Economic growth

Economic growth is considered as one of the most essential parts of the economics, and it is defined an increase of goods and services of a country within certain period (Acemoglu, 2012). Modis (2013) claimed that, this economic growth conception particularly relates to the growth of potential output and production which is measured by gross domestic product per capita (GDP). Economic growth ideology has a long history, though it has been existed since the mid-18th, economic growth has dominated politics and policies since 1945 worldwide (Kallis et al, 2010). Indeed, Belasen et al (2012) mentioned that, economic growth conception merely exists in economics, and it is determined as the increase or development of goods, production, technology, and services. However, Ranis et al (2000) noted that, economic growth theory also concerns ecology, environment, social and moral values, and therefore it causes swift increase of human well-being. Due to mentioned controversial arguments for economic growth, the aim of this essay is to examine precisely the economic growth ideology and critically scrutinize it in terms of several aspects. This essay will argue about economic growth and it will reveal that, economic growth notion is the growth of output and income, increase of produced goods, rapid development of technology, and it is equally measured by GDP. Firstly, economic growth will be discussed in terms of economic aspect, it will reveal some limitations of GDP measurement such as exclusion of some economic activities (the costs of crime, growth of prisoners). In the next step, it will be examined from an environmental and ecological perspective and demonstrate some benefits for environment as well as preventing water scarcity with developed technology, some drawbacks for mankind such as air pollution and degradation of environment. In conclusion, on the basis of mentioned evidences, it will conclude that economic growth has slightly impact on the human well-being.