growth desirable” and “whether it has more positive or negative effects on society”. “What are the impacts of the economic growth on different social layers?” As I will be covering the questions I would like to emphasize the moral part of the economic freedom how it benefits people or it makes the whole situation worth. First of all, let’s emphasize the question of economic growth and its desirability nowadays in the society. I think in order to understand the concept of economic growth and where its roots take place we need to know how economic freedom being measured and what are the factors that impact economic growth along with economic freedom. According to Noell (2013), usually economic growth is being measured by GDP per person; however, due to income inequality and other factors that are related with increase in average do not mean that everyone’s income is rising. So, let’s reveal the main factors that are raising the economic
Mikita Katliarou
LCC International University
Economic Growth, Economic Freedom and Morality
In our fast-developing world where people are overwhelmed with all the insane progress we never stopped for moment to think rationally “whether it is good thing that we developed for the last decade more than for the last ten centuries?” But for now let’s put up this question for later. “The pursuit of high economic growth is considered desirable as it generates an increase in a nation’s wealth, income, employment and output” (Mahadea, 2008). No matter where you are coming from if your country gets to experience economic growth your family, your country will better off. As we are experiencing the growth we get to enjoy its harvest such as better health care, education, and social infrastructure. Economic freedom gives us more chances of having better life conditions that we pass on to the next generation. In society and among countries recently took place a question “is economic growth desirable” and “whether it has more positive or negative effects on society”. “What are the impacts of the economic growth on different social layers?” As I will be covering the questions I would like to emphasize the moral part of the economic freedom how it benefits people or it makes the whole situation worth. First of all, let’s emphasize the question of economic growth and its desirability nowadays in the society. I think in order to understand the concept of economic growth and where its roots take place we need to know how economic freedom being measured and what are the factors that impact economic growth along with economic freedom. According to Noell (2013), usually economic growth is being measured by GDP per person; however, due to income inequality and other factors that are related with increase in average do not mean that everyone’s income is rising. So, let’s reveal the main factors that are raising the economic
References: Friedman, B. M. (2006, January). The Moral Consequences Of Economic Growth. Retrieved from http://scholar.harvard.edu/files/bfriedman/files/the_moral_consequences_of_economic_growth_0.pdf Mahadea, D., & Rawat, T. (2008). Economic Growth, Income and Happiness: an Exploratory Study. South African Journal Of Economics, 76(2), 276-290. doi:10.1111/j.1813-6982.2008.00181.x Noell, E. S., Smith S. L. S., & Webb B. G. (2013). Economic Growth: Unleashing the Potential of Human Flourishing. Washington, DC: American Enterprise Institute. Riley, G. (2012, September 23). Economic Growth - Costs and Benefits. Retrieved from http://tutor2u.net/economics/revision-notes/a2-macro-economic-growth-costs-benefits.html