What are the two main costs of economic growth, Macroeconomics

Assignment Help:

What are the two main costs of economic growth

The two main costs of economic growth are resource depletion and environmental damage.

  • Economic activity needs factor inputs and will often lead to scarce resources like fossil fuels being consumed and lost forever because they cannot be changed.
  • Environmental damage happens when the production process makes harmful toxics, gases and waste in the course of making consumer and capital goods. This has also been called the paradox of prosperity, as human living standards improve as a result of greater access to consumer goods but decline as a result of environmental destruction, poorer air quality and polluted water supplies.

 


Related Discussions:- What are the two main costs of economic growth

Econ, Christina Romer and Jared Bernstein in "The Job Impact of the America...

Christina Romer and Jared Bernstein in "The Job Impact of the American Recovery and Reinvestment Plan" calibrated the impact of the proposed expansionary fiscal policy (we know it

Explain the term production function in the economics, Explain the term pro...

Explain the term production function in the economics. Production Function A production function is the association between the quantity of inputs a firm utilizes and the qu

What are the crisis affect the economies of country, What are the crisis af...

What are the crisis affect the economies This crisis would affect the UK in 3 major ways. First the UK would be unable to sell its exports to these economies if they are hea

Effect on unemployment, From the lower left graph of Fig. it can be seen th...

From the lower left graph of Fig. it can be seen that there is a time lag associated with an oil price shock and its subsequent effect on unemployment. The results show that for th

Desired aggregate spending, Desired Aggregate Spending Desired aggregat...

Desired Aggregate Spending Desired aggregate spending refers to the volume of purchases of the currently produced goods and services that all spending units in the economy wish

Factors shift out the ppc, What factors shift out the PPC and what is the o...

What factors shift out the PPC and what is the opportunity cost of the economy moving out to get back on the PPC? Explain?

Production possibilities table for consumer goods, To the right is a produc...

To the right is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specific assumptions is t

What is difference between explicit cost and implicit cost, What are the di...

What are the difference between explicit cost and implicit cost? Both are concerns to Opportunity Cost and Decisions: An explicit cost is a cost which involves essentially

Classical model of the labor market, Q. Classical model of the labor market...

Q. Classical model of the labor market? We begin by explaining the classical model of the labor market.  The demand for labor L D is assumed to be inversely re

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