Meaning of Economic Growth

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Economic growth is what every economy tries to achieve for the good of everyone as a whole. Developing, producing more, increased wages, higher levels of education, better and better technologies is what we strive for. But doing all that, does that mean that we are living a better life? Or is it just the ideal of doing better, not really the result that keeps us following the dream of a perfect world. The effects of economic growth are full of positives points such as boost in infrastructures, urban development, higher education, globalisation, creates employment, higher wages for workers, better living standards for the population, and the list can go on and on. But aren’t there any externalities to all of this? There are some of the negative externalities of growing above what the economy can take, reaching the limits where growing is counter-productive. Some of those disadvantages of growth are outlined in this report, such as health problems arising, environmental issues, education issues as well, and how standard of living doesn’t always mean better is getting more.