Question

What do we mean by economic growth? Why do economies grow? In principle, what are the main implications of such growth for the environment?

Answer 1

Economic growth in simple terms can be defined as the growth of an economy over the period of time in terms of production of goods and services

It is generally measured in terms of nominal as well as in real called nominal and real GDPs

Various factors are important for the contribution of economic growth like human capital, resources, etc

• There are multiple reasons for an economy to grow and some of them are to have a better standard of living, happiness index
• It increases the efficiency of the production so that the value of money and exports can be increased and there is an overall development of the economy

-As there is more and more economic growth it also causes Severe impacts on the environment like a high level of air, water, and noise pollution in the growing cities as well as in developed cities.

The economic growth cannot be ignored so there must be some type of techniques to control impacts on the environment as well as achieve better economic growth simultaneously