(Economic growth and development are usually considered to be beneficial both for individuals and for society as a whole.
What are some advantages and disadvantages of economic development?
Give reasons for your answer and include any relevant examples from your own knowledge or experience.)
Economic boom and expansion are often believed to be advantageous both for individual people and for society as a whole. Economic development brings about various advantages, however, there are some risks to be taken into account.
One of the main benefits of growing economic system is a substantial increase in an average income of people. In other words, people start earning higher average income during the period of an economic boost. This results in the uplifting of the standard of living. Another advantage is improved public services and infrastructure. For example, people pay more taxes and more money is collected from it, so governments can spend extra money to strengthen the existing public services and build more public facilities for people. Lastly, economic growth can significantly lower unemployment rates. As a result, there will be a less financial strain on governments and they are needed to spend less on unemployment benefits.
On the other hand, one problem which economic expansion can cause is demand-pull inflation. During the economic boom, the demands for goods and services are raised, and usually, these are ahead of supply because more people buy more things and this allows manufacturers to increase prices rapidly. This usually leads to recession. Another possible issue is that it can create negative externalities, such as noise pollution and air pollution. By constructing more roads, more vehicles will come on roads which will breed traffic congestion and noise. Consequently, it will decline the air quality by polluting it. Furthermore, deforestation will endanger some species that will be a loss of biodiversity.
In conclusion, economic growth can be good for the economy and people, however, there are some other consequences. Economic growth should be regulated to ensure that these disadvantages are less likely to appear.
Kindly evaluate this essay. I would greatly appreciate if you could give some feedback on it.
Re: Kindly evaluate this essay. I would greatly appreciate if you could give some feedback on it.
shehmed wrote: ↑Mon Aug 14, 2017 1:52 pm (Economic growth and development are usually considered to be beneficial both for individuals and for society as a whole.
What are some advantages and disadvantages of economic development?
Give reasons for your answer and include any relevant examples from your own knowledge or experience.)
Economic booms and expansion are often believed to be advantageous both for individual people and for society as a whole. Economic development brings about various advantages. However, there are some risks to be taken into account.
One of the main benefits of a growing economic system is a substantial increase in average income. In other words, people start earning more money during an economic boost. This results in improvement in the standard of living. Another advantage is improved public services and infrastructure. For example, people pay more taxes, so governments can spend extra money to strengthen existing public services and build more public facilities for people. Lastly, economic growth can significantly lower unemployment rates. As a result, there will be a less financial strain on governments as they spend less on unemployment benefits.
On the other hand, one problem which economic expansion can cause is demand-pull inflation. During the economic boom, the demands for goods and services are raised, and usually, these are ahead of supply because more people buy more things and this allows manufacturers to increase prices rapidly. This usually leads to recession. Another possible issue is that it can create negative externalities, such as noise pollution and air pollution. By constructing more roads, more vehicles will use those roads, which will breed traffic congestion and noise. Consequently, it will decline air quality through pollution. Furthermore, deforestation will endanger some species and lead to a loss of biodiversity.
In conclusion, economic growth can be good for the economy and people, however, there are some other consequences. Economic growth should be regulated to ensure that these disadvantages are less likely to appear.