Difference between revisions of "Increasing standard of living"
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<h2>Description</h2> | |||
The world has been shrinking. Human race has become capable of reaching out to each other rapidly and effectively anywhere in the world. The rampant sharing of knowledge and resources has led to creation of a global community. Globalization has induced development in many parts of the world previously underdeveloped. As a result, there is increase in the number of jobs created which is leading to more number of people being equipped with higher spending power than ever before. The world market is expanding at a very fast pace. The old ways of production and process are not apt enough to meet the demand of the current generation. Innovation is required to meet the needs of people all over the world, who are now seeking better standards of living. <br> | |||
[[File:first.jpg]] [[File:second.jpg]] | |||
<h2>Enablers</h2> | |||
Technological development<br> | |||
Education<br> | |||
Capitalism<br> | |||
Liberalization of markets<br> | |||
<h2>Inhibitors</h2> | |||
Lack of equal opportunity<br> | |||
Totalitarian governance in some countries<br> | |||
Lack of leadership<br> | |||
Civil wars or social unrest<br> | |||
Unequal global distribution of capabilities<br> | |||
Inappropriate policies<br> | |||
<h2>Paradigm</h2> | |||
Standard of living could be assessed in many ways and the concept in itself might be old fashioned or redundant to some extent in economics. However, it is still significant in the developing world where the income disparity is very high and there is an emergence of new middle class. Standard of living could be analyzed by looking at measures like GDP or purchasing power. It can also be stated as a reflection of effects of development impacting more people around the world.<br> | |||
<h2>Experts</h2> | |||
'''Amartya Sen''' is the Nodel prize winner in Economics and currently Professor of Economics and Philosophy at Harvard University and Thomas W. Lamont University <br> | |||
'''John V. C. Nye''' is professor of economics at Washington University in St. Louis, professor of economics at George Mason University, and holder of the Bastiat Chair in Political Economy at the Mercatus Center. <br> | |||
'''J. Bradford DeLong''' is professor of economics at the University of California at Berkeley and a research associate of the National Bureau of Economic Research. He chairs Berkeley's Political Economy major and from 1993-1995 he was deputy assistant secretary of the U.S. Treasury for economic policy.<br> | |||
<h2>Timing</h2> | |||
Increasing standard of living is an ongoing process. However, post World War 2 era has been the most significant period in shaping the world and uplifting the standard of living of people around the globe.<br> | |||
<h2>Web Resources</h2> | |||
http://www.econlib.org/library/Enc/IndustrialRevolutionandtheStandardofLiving.html<br> | |||
http://www.econlib.org/library/Enc/StandardsofLivingandModernEconomicGrowth.html <br> | |||
http://cfs.unipv.it/sen/papers/FukudaParr.pdf<br> | |||
http://www.j-bradford-delong.net/TCEH/2000/TCEH_2.html<br> | |||
http://hdr.undp.org/en/reports/global/hdr2009/<br> | |||
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