How have economists traditionally defined economic growth, Microeconomics

Assignment Help:

How have economists traditionally defined "economic growth," and how is that different from "living standards growth"?

 Economists have traditionally explained economic growth in terms of production of goods and services, whereas the concept of "living standards growth" encompasses the improvement in the quality of diet and housing, transportation and communication, education, health care, , working conditions, entertainment, and even political freedom and social inclusion.  

 


Related Discussions:- How have economists traditionally defined economic growth

ECS, The prevention of major swings in economic activity can be handled mos...

The prevention of major swings in economic activity can be handled most easily by the

Price floor and price ceiling, . Keep slope of supply constant and apply di...

. Keep slope of supply constant and apply different slopes of demand curve and then show what happens if control price impose. Similarly, keep demand curve constant and apply diffe

Examine the factors that influence a country s exchange rate, Examine the f...

Examine the factors that influence a country s exchange rate. Suppose and define a floating exchange rate, the major issue here is to outline the factors influencing the supply

Determine the returns to scale, Determine the Returns to Scale Use the f...

Determine the Returns to Scale Use the following production function and budget constraint to answer the questions below. Q = L + K                            1000 = 2L +

Demand and Supply, #questDuring the 1990s, technological advance reduced th...

#questDuring the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in ter

Welfare economics, Prove the theory of second best with the help of a diagr...

Prove the theory of second best with the help of a diagram

Economic theory, Much of undergraduate macroeconomic theory is discussed on...

Much of undergraduate macroeconomic theory is discussed on the assumption that, in the short run, the expectations of economic agents about the future values of macroeconomic varia

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