Discuss whether economic growth is always advantageous. [7]
Economic growth has various advantages and at the same time it has some disadvantages also. One of the advantages of economic growth could be increase in employment. When there is an increase in output, it means the employment also increases. There will be more people employed. Secondly this increase in employment increases the income of the people as well as the income of the country. Thirdly increase in employment and income of the people will bring an improvement in the living standard for the country.
However, Economic growth can result high inflation due to increase in the demand for goods and services in the country which is a cost to the economy. Moreover it might results moreexploitation of economic resources which might be a problem for the future generations. Economic growth also creates lots of externalities such as pollution. In my opinion, there are more advantages than disadvantages which mean economic growth is beneficial.
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