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Growth imperative is a term in economic theory regarding a possible necessity of economic growth. On the micro level, it describes mechanisms that force firms or consumers (households) to increase revenues or consumption to not endanger their income.
According to the linear stages of growth model, a correctly designed massive injection of capital coupled with intervention by the public sector would ultimately lead to industrialization and economic development of a developing nation. [3] The Rostow's stages of growth model is the most well-known example of the linear stages of growth model. [3]
Social development theory attempts to explain qualitative changes in the structure and framework of society, that help the society to better realize aims and objectives.. Development can be defined in a manner applicable to all societies at all historical periods as an upward ascending movement featuring greater levels of energy, efficiency, quality, productivity, complexity, comprehension ...
It is widely accepted that inclusive growth is practically challenging to be achieved in real world. [8] On the one hand, there is a lack of a comprehensive and worldly recognised set of standards to systematically measure the inclusiveness of growth, which makes data collection and policy evaluation difficult. [9]
Social Progress Imperative evaluated hundreds of possible indicators while developing the Social Progress Index, including engaging researchers at the Massachusetts Institute of Technology (MIT) to determine what indicators best differentiated the performance of nations. The index uses outcome measures when there are sufficient data available ...
An endogenous growth theory implication is that policies that embrace openness, competition, change and innovation will promote growth. [ citation needed ] Conversely, policies that have the effect of restricting or slowing change by protecting or favouring particular existing industries or firms are likely, over time, to slow growth to the ...
Examples would be where market mechanisms fail for public goods. Existing societies, economies, and cultures encourage increased consumption. There is a structural imperative for growth in competitive market economies. This inhibits necessary societal change. [89]
Economic development has traditionally required a growth in the gross domestic product. This model of unlimited personal and GDP growth may be over. Sustainable development may involve improvements in the quality of life for many but may necessitate a decrease in resource consumption. [52] "Growth" generally ignores the direct effect that the ...