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Does economic growth depend heavily on population growth?
So I'm taking a class on Macroeconomics, and my professor always tells us how important economic growth is. Thinking about it, though, it seems like an economy could only grow so much before hitting the limitations on resources and such that are imposed by reality.
Since Earth only has a finite amount of resources, and there is exponential population growth, can we really ALWAYS expect economic growth? What I'm really trying to ask is that if we slowed down population growth (actually made it decrease or level off at 0% net change), could we still expect economic growth?
2 Answers
- AmytheusualLv 41 decade agoFavorite Answer
its not the only variable
The most common indicator of well-being is Real GDP per capital.
Productivity is an output produced per hour per worker.
Factors of Productivity:
1-Physical capital equipment, machinery...
2-Human capital: skills, education....
3-Natural resources
Economic growth is subject to diminishing return property. Each extra input brings about less extra output
Source(s): My macro notes - AlvieLv 71 decade ago
The resources in outer space are virtually unlimited. Which means that with good enough technological progress, there is no limit to either economic growth or population growth.