What are the policies and long-run growth of us, Microeconomics

Assignment Help:

What are the Policies and Long-Run Growth

In many concerns it is decidedly odd that world distribution of output per worker is as unequal as it is. Migration, World trade and flows of capital must all work to take resources and consumption goods from where they are cheap to where they are dear. As they travel with increasing volume and increasing speed as communication and transportation costs fall, these commodity and factor-of-production flows must erode differences in productivity and living standards between national economies. Furthermore most of the edge in productivity and standards of living levels held by the industrial core is no one's private property however instead the common intellectual and scientific heritage of humankind. Therefore every poor economy has an excellent opportunity to catch up with the rich by adopting and adapting from this open storehouse of modern machine technology.

We can view this certain glass either as half empty or as half full. Half full is that much of world that has already made the transition to sustained economic growth. Most people today live in economies that, while far poorer than leading-edge post-industrial nations of world's economic core, have successfully climbed onto escalator of economic growth and so the escalator to modernity. Economic transformation of most of the world is less than a century behind economic transformation of leading-edge economies-just an eye blink behind from the perspective of the six millennia since the spread of agriculture out of Middle East's Fertile Crescent.

Furthermore perhaps we can look forward to a future in that convergence of relative income levels will finally begin to occur. The bulk of humanity is now achieving material standards of living at which demographic transition takes control. As population growth rates in developing countries fall then their capital-output ratios will begin to rise rapidly. And--with tolerable government, better ways of achieving an education and reasonable security of property --their material standards of living and output per worker levels will converge to world's leading edge.

Half empty is that we live today in most unequal--in terms of divergence in the life prospects of children born into various economies--age that world has ever seen. Today one and a half billion people live in economies that haven't made the transition to intensive economic growth and haven't climbed onto the escalator to modernity. It is very hard to argue that median inhabitant of Africa is any better off in material terms than his or her counterpart of a generation before.

 

 

 


Related Discussions:- What are the policies and long-run growth of us

Consider an upstream firm in russia that mines iron, Consider an upstream f...

Consider an upstream firm in Russia that mines iron ore at a total cost of $15 q , where q is the number of tons of ore. This upstream firm then ships ore to Germany for processi

Ppc ., cars:0,2,4,6,8 tow truck:30,27,21,12,0

cars:0,2,4,6,8 tow truck:30,27,21,12,0

Define price elasticity of demand, What is the mathematical definition of p...

What is the mathematical definition of price elasticity of demand The price elasticity of demand is the percentage alters in quantity demanded divided by the percentage change

Mixed economy, How solve central problem of economy in mixed economic syste...

How solve central problem of economy in mixed economic system?

Determine amplitude of the different diffracted plane wave, Consider a thin...

Consider a thin transparent plate whose thickness d(x,y) is a square (instead of a sinusoidal) periodic function of x of period Δ=λ. Show that the angle θ between the diffracted wa

Building up a stable and viable export production base, Building up a Stabl...

Building up a Stable and Viable Export Production Base: It is necessary to make a deliberate production plan and to earmark a part of production for export even if there is a

Factors that calculate price elasticity of demand, Factors that calculate p...

Factors that calculate price elasticity of demand: The proportion of Income spent on the Commodity If the price of a good is relatively low such the expenditure on it is a

Manpower-population ratios, Manpower-Population Ratios In this techniq...

Manpower-Population Ratios In this technique, manpower will not be planned for the economy as a whole. It will be planned for sectors or sub-sectors of an economy. For instanc

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd