Economic growth and development

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Economic growth and development are usually considered to be beneficial both for individuals and for society as a whole.

What are some advantages and disadvantages of economic development.

In the present age, opinions diverge widely on economic growth and development. While the majority of people think that economic progress can be seen as an advantageous point for not only individuals but also society, some people contend that economic growth and development also brings about some drawbacks.

On the one hand, there is no doubt that economic growth and development bring about some benefits. First, this development is likely to help all the members of society get higher incomes which contribute to improving standard of living. Another perk is that citizens can receive improved public services such as education and health care, which is beneficial for them. Last but not least, for society, economic progress not only alleviate unemployment rate and this therefore reduce significantly the burden on society but also decrease poverty.

On the other hand, economic growth and development are also associated with some problems. The first disadvantage is that there are a lot of negative impacts on the environment such as air pollution, which come from the increase in the emission of carbon as a result of industrialization. Another drawback is the inflation effect, which partly contribute to decreasing the number of local and foreign investments. In addition, economic progress might lead to increasing the gap between the rich and the poor. In other words, there is an increase in wealth inequality.

In conclusion, although economic growth and development are disadvantageous for the society to some extent, such development is much more important for the above-mentioned arguments