Economic growth and it effect on the standard of living

[Bloodseekers]

Economic growth growth is an increase in the production of goods and services of a nation

Effect on the living standard of a population can't be overemphasized as it has an impact on the living standard of any country

When ever there's an economic growth there is always a creation of jobs and new opportunities for the population thereby translating to creation of wealth of the population

Guys what do you think about economic growth as it affects standard of living let discuss

Income disparity is another important element to take into consideration. If economic growth is not distributed fairly, it might not result in an increase in everyone's standard of life. For instance, not everyone may profit from a nation's strong economic growth if there is also a significant level of income disparity. It's likely that some people's level of life will really decrease. There is a growing awareness of this among economists and decision-makers. The quality of social services such as welfare, healthcare, and education can also have a big influence on people's living standards.

Of course, this must be carefully considered so that it does not have a negative impact on the community environment, so it is important for the government to be able to monitor and control economic growth evenly so that society can enjoy it as a whole and if this can be carried out well it will certainly economic growth occurs evenly and there are no differences in the social environment.
When you have awareness of this, of course every community must have education that can improve the standard of living in society.

[justdimin]

Guys what do you think about economic growth as it affects standard of living let discuss

Economic growth and standard of living are directly proportional. We have raised the standard or living because of the growth of the economy and hence the expectations of the people living have risen. With growth of technology, people are learning about their neighboring countries and how they live and eventually bringing that culture into their countries.

This is how a civilization progresses and lack of economic growth is bad for that country.

I do not agree with this. Economic growth could happen while hampering the middle income level people, you can have rich people getting richer, and poor people getting more help, while the middle income stays the same. This is sort of why we are seeing less and less mid level life, most people are either rich, or they are poor these days.

There are levels of poverty of course, like homeless at the brink of starvation and people who own a home but in big debt and can't even afford a dental care are both poor but not on the same level. Yet, it is still true that if you look at the American people alone, you can see tens of millions of people underinsured and having medical problems, that is still poverty, and unfortunately the natural habitat of the current era.

[snowpega]

<snip>

hmm, Economic growth which is equal to a decrease in inflation rates so that is what we all want right? if the inflation rates become down we all live happily like we will be able to meet our all expenses easily we will be able to meet all the desired expenses of our family, and children in this way we all will see ourselves living a good life. But things are kind of different in the current situation like the world is suffering badly from the inflation rate which is increasing day by day.

it can be reduced if getting opportunities becomes easy now the question is that how getting opportunities can be easy and possible so in my point of view if there will be more business starts to held in the country by the entrepreneur then their company will need the employees to manage their sub task in this way we can get opportunity easily more business will establish in the country we opportunities will be available for us. what do you think? must share your opinion. Many Thanks!

[arimamib]

Guys what do you think about economic growth as it affects standard of living let discuss

Economic growth and standard of living are directly proportional. We have raised the standard or living because of the growth of the economy and hence the expectations of the people living have risen. With growth of technology, people are learning about their neighboring countries and how they live and eventually bringing that culture into their countries.

This is how a civilization progresses and lack of economic growth is bad for that country.

I do not agree with this. Economic growth could happen while hampering the middle income level people, you can have rich people getting richer, and poor people getting more help, while the middle income stays the same. This is sort of why we are seeing less and less mid level life, most people are either rich, or they are poor these days.

There are levels of poverty of course, like homeless at the brink of starvation and people who own a home but in big debt and can't even afford a dental care are both poor but not on the same level. Yet, it is still true that if you look at the American people alone, you can see tens of millions of people underinsured and having medical problems, that is still poverty, and unfortunately the natural habitat of the current era.

Economic growth doesn't always translate into improved circumstances for everyone. The widening gap between the rich and the poor resonates with many aspects of contemporary society. Economic growth might fuel the accumulation of wealth among the affluent and provide some support for the impoverished, but it can often leave the middle-income segment stagnant or even struggling. Poverty it encompasses a spectrum of challenges ranging from basic survival to more subtle forms of deprivation, such as inadequate healthcare or overwhelming debt.

The prevalence of underinsurance and medical issues among millions of people implies the persistence of poverty in various forms, despite overall economic growth. It would be necessity for holistic approaches to address socioeconomic disparities, including policies aimed at bolstering the middle class, improving access to healthcare and education, and creating opportunities for upward mobility.

[dezoel]

Economic growth growth is an increase in the production of goods and services of a nation

Effect on the living standard of a population can't be overemphasized as it has an impact on the living standard of any country

When ever there's an economic growth there is always a creation of jobs and new opportunities for the population thereby translating to creation of wealth of the population

Guys what do you think about economic growth as it affects standard of living let discuss

An increase in job and earning opportunities barely create wealth, you can't call it wealth if an employee is getting a minimum wage that is barely enough for him to take care of his household expenses for a whole month so I don't think this can be called creating wealth.

Wealth is created for people that are in power, people that run the system and take care of that growth. If the leaders of a country and those in power are honest and care for their country and their people, they will do everything to divide the wealth among the population by any mean, but if they are corrupt, they would barely do anything for their country or people.

[beerlover]

Economic growth doesn't always translate into improved circumstances for everyone. The widening gap between the rich and the poor resonates with many aspects of contemporary society. Economic growth might fuel the accumulation of wealth among the affluent and provide some support for the impoverished, but it can often leave the middle-income segment stagnant or even struggling. Poverty it encompasses a spectrum of challenges ranging from basic survival to more subtle forms of deprivation, such as inadequate healthcare or overwhelming debt.

The prevalence of underinsurance and medical issues among millions of people implies the persistence of poverty in various forms, despite overall economic growth. It would be necessity for holistic approaches to address socioeconomic disparities, including policies aimed at bolstering the middle class, improving access to healthcare and education, and creating opportunities for upward mobility.

I agree; yeah, economic growth means that there is more money to be made in a region, and yet for most people that doesn't mean that it's more money for EVERYONE, it is usually more money for a certain group or at least in the initial stage of growth of economy. It doesn't even mean rich get richer in all situations, sometimes it does and sometimes it doesn't, sometimes few poor as well gets lucky with the right economic growth to grow economically.

In the end, what we have is that only a portion of the people do get growth and benefit from it, whereas others do not benefit, and because there is an economic growth, prices go up, since there is more money available, and the ones who didn't benefit from it ends up doing not that well at all, which is sort of sad.

[Barikui1]

Economic growth growth is an increase in the production of goods and services of a nation

Effect on the living standard of a population can't be overemphasized as it has an impact on the living standard of any country

When ever there's an economic growth there is always a creation of jobs and new opportunities for the population thereby translating to creation of wealth of the population

Guys what do you think about economic growth as it affects standard of living let discuss

I think that it's historically proven that the easiest way to improve the standard of living in a country is to grow the economy and it's quite normal that when then country is suffering economically it's affect the quality of life the citizens of the state lives, ok let's look at what is happening in my country Nigeria, since the swearing in of this present government and it administration, they have practically drown the economy of the country to the lowest point I have ever experienced as a nation due to the high level of incompetence in this current government and it administration, and that have led to the devaluation of the naira, and the purchasing power of the state is very low as of now, which have brought this unforseen hardship in the country, am saying this because,  I just want to make it clear that the condition of an economy of a state,  determine the standard of living in the country.

[wmaurik]

Economic growth doesn't always translate into improved circumstances for everyone. The widening gap between the rich and the poor resonates with many aspects of contemporary society. Economic growth might fuel the accumulation of wealth among the affluent and provide some support for the impoverished, but it can often leave the middle-income segment stagnant or even struggling. Poverty it encompasses a spectrum of challenges ranging from basic survival to more subtle forms of deprivation, such as inadequate healthcare or overwhelming debt.

Things like this are always visible in society because on the one hand, this is also caused by the capabilities of rich people who are always greater than those of poor people, so that the widening gap is often seen more clearly in society. I also cannot deny this because basically everyone still wants to continue working in all conditions even though they also care about current economic growth which can be utilized by everyone in their respective categories. Because people with middle and low incomes should not ignore the rich, who in general they can still use to continue earning income.

The prevalence of underinsurance and medical issues among millions of people implies the persistence of poverty in various forms, despite overall economic growth. It would be necessity for holistic approaches to address socioeconomic disparities, including policies aimed at bolstering the middle class, improving access to healthcare and education, and creating opportunities for upward mobility.

From what you have said, I can draw a small conclusion that from every level of society there must always be improvement from various aspects, especially in terms of their skills in achieving a better income. This means that all the things you convey will not be formed by themselves if the parties involved, such as those in the government sector. Which in general is quite close to the economy and society does not move better in order to provide some encouragement and better capital for the middle class and the poor.

[eightdots]

Economic growth growth is an increase in the production of goods and services of a nation

Effect on the living standard of a population can't be overemphasized as it has an impact on the living standard of any country

When ever there's an economic growth there is always a creation of jobs and new opportunities for the population thereby translating to creation of wealth of the population

Guys what do you think about economic growth as it affects standard of living let discuss

I believe the most common effect of economic growth to standard of living is the people have a good source of income that makes them spend frequently. A noticeable sign that an economy is growing was there’s a lot of job opportunities available due to increased of country investment, production and other source of income for the country.

People will have more money to spend while they are being paid properly for their work done or simply the salary rate is much higher compared to other country(except China because they are heavily populated).

The fact that people receive an appropriate payment or salary according to the work they do shows the positive impact of economic growth on the standard of living. In countries where this is not the case, where economic growth consists of numbers, the purchasing power of people's wages or salaries tends to decrease. A positive effect occurs when they reflect economic growth in per capita income. Otherwise, the resulting values do not reflect reality.

If the standard of living is rising and positive conditions in the economy are felt by citizens, then real economic growth has occurred.

[Asuspawer09]

I mean that was just pretty common for some rising countries we could easily see people have a higher standard of living compared to countries that is the opposite of it, I guess we could just say that the more a country grow the higher the standard of living there is going to increase, surely as more jobs, higher incomes for a lot of people etc. people are going to increase there standard of living on there, as they could afford things that is going to make there life easier. The more businesses on a country the higher the economic growth is, with a lot of businesses out there there will be more jobs, it will equal to higher salaries as the businesses become more successful throughout every year. That would also be going to result in a lot of structures like bridges, and highways, also we have technology as well increasing its growth making it easier for people to life and improve their quality of life in a country.

In every individual we already see it happening having the feeling of our salary not being enough even though we know that our salary is high, but for the most part, it is just because the higher our salary is we tend to increase our way of living as well. I mean who doesn't want to buy things that they want right?

[khiholangkang]

Yes, every economic growth will provide a standard of living that becomes much better than before, this is a social mechanism that basically every region or country or a person who experiences an increase in his economy will change his life to the next level, that's how it works in economics, but it needs to be encouraged with a lot to achieve it such as knowledge, ability and maturity in undergoing a long enough process to improve the economy. Increased demand for products and services can be said that the economy is running well and money rotates according to its function in improving the economy because the circulation of money will affect the purchasing power of the people which will result in the economic growth of a region and if you look longer the standard of living of the region will increase.