Lesson 15

    Cards (23)

    • What is a powerful weapon against poverty?
      Economic growth
    • How do technical advances affect lifestyle?
      They transform ways of living and working
    • What does income growth facilitate in society?
      Generosity to poorer members without tax increases
    • What are the potential costs of economic growth?
      • Opportunity Costs
      • Personal and Social Costs
      • Time Distribution of Costs
      • Negative Externalities
      • Growth and Happiness
    • What is the opportunity cost of economic growth?
      Investment in capital goods and education
    • What does economic growth require in terms of consumption?
      Consuming fewer goods today for more tomorrow
    • What is a primary cost of economic growth?
      Sacrifice of current consumption
    • What are personal costs associated with economic growth?
      Reallocation of resources due to innovation
    • How did the industrial revolution affect skilled workers?
      It destroyed jobs for skilled textile workers
    • What is meant by time distribution of costs in economic growth?
      Future growth costs are borne today
    • What geographical disparities can arise from economic growth?
      Regional losers and gainers from growth
    • What negative externalities are associated with economic growth?
      Increased pollution and environmental threats
    • What types of pollution have increased due to economic growth?
      Smoke, sewage, chemical waste
    • How has population growth affected pollution management?
      It has overwhelmed natural regenerative processes
    • What does growth not necessarily lead to, according to surveys in the USA?
      Increased happiness among the population
    • What did Keynes predict about work hours by 2000?
      People could work a 3-day week comfortably
    • What has accelerated since 1945 regarding resource consumption?
      Rapid increase in consumption of resources
    • What is a critical problem regarding technological advancement?
      Timing of technology to solve resource issues
    • How do demands on renewable resources threaten them?
      They disrupt natural recuperative cycles
    • What is a major issue with resource management?
      Lack of defined property rights and jurisdiction
    • What are the conclusions regarding economic growth?
      • Economic growth has reduced poverty in advanced countries.
      • Problems like starvation and poverty persist.
      • Further growth is needed but must be sustainable.
      • Policy incentives are required for environmentally friendly growth.
    • What does sustainable growth require according to the conclusions?
      Technical change and policy incentives
    • Is there a guarantee that sustainable growth problems will be solved?
      No, but it's not impossible