Happiness & Economic Growth

Topics: Economics, Gross domestic product, Economic growth Pages: 4 (1219 words) Published: July 1, 2013
Undoubtedly, changes in the economy affect the society, however we should think whether the economic growth brings benefit in terms of wealth and well-being. Economy is an integral part of society, because it defines actions that give rise to the production, distribution, exchange and consumption of goods and services. I would like to focus on the national economy in terms of economy in the UK. Economists to measure economy growth and well-being individual members are looking at the level of GDP per head, which is a measure of national income per person in a particular country.

The UK is housed in first thirty most economically developed countries of the world, which is high level of income on a global scale, a large proportion is engaged in the creation and sale of services, than in the production of goods or agricultural production. Also we can characterize the UK as an open economy, because there exists a trade in goods and services with the other countries, which helps in bringing goods from abroad, for which there is no possibility of manufacturing in UK because of climatic conditions or is it technically impossible.

In addition to description of economic growth is worth considering of globalisation, a process leading to greater integration of countries creating so-called 'one world'. In the context of globalisation can be seen that UK is open to increasing economic activity across international borders which describes a little 'protection' of domestic industry, such as taxes against foreign goods and services or openess to foreign immigrant workers. (Bromley, Clarke, Hinchliffe, Taylor, 2009).

Economic growth affects the production and consumption, in both instances tends to increase the amount of pollution. I would like to highlight the trade-off between environmental protection and economic growth. High economic growth leads to the degradation of land and unsustainable depletion of renewable and non renewable resources. But on the other hand...
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