Growth | All the action from the casino floor: news, views and more

growth | All the action from the casino floor: news, views and more

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Increases in productivity are the major factor responsible for per capita economic growth — this has been especially evident since the midth century.

Most of the economic growth in the 20th century was due to increased output per unit of labor, materials, energy, and land less input per widget.

The balance of the growth in output has come from using more inputs. Both of these changes increase output. The increased output included more of the same goods produced previously and new goods and services.

During the Industrial Revolution , mechanization began to replace hand methods in manufacturing, and new processes streamlined production of chemicals, iron, steel, and other products.

During the Second Industrial Revolution , a major factor of productivity growth was the substitution of inanimate power for human and animal labor.

Also there was a great increase in power as steam powered electricity generation and internal combustion supplanted limited wind and water power.

Other productivity improvements included mechanized agriculture and scientific agriculture including chemical fertilizers and livestock and poultry management, and the Green Revolution.

Interchangeable parts made with machine tools powered by electric motors evolved into mass production , which is universally used today.

Great sources of productivity improvement in the late 19th century were railroads, steam ships, horse-pulled reapers and combine harvesters , and steam -powered factories.

By the late 19th century both prices and weekly work hours fell because less labor, materials, and energy were required to produce and transport goods.

However, real wages rose, allowing workers to improve their diet, buy consumer goods and afford better housing. Mass production of the s created overproduction , which was arguably one of several causes of the Great Depression of the s.

New goods and services included television, air conditioning and commercial aviation after , creating enough new demand to stabilize the work week.

Economic growth in the United States slowed down after Productivity in the United States grew at an increasing rate throughout the 19th century and was most rapid in the early to middle decades of the 20th century.

The work week declined considerably over the 19th century. Demographic factors may influence growth by changing the employment to population ratio and the labor force participation rate.

Women with fewer children and better access to market employment tend to join the labor force in higher percentages. There is a reduced demand for child labor and children spend more years in school.

The increase in the percentage of women in the labor force in the U. In economics and economic history, the transition to capitalism from earlier economic systems was enabled by the adoption of government policies that facilitated commerce and gave individuals more personal and economic freedom.

These included new laws favorable to the establishment of business, including contract law and laws providing for the protection of private property, and the abolishment of anti-usury laws.

Enforcement of contractual rights is necessary for economic development because it determines the rate and direction of investments.

When the rule of law is absent or weak, the enforcement of property rights depends on threats of violence, which causes bias against new firms because they can not demonstrate reliability to their customers.

Much of this literature was built on the success story of the British state that after the Glorious Revolution of combined high fiscal capacity with constraints on the power of the king generating some respect for the rule of law.

There are many different ways through which states achieved state fiscal capacity and this different capacity accelerated or hindered their economic development.

Thanks to the underlying homogeneity of its land and people, England was able to achieve a unified legal and fiscal system since the Middle Ages that enabled it to substantially increase the taxes it raised after Many of these intermediate level institutions relied on informal private-order arrangements that combined with public-order institutions associated with states, to lay the foundations of modern rule of law states.

In many poor and developing countries much land and housing is held outside the formal or legal property ownership registration system.

In many urban areas the poor "invade" private or government land to build their houses, so they do not hold title to these properties.

Much unregistered property is held in informal form through various property associations and other arrangements. Reasons for extra-legal ownership include excessive bureaucratic red tape in buying property and building.

In some countries it can take over steps and up to 14 years to build on government land. Other causes of extra-legal property are failures to notarize transaction documents or having documents notarized but failing to have them recorded with the official agency.

Not having clear legal title to property limits its potential to be used as collateral to secure loans, depriving many poor countries one of their most important potential sources of capital.

Unregistered businesses and lack of accepted accounting methods are other factors that limit potential capital.

Businesses and individuals participating in unreported business activity and owners of unregistered property face costs such as bribes and pay-offs that offset much of any taxes avoided.

Specifically, "democracy increases future GDP by encouraging investment, increasing schooling, inducing economic reforms, improving public goods provision, and reducing social unrest.

Policy makers and scholars frequently emphasize the importance of entrepreneurship for economic growth. However, surprisingly few research empirically examine and quantify entrepreneurship's impact on growth.

This is due to endogeneity - forces that drive economic growth also drive entrepreneurship. In other words, the empirical analysis of the impact of entrepreneurship on growth is difficult because of the joint determination of entrepreneurship and economic growth.

A few papers use quasi-experimental designs, and have found that entrepreneurship and the density of small businesses indeed have a causal impact on regional growth.

Capital in economics ordinarily refers to physical capital, which consists of structures largest component of physical capital and equipment used in business machinery, factory equipment, computers and office equipment, construction equipment, business vehicles, medical equipment, etc.

Capital is subject to diminishing returns because of the amount that can be effectively invested and because of the growing burden of depreciation.

In the development of economic theory the distribution of income was considered to be between labor and the owners of land and capital.

In recent decades there have been several Asian countries with high rates of economic growth driven by capital investment.

Another major cause of economic growth is the introduction of new products and services and the improvement of existing products.

New products create demand, which is necessary to offset the decline in employment that occurs through labor saving technology and to a lesser extent employment declines due to savings in energy and materials.

Also, the creation of new services has been more important than invention of new goods. Economic growth in the U.

The transition from an agricultural economy to manufacturing increased the size of the sector with high output per hour the high-productivity manufacturing sector , while reducing the size of the sector with lower output per hour the lower productivity agricultural sector.

Eventually high productivity growth in manufacturing reduced the sector size, as prices fell and employment shrank relative to other sectors.

In classical Ricardian economics, the theory of production and the theory of growth are based on the theory or law of variable proportions, whereby increasing either of the factors of production labor or capital , while holding the other constant and assuming no technological change, will increase output, but at a diminishing rate that eventually will approach zero.

Malthus's examples included the number of seeds harvested relative to the number of seeds planted capital on a plot of land and the size of the harvest from a plot of land versus the number of workers employed.

Criticisms of classical growth theory are that technology, an important factor in economic growth, is held constant and that economies of scale are ignored.

According to Harrod, the natural growth rate is the maximum rate of growth allowed by the increase of variables like population growth, technological improvement and growth in natural resources.

In fact, the natural growth rate is the highest attainable growth rate which would bring about the fullest possible employment of the resources existing in the economy.

Robert Solow and Trevor Swan developed what eventually became the main model used in growth economics in the s. Capital accumulates through investment, but its level or stock continually decreases due to depreciation.

This condition is called the 'steady state'. As a consequence, growth in the model can occur either by increasing the share of GDP invested or through technological progress.

As a consequence, with world technology available to all and progressing at a constant rate, all countries have the same steady state rate of growth.

Implicitly in this model rich countries are those that have invested a high share of GDP for a long time. Poor countries can become rich by increasing the share of GDP they invest.

One important prediction of the model, mostly borne out by the data, is that of conditional convergence ; the idea that poor countries will grow faster and catch up with rich countries as long as they have similar investment and saving rates and access to the same technology.

The Solow—Swan model is considered an "exogenous" growth model because it does not explain why countries invest different shares of GDP in capital nor why technology improves over time.

Instead the rate of investment and the rate of technological progress are exogenous. The value of the model is that it predicts the pattern of economic growth once these two rates are specified.

Its failure to explain the determinants of these rates is one of its limitations. Although the rate of investment in the model is exogenous, under certain conditions the model implicitly predicts convergence in the rates of investment across countries.

In a global economy with a global financial capital market, financial capital flows to the countries with the highest return on investment. Unsatisfied with the assumption of exogenous technological progress in the Solow—Swan model, economists worked to " endogenize " i.

Unlike physical capital , human capital has increasing rates of return. Research done in this area has focused on what increases human capital e.

Unified growth theory was developed by Oded Galor and his co-authors to address the inability of endogenous growth theory to explain key empirical regularities in the growth processes of individual economies and the world economy as a whole.

Endogenous growth theory was satisfied with accounting for empirical regularities in the growth process of developed economies over the last hundred years.

As a consequence, it was not able to explain the qualitatively different empirical regularities that characterized the growth process over longer time horizons in both developed and less developed economies.

Unified growth theories are endogenous growth theories that are consistent with the entire process of development, and in particular the transition from the epoch of Malthusian stagnation that had characterized most of the process of development to the contemporary era of sustained economic growth.

One popular theory in the s was the big push model , which suggested that countries needed to jump from one stage of development to another through a virtuous cycle , in which large investments in infrastructure and education coupled with private investments would move the economy to a more productive stage, breaking free from economic paradigms appropriate to a lower productivity stage.

Schumpeterian growth is an economic theory named after the 20th-century Austrian economist Joseph Schumpeter. In doing so, they make old technologies or products obsolete.

This can be seen as an annulment of previous technologies, which makes them obsolete, and "destroys the rents generated by previous innovations.

According to Daron Acemoglu , Simon Johnson and James Robinson , the positive correlation between high income and cold climate is a by-product of history.

Europeans adopted very different colonization policies in different colonies, with different associated institutions. In places where these colonizers faced high mortality rates e.

In these 'neo-Europes' better institutions in turn produced better development outcomes. Thus, although other economists focus on the identity or type of legal system of the colonizers to explain institutions, these authors look at the environmental conditions in the colonies to explain institutions.

For instance, former colonies have inherited corrupt governments and geo-political boundaries set by the colonizers that are not properly placed regarding the geographical locations of different ethnic groups, creating internal disputes and conflicts that hinder development.

In another example, societies that emerged in colonies without solid native populations established better property rights and incentives for long-term investment than those where native populations were large.

Many theoretical and empirical analyses of economic growth attribute a major role to a country's level of human capital , defined as the skills of the population or the work force.

Human capital has been included in both neoclassical and endogenous growth models. A country's level of human capital is difficult to measure, since it is created at home, at school, and on the job.

The most commonly-used measure of human capital is the level average years of school attainment in a country, building upon the data development of Robert Barro and Jong-Wha Lee.

One problem with the schooling attainment measure is that the amount of human capital acquired in a year of schooling is not the same at all levels of schooling and is not the same in all countries.

This measure also presumes that human capital is only developed in formal schooling, contrary to the extensive evidence that families, neighborhoods, peers, and health also contribute to the development of human capital.

Eric Hanushek and Dennis Kimko introduced measures of students' mathematics and science skills from international assessments into growth analysis.

He shows that economic growth is not correlated with average scores in more educated countries. They show that the level of students' cognitive skills can explain the slow growth in Latin America and the rapid growth in East Asia.

Energy economic theories hold that rates of energy consumption and energy efficiency are linked causally to economic growth.

A fixed relationship between historical rates of global energy consumption and the historical accumulation of global economic wealth has been observed.

These include the great improvements in efficiency of conversion of heat to work, the reuse of heat, the reduction in friction and the transmission of power, especially through electrification.

For example, the United Kingdom experienced a 1. It grew to 1,, million pounds by A growth rate that averaged 1.

The large impact of a relatively small growth rate over a long period of time is due to the power of exponential growth.

For example, a growth rate of 2. Thus, a small difference in economic growth rates between countries can result in very different standards of living for their populations if this small difference continues for many years.

One theory that relates economic growth with quality of life is the "Threshold Hypothesis", which states that economic growth up to a point brings with it an increase in quality of life.

But at that point — called the threshold point — further economic growth can bring with it a deterioration in quality of life. Economic growth has the indirect potential to alleviate poverty , as a result of a simultaneous increase in employment opportunities and increased labor productivity.

In some instances, quality of life factors such as healthcare outcomes and educational attainment, as well as social and political liberties, do not improve as economic growth occurs.

Productivity increases do not always lead to increased wages, as can be seen in the United States , where the gap between productivity and wages has been rising since the s.

Economists distinguish between short-run economic changes in production and long-run economic growth. Short-run variation in economic growth is termed the business cycle.

Generally, economists attribute the ups and downs in the business cycle to fluctuations in aggregate demand. In contrast, economic growth is concerned with the long-run trend in production due to structural causes such as technological growth and factor accumulation.

Some theories developed in the s suggested possible avenues through which inequality may have a positive effect on economic development.

Later analysis, such as the political economy approach, developed by Alesina and Rodrik and Persson and Tabellini , stressed the negative impacts of inequality on economic development; inequality generates a pressure to adopt redistributive policies that have an adverse effect on investment and economic growth.

The credit market imperfection approach, developed by Galor and Zeira , argued that inequality in the presence of credit market imperfections has a long lasting detrimental effect on human capital formation and economic development.

A study by Perotti showed that in accordance with the credit market imperfection approach, inequality is associated with lower level of human capital formation education, experience, apprenticeship and higher level of fertility, while lower level of human capital is associated with lower growth and lower levels of economic growth.

In contrast, his examination of the political economy channel found no support for the political economy mechanism.

A review stated that high inequality lowers growth, perhaps because it increases social and political instability; however, changes in the degree of inequality have a relatively minor effect on growth.

Research by Robert Barro , found that there is "little overall relation between income inequality and rates of growth and investment".

According to Barro, high levels of inequality reduce growth in relatively poor countries but encourage growth in richer countries.

According to Andrew Berg and Jonathan Ostry of the International Monetary Fund , inequality in wealth and income is negatively correlated with subsequent economic growth.

In , French economist Thomas Piketty postulated that in periods when the average annual rate on return on investment in capital r exceeds the average annual growth in economic output g , the rate of inequality will increase.

An advocate of reducing inequality levels, Piketty suggests levying a global wealth tax in order to reduce the divergence in wealth caused by inequality.

While acknowledging the central role economic growth can potentially play in human development , poverty reduction and the achievement of the Millennium Development Goals , it is becoming widely understood amongst the development community that special efforts must be made to ensure poorer sections of society are able to participate in economic growth.

Critics such as the Club of Rome argue that a narrow view of economic growth, combined with globalization, is creating a scenario where we could see a systemic collapse of our planet's natural resources.

Concerns about negative environmental effects of growth have prompted some people to advocate lower levels of growth, or the abandoning of growth altogether.

In academia, concepts like uneconomic growth , steady-state economy and degrowth have been developed in order to achieve this. In politics, green parties embrace the Global Greens Charter , recognising that " Those more optimistic about the environmental impacts of growth believe that, though localized environmental effects may occur, large-scale ecological effects are minor.

The argument, as stated by commentator Julian Lincoln Simon , states that if these global-scale ecological effects exist, human ingenuity will find ways to adapt to them.

Up to the present, there is a close correlation between economic growth and the rate of carbon dioxide emissions across nations, although there is also a considerable divergence in carbon intensity carbon emissions per GDP.

As a consequence, growth-oriented environmental economists propose government intervention into switching sources of energy production, favouring wind , solar , hydroelectric , and nuclear.

This would largely confine use of fossil fuels to either domestic cooking needs such as for kerosene burners or where carbon capture and storage technology can be cost-effective and reliable.

Because carbon capture and storage is as yet widely unproven, and its long term effectiveness such as in containing carbon dioxide 'leaks' unknown, and because of current costs of alternative fuels, these policy responses largely rest on faith of technological change.

British conservative politician and journalist Nigel Lawson has deemed carbon emission trading an 'inefficient system of rationing '.

Instead, he favours carbon taxes to make full use of the efficiency of the market. However, in order to avoid the migration of energy-intensive industries, the whole world should impose such a tax, not just Britain, Lawson pointed out.

There is no point in taking the lead if nobody follows suit. Many earlier predictions of resource depletion, such as Thomas Malthus ' predictions about approaching famines in Europe, The Population Bomb , [] [] and the Simon—Ehrlich wager [] have not materialized.

Growth , the increases in cell size and number that take place during the life history of an organism. It is important to realize that the plant, with its two transport systems, xylem and phloem, is able to move any substance to virtually any part of its body; the direction of transport is usually opposite in the two systems, and transfer from one….

Growth is seldom random. Rather, it occurs according to a plan that eventually determines the size and shape of the individual. Growth may be restricted to special regions of the organism, such as the layers of cells that divide and increase in size near the tip of the plant shoot.

Or the cells engaged in growth may be widely distributed throughout the body of the organism, as in the human embryo. In the latter case, the rates of cell division and of the increase in cell size differ in different parts.

That the pattern of growth is predetermined and regular in plants and animals can be seen in the forms of adults. In some organisms, however, notably the slime molds, no regular pattern of growth occurs, and a formless cytoplasmic mass is the result.

The rate of growth of various components of an organism may have important consequences in its ability to adapt to the environment and hence may play a role in evolution.

For instance, an increase in the rate of growth of fleshy parts of the fish fin would provide an opportunity for the fish to adapt more easily to terrestrial locomotory life than could a fish without this modified fin.

Without disproportionate growth of the fin—ultimately resulting from random changes in the genetic material mutations —the evolution of limbs through natural selection might have been impossible.

The increase in size and changes in shape of a developing organism depend on the increase in the number and size of cells that make up the individual.

Increase in cell number occurs by a precise cellular reproductive mechanism called mitosis. During mitosis the chromosomes bearing the genetic material are reproduced in the nucleus, and then the doubled chromosomes are precisely distributed to the two daughter cells, one of each chromosomal type going to each daughter cell.

Each end of the dividing cell receives a complete set of chromosomes before the ends separate. In animal cells this is a pinching off cytokinesis of the cell membrane; in plant cells a new cellulose wall forms between the new cells.

During the period of cell life preceding the actual distribution of chromosomes, the mother cell often grows to twice its original size.

Hence, a cycle consisting of cell growth and cell division is established. Cell growth—an increase in cytoplasmic mass, chromosome number , and cell surface—is followed by cell division, in which the cytoplasmic mass and chromosomes are distributed to the daughter cells.

An increase in cytoplasmic mass does not always occur during cell-division cycles, however. During the early development of an embryo, for example, the original egg cell, usually a very large cell, undergoes repeated series of cell divisions without any intervening growth periods; as a result, the original egg cell divides into thousands of small cells.

Only after the embryo can obtain food from its environment does the usual pattern of growth and mitosis occur.

The fact that most plant cells undergo extensive size increase unaccompanied by cell division is an important distinction between growth in plants and in animals.

Daughter cells arising from cell division behind the tip of the plant root or shoot may undergo great increases in volume. This is accomplished through uptake of water by the cells; the water is stored in a central cavity called a vacuole.

The intake of water produces a pressure that, in combination with other factors, pushes on the cellulose walls of the plant cells, thereby increasing the length, girth, and stiffness turgor of the cells and plant.

In plants, much of the size increase occurs after cell division and results primarily from an increase in water content of the cells without much increase in dry weight.

The very young developing plant embryo has many cells distributed throughout its mass that undergo the cycle of growth and cell division.

As soon as the positions of the root tip, shoot tip, and embryonic leaves become established, however, the potential for cell division becomes restricted to cells in certain regions called meristems.

One meristematic centre lies just below the surface of the growing root; all increases in the number of cells of the primary root occur at this point.

Some of the daughter cells remain at the elongating tip and continue to divide. Other daughter cells, which are left behind in the root, undergo the increase in length that enables the new root to push deeper into the soil.

The same general plan is evident in the growing shoot of higher plants, in which a restricted meristematic region at the tip is responsible for the formation of the cells of the leaves and stem; cell elongation occurs behind this meristematic centre.

The young seedling secondarily develops cells associated with the vascular strands of phloem and xylem—tissues that carry water to the leaves from the soil and sugar from the leaves to the rest of the plant.

These cells can divide again, providing new cell material for development of a woody covering and for more elaborate vascular strands.

Hence, the growth of higher plants— i. These activities occur throughout the period of plant growth. The growth of animals is more restricted in time than is that of plants, but cell division is more generally distributed throughout the body of the organism.

Although the rate of cell division differs in different regions, the capacity for cell division is widely distributed in the developing embryo.

Increase in size is rapid during the embryonic period, continues at a reduced rate in juveniles, and thereafter is absent. Cell division and size increase continue, however, even after increase in total body size no longer occurs.

Because these events are balanced by cell death , post-juvenile increase in cell number is primarily a replacement phenomenon.

Height increase in mammals is limited by cessation of cell division and bone deposition in the long bones. The long juvenile period of growth in humans is unusual, most higher animals attaining mature size soon after the end of embryonic development.

Some organ systems undergo little cell division and growth after birth; for instance, all of the germ cells precursors of egg cells of the female are formed by the time of birth.

Similarly, all of the nerve cells of the brain are formed by the end of the embryonic period. Further increase in the size of the nervous system occurs by outgrowth of nerve fibres and deposition of a fatty insulation material along them.

Although the greatest increase in size of nerve cells occurs, as in plant cells, after the cessation of cell division, the nerve fibre outgrowth in animals represents a true increase in the amount of cytoplasm and cell surface and not just an uptake of water.

Some organs retain the potential for growth and cell division throughout the life span of the animal. The liver , for example, continues to form new cells to replace senescent and dying ones.

Although cell division and growth occur throughout the liver, other organs have a special population of cells, called stem cells , that retain the capacity for cell division.

The cells that produce the circulating red cells of mammalian blood are found only in the marrow of the long bones. They form a permanent population of dividing cells, replacing the red cells that continuously die and disappear from the circulation.

The rates of both growth and cell division can vary widely in different body parts. This differential increase in size is a prime factor in defining the shape of an organism.

When growth is not properly regulated, anomalies and tumours may result. If the increase in the number of liver cells is abnormal, for example, tumours of the liver, or hepatomas, may result.

In fact, one feature of malignant tumours, or cancers , is the absence of the usual growth patterns and rates. The cells of malignant tumours, in addition to having abnormal growth rates, have altered adhesive properties, which enable them to detach easily from the tumour; in this way the cells may spread to other parts of the body metastasize and grow in unusual locations.

It is the growth of tumours in places other than the organ of origin that usually causes the death of an organism. Tumours may vary widely in their growth rates.

They may grow very rapidly or so slowly that the rate approaches that of normal cell division in adult tissues.

Tumours are not only characterized by an increase in the rate of cell division but also by abnormal patterns of growth.

The new cells formed in the tumour are not organized and incorporated into the structure of the organ and may form large nodules.

These abnormal growths may present no medical problems e. Not all abnormal growths are tumours. If a tree is partially burned, cells below the bark produce a new covering for the exposed vascular strands.

Growth may not be normal, and an obvious scar or growth of the new bark is apparent. Similarly, if the skin of a mammal is severely injured, the repair, although abnormal and imperfect, causes the organism no physiological difficulty.

Many organisms possess the ability to regrow, or regenerate, with varying degrees of perfection, parts of the body that are lost or injured.

Salamanders possess remarkable powers of regeneration, being able to form new eyes or a new limb if the original is lost. Lizards can regenerate a new tail; even humans can regenerate parts of the liver.

The reasons for the differences in regenerative powers in different animals remain a fascinating mystery of great practical importance.

When regeneration does occur, some specialized cells usually lose their specialized characteristics and enter a period of an increased rate of cell division; subsequently, the new cells respecialize into the tissues of the original body part.

Plants whose tops are lost as in pruning can also sometimes form new meristematic centres from dormant tissues and produce new shoots.

Many organs of animals occur in pairs, and if one is lost the remaining member increases in size, as if responding to the demands of increased use.

If one of the two kidneys of a human is removed, for example, the other increases in size. This is called a compensatory reaction and may occur either by some increase in cell size hypertrophy , by an increase in the rate of cell division hyperplasia , or both.

Although an increase in cell number is primarily responsible for the compensatory reaction of the kidney, the number of individual filtration units glomeruli does not increase.

Hence, cell division increases the size of glomeruli but not the total number. Some of the most striking examples of increases in cell size in animals take place during stimulation of endocrine organs, which secrete regulatory substances called hormones; when the thyroid gland is stimulated, for example, the individual cells of the gland may increase dramatically in size.

The environment in which an organism lives plays an important role in modifying the rate and extent of growth. Environmental factors may be either physical e.

Organisms and the cells of which they are composed are extremely sensitive to temperature changes; as the temperature decreases, the biochemical reactions necessary for life occur more slowly.

The width of trees increases partly by cell division and enlargement of secondary meristematic tissue below the bark.

During the cold of winter, cell division and enlargement may cease completely; but during the spring renewed growth occurs. This intermittent growth is influenced by temperature, light, and water.

The amount of growth may decrease considerably if the spring is cold, if day length is changed by obstructions blocking the sunlight, or if a drought occurs.

In fact, the width of the growth rings visible on the surface of the cut tree trunk provides a partial history of climatic conditions, the spacing of the growth rings of different size having been correlated with known periods of drought and cold to provide reliable archaeological dating of various structures, as in the timbers used in Indian pueblos in the southwestern United States.

Temperature also affects both warm- and cold-blooded animals. In animals that do not become dormant, increased demands for food consumption occur during cold periods to provide energy to maintain body temperature; this utilization of food energy may limit the energy available for size increase if food is in short supply.

Because atmospheric pressure is relatively constant except in the mountains, it probably is of little importance in growth regulation.

Tissues of deep-sea fishes must have become adapted to such pressure effects, which have been little studied thus far. Movements of the terrestrial atmosphere—winds—may affect growth patterns in trees and shrubs, as is evident in the exotic shapes of certain conifers that grow along coastlines exposed to strong prevailing winds.

Of all the physical factors, light plays the best understood and most dramatic role. Many of the effects of light on plant growth are obvious and direct.

Light energy is the driving force for photosynthesis , the series of chemical reactions in green plants in which carbon dioxide and water form carbohydrates and upon which all life ultimately depends.

Insufficient light causes death or retardation of growth in green plants. But light also has indirect effects of great importance. Green plants possess small amounts of a pigment called phytochrome that can exist in two forms.

These conversions have dramatic consequences; for example, red light inhibits stem elongation and lateral root formation but stimulates leaf expansion, chloroplast development, red flower coloration , and spore germination.

Cycles of red and far-red light also can affect flower formation. The effects of light on animals, although less obvious, may be important, as, for example, the effect of light on growth of the reproductive system of some animals.

Increase in day length, hence in the amount of light, seems to initiate growth and development of the sex organs gonads in some birds during the spring.

Curiously, the eyes are not the receptors for the light signal that activates the endocrine system to initiate growth of gonads; rather, cells deep in the brain are sensitive to the small amounts of light that pass directly through the thin skull of the bird.

Most animals show cyclic activity, or rhythms, in various important physical e. These rhythms are often regulated by short exposure to light.

Chemical factors of importance in the environment include the gases in the atmosphere and the water, mineral, and nutritional content of food.

A supply and demand diagram, illustrating the effects of an increase in demand. Comments on growth What made you want to look up growth? The argument, as stated by commentator Julian Lincoln Simonstates that if these global-scale ecological effects exist, human Super Flip - Rizk Casino will find ways to adapt to them. Sign up for our Demystified newsletter and get dauerhaft im casino gewinnen free guide. However, in order to avoid the migration of energy-intensive industries, the whole world should impose such a tax, not just Britain, Lawson pointed out. Critics eu pga as the Club of Rome argue that a narrow view of economic growth, combined with globalization, is creating a scenario where we could see a systemic collapse of our planet's natural resources. Gregory ; Romer, David ; Weil, David Criticisms of classical growth free games sizzling hot deluxe are that technology, an important factor in economic growth, is held constant and that economies of scale are sex with hors. As a consequence, with world kostenlos spielen casino book of ra available to all and progressing at a constant rate, all countries have the same steady state rate of growth. International Policy Centre for Inclusive Growth. It is türkei england em quali ergebnisse heute be confused with Steady-state economy. Some of the daughter cells remain at the elongating tip and continue to divide. The limits for both total body size and organ size are probably established by genetic mechanisms.

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Test your vocabulary with our question quiz! Do you know the person or title these quotes describe? Examples of growth in a Sentence He had a growth spurt when he was 16 years old.

She's concerned that the medication might slow her child's growth. He discovered a substance that promotes the growth of new blood vessels.

The city has undergone explosive growth in recent years. He sees his college years as an opportunity for personal growth.

It's important to prune the bush every year to encourage new growth. Their profits have averaged five percent growth in the last four years.

The tree has an average annual growth of almost a foot. Recent Examples on the Web Overall, the economy, especially job growth , is strong and that is clearly translating into a purchase market.

First Known Use of growth , in the meaning defined at sense 1a 1. History and Etymology for growth see grow. Learn More about growth. Resources for growth Time Traveler!

Explore the year a word first appeared. Dictionary Entries near growth grow out grow out of grow plants from seed growth growth area growth company growth cone.

Phrases Related to growth growth area growth cycle growth potential growth spurt. Time Traveler for growth The first known use of growth was in See more words from the same year.

More Definitions for growth. Kids Definition of growth. More from Merriam-Webster on growth See words that rhyme with growth Thesaurus: All synonyms and antonyms for growth Spanish Central: Translation of growth Nglish: Translation of growth for Spanish Speakers Britannica English: In contrast, economic growth is concerned with the long-run trend in production due to structural causes such as technological growth and factor accumulation.

Some theories developed in the s suggested possible avenues through which inequality may have a positive effect on economic development. Later analysis, such as the political economy approach, developed by Alesina and Rodrik and Persson and Tabellini , stressed the negative impacts of inequality on economic development; inequality generates a pressure to adopt redistributive policies that have an adverse effect on investment and economic growth.

The credit market imperfection approach, developed by Galor and Zeira , argued that inequality in the presence of credit market imperfections has a long lasting detrimental effect on human capital formation and economic development.

A study by Perotti showed that in accordance with the credit market imperfection approach, inequality is associated with lower level of human capital formation education, experience, apprenticeship and higher level of fertility, while lower level of human capital is associated with lower growth and lower levels of economic growth.

In contrast, his examination of the political economy channel found no support for the political economy mechanism.

A review stated that high inequality lowers growth, perhaps because it increases social and political instability; however, changes in the degree of inequality have a relatively minor effect on growth.

Research by Robert Barro , found that there is "little overall relation between income inequality and rates of growth and investment".

According to Barro, high levels of inequality reduce growth in relatively poor countries but encourage growth in richer countries.

According to Andrew Berg and Jonathan Ostry of the International Monetary Fund , inequality in wealth and income is negatively correlated with subsequent economic growth.

In , French economist Thomas Piketty postulated that in periods when the average annual rate on return on investment in capital r exceeds the average annual growth in economic output g , the rate of inequality will increase.

An advocate of reducing inequality levels, Piketty suggests levying a global wealth tax in order to reduce the divergence in wealth caused by inequality.

While acknowledging the central role economic growth can potentially play in human development , poverty reduction and the achievement of the Millennium Development Goals , it is becoming widely understood amongst the development community that special efforts must be made to ensure poorer sections of society are able to participate in economic growth.

Critics such as the Club of Rome argue that a narrow view of economic growth, combined with globalization, is creating a scenario where we could see a systemic collapse of our planet's natural resources.

Concerns about negative environmental effects of growth have prompted some people to advocate lower levels of growth, or the abandoning of growth altogether.

In academia, concepts like uneconomic growth , steady-state economy and degrowth have been developed in order to achieve this.

In politics, green parties embrace the Global Greens Charter , recognising that " Those more optimistic about the environmental impacts of growth believe that, though localized environmental effects may occur, large-scale ecological effects are minor.

The argument, as stated by commentator Julian Lincoln Simon , states that if these global-scale ecological effects exist, human ingenuity will find ways to adapt to them.

Up to the present, there is a close correlation between economic growth and the rate of carbon dioxide emissions across nations, although there is also a considerable divergence in carbon intensity carbon emissions per GDP.

As a consequence, growth-oriented environmental economists propose government intervention into switching sources of energy production, favouring wind , solar , hydroelectric , and nuclear.

This would largely confine use of fossil fuels to either domestic cooking needs such as for kerosene burners or where carbon capture and storage technology can be cost-effective and reliable.

Because carbon capture and storage is as yet widely unproven, and its long term effectiveness such as in containing carbon dioxide 'leaks' unknown, and because of current costs of alternative fuels, these policy responses largely rest on faith of technological change.

British conservative politician and journalist Nigel Lawson has deemed carbon emission trading an 'inefficient system of rationing '.

Instead, he favours carbon taxes to make full use of the efficiency of the market. However, in order to avoid the migration of energy-intensive industries, the whole world should impose such a tax, not just Britain, Lawson pointed out.

There is no point in taking the lead if nobody follows suit. Many earlier predictions of resource depletion, such as Thomas Malthus ' predictions about approaching famines in Europe, The Population Bomb , [] [] and the Simon—Ehrlich wager [] have not materialized.

Diminished production of most resources has not occurred so far, one reason being that advancements in technology and science have allowed some previously unavailable resources to be produced.

In the case of the limited resource of land, famine was relieved firstly by the revolution in transportation caused by railroads and steam ships, and later by the Green Revolution and chemical fertilizers, especially the Haber process for ammonia synthesis.

Resource quality is composed of a variety of factors including ore grades, location, altitude above or below sea level, proximity to railroads, highways, water supply and climate.

These factors affect the capital and operating cost of extracting resources. In the case of minerals, lower grades of mineral resources are being extracted, requiring higher inputs of capital and energy for both extraction and processing.

Copper ore grades have declined significantly over the last century. Offshore oil and gas has exponentially increasing cost as water depth increases.

Some physical scientists like Al Bartlett regard continuous economic growth as unsustainable. In , The Limits to Growth study modeled limitations to infinite growth; originally ridiculed, [] [] [] these models have been validated and updated.

Malthusians such as William R. Such advances and increases in efficiency, they suggest, merely accelerate the drawing down of finite resources.

Catton claims that increasing rates of resource extraction are " From Wikipedia, the free encyclopedia. Gross domestic product real growth rates, — and —, in selected countries.

Rate of change of Gross domestic product , world and Organisation for Economic Co-operation and Development , since A supply and demand diagram, illustrating the effects of an increase in demand.

History of economics Schools of economics Mainstream economics Heterodox economics Economic methodology Economic theory Political economy Microeconomics Macroeconomics International economics Applied economics Mathematical economics Econometrics.

Economic systems Economic growth Market National accounting Experimental economics Computational economics Game theory Operations research.

Bank reserves requirements Discount window Gold reserves Interest rate Monetary authority central bank currency board Monetary base Monetary currency union Money supply.

Non-tax revenue Tax revenue Discretionary spending Mandatory spending. Balanced budget Economic growth Price stability.

Fiscal adjustment Monetary reform. Productivity improving technologies economic history. Rostow's stages of growth. This section is about a neoclassical growth model.

It is not to be confused with Steady-state economy. Further information on Energy role in economy: Further information on Energy efficiency: The neutrality of this section is disputed.

Relevant discussion may be found on the talk page. Please do not remove this message until conditions to do so are met. September Learn how and when to remove this template message.

The Limits to Growth. Economics of global warming. Energy returned on energy invested and Substitute good. Mining and Peak minerals.

Exceeding global limits to growth. Structural Change and the Slowdown of U. The Rise and Fall of American Growth. Archived from the original PDF on Inside the Black Box: Journal of Monetary Economics.

A complete understanding of the nature and value of human economic life. Handbook of Economic Growth. A Farewell to Alms: A Brief Economic History of the World.

Press Syndicate of the University of Cambridge. The Transportation Revolution, — New York, Lincoln, Shanghi: Diffusion curves for various innovations start at Fig.

A Great Leap Forward: From to the growth rate was 1. Africa has to spend carefully. World Economic Outlook Database — October Long Term Productivity Growth".

The similarity of the growth rates in — with —, and of —96 with — is quite remarkable. Productivity and Growth" PDF.

Journal of Economic Perspectives. Department of Commerce Bureau of Economic Analysis. Archived from the original on The Journal of Economic History.

The Origins of Power, Prosperity, and Poverty. Crown Business division of Random House. History of Economic Thought: A Paradox in China". Journal of Economic History.

The Origins of Modern Freedom in the West. In Aghion, Philippe; Durlauf, Steven. Volume 1, Part A. Saving Capitalism from the Capitalists.

Explorations in Economic History. The Mystery of Capital: Chamber of Commerce Foundation. Quarterly Journal of Economics. Journal of Political Economy.

The Mystery of Economic Growth. Handbook of Economic Growth , Elsevier doi: History of Economic Theory: Scope, Method, and Content. Imperfections, Institutions and Policies.

Gregory ; Romer, David ; Weil, David Journal of Human Capital. Journal of Economic Literature. The Knowledge Capital of Nations: Education and the Economics of Growth.

Historical Perspective on Electrification". Electricity in Economic Growth. The Evolution of Progress: Officer, "What Was the U.

What Does It Imply for Policy? Jobs, growth and poverty: An uncertain glory India and its contradictions. Retrieved July 13, Two Sides of the Same Coin".

Review of Economic Studies. Review of Developmental Economics. What the Data Say". Journal of Economic Growth.

Journal of Policy Modeling. Capital in the Twenty-first Century. Centre for Economic Policy Research.

Retrieved 13 January Measurement and Determinants" PDF. Building up a Concept" PDF. International Policy Centre for Inclusive Growth.

Meadows, Jorgen Randers, Dennis L. White River Junction, Vermont: From Surpus to Scarcity. Part III Stabilization p.

Opening line of the Preface. Energy and Resource Quality: The ecology of the Economic Process. University Press of Colorado. Economic theory Political economy Applied economics.

Economic systems Microfoundations Mathematical economics Econometrics Computational economics Experimental economics Publications.

Operations research Econometrics Decision theory Game theory Mechanism design Input—output model Mathematical finance. Notable economists and thinkers within economics.

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