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Pease answer BOTH of these essay questions. Essay One: After studying of economic growth and listening to the two TED talks that I posted about what future economic growth will be like, I\'d like to know what you think. Are we doomed to a future of slower growth? Or, do we have a higher growth future yet ahead for us? Write an essay that describes why economic growth matters, what the important factors for economic growth are, and the reasons why you are optimistic or pessimistic about our future growth rates. What policy changes would your favor to support future economic growth and why? And.... Essay Two: Describe what fiscal and monetary policy are, who conducts each of them, how changes are made, and drawbacks that each type of policy might have. What do you think the best policy option would be in a deep recession and why do you think that?

Solution

We are doomed to a future of slower economic growth if can not match the innovations, inventions and development of the past 100 years. Better policies and the resurgent innovative steps and inventions can only lead us to a higher economic growth in future.

Economic growth means a rise in real GDP or efficiently it means a increase in national income, national output as well as total expenditure. Economic growth ought to facilitate a increase in living values and superior use of goods and services, which leads to economic growth. Nevertheless, this unsophisticated importance on economic growth is over and over again criticized for the reason that living standards depend on a lot of more factors than just increase in the real GDP. Many economists suggest that a extra practical measure is to look at a more wider choice of factors, such as the Human Development Index (HDI)

Economic growth can help various macroeconomic objectives

First and foremost through the supply side soaring marginal tax rates can dispirit work, saving, investment, and innovation, at the same time as specific tax preferences can have an effect on the distribution of economic resources.

Policy changes to promote economic growth

Fiscal policy is the means by which a government adjusts its expenditure levels as well as tax rates to watch and manipulate a nation\'s economy

Monetary policy is the method by the means of which the monetary authority of a country reins the supply of money, time and again targeting an inflation rate to make sure price constancy and universal trust in the currency.

Drawbacks of monetary and fiscal policy

whilst interest rates are lay down too low, over-borrowing at unnaturally cheap rates can occur. Which can cause a speculative bubble and thus prices increase too rapidly and to oddly high levels. Adding up more money to the economy can also run the danger of causing out of power inflation because the principle of supply and demand, if more money is existing in flow, the worth of every unit of money will be valueless given an unchanged level of demand which maks things priced in that money technically more costly.

if a government spends more money yearly than it takes in can create a deficit. If expenditure is high and taxes are low for too long, such kind of deficit can persist

to broaden to dangerous levels.

I’m optimistic that we will continue to upheld the integrity of development and innovation in the future but I’m pessimistic about the government policies that they may not match the growing needs