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Economic Growth
in the
United States
Economic growth can be defined as increases in per capita real GDP (gross domestic product) measured by its rate of change per year. Growth rates are very important because even a small change can make vast difference in the coming years. The knowledge of economic growth is also important because it can provide the means to allow us to gain valuable insights. According to Robert D. McTeer, president and chief executive officer of the Federal Reserve Bank of Dallas, two factors determine the rate of economic growth: productivity increases (more output for the same amount of inputs), and labor (the number of hours worked).
Productivity in the United States, due to new innovations (that are coming together after years of investment), is growing to levels not seen since the 1960’s. For example: productivity growth has averaged 2.3 percent from 1996 to 1999, doubling the 1.1 percent average productivity growth from 1973 to 1995. At a rate of two percent from 1996 to 1999, labor has also increased, as unemployment fell and welfare recipients have gone to work. The economy has been growing at a rate of about 4.5 percent each year, due to this.
However, the increase in the workforce , or hours worked, limits labor growth. Again, according to McTeer, in the long run, productivity growth is the key to rising living standards.
On another note, there are many benefits that go along with the economic expansion we are experiencing. The current economic expansion has commonly been referred to by economists as "The 1990’s Economic Boom", because the current growth of the U.S. economy is the longest ever in peacetime. Economists observe that this expansion has benefited nearly every American. According to the reports of the Bureau of Labor Statistics, more than three out of every four jobs created from 1989 to 1995 were highly-paid professionals and managerial positions. The Council of Economic Advisers reported that in 1995 and 1996, more than half of new jobs created were in fields where the average wage ranked in the top third of all salaries. Another great benefit according to the Investor’s Business Daily January 19, 1999 publication, is that 1.67 million families left welfare rolls, and 1.74 million more single parents found jobs.
Though this economic expansion has been the longest since World War II (according to the New York Times, October 18, 1998), growth during the 1990’s has been weaker than during any growth cycle since the end of the war.
Social contract adheres to the concept that in pre-societal terms man relied on the state of nature: life with no government and no regulation. Interpretations of state of nature from English Philosopher Thomas Hobbes and that of French philosopher Jean-Jacques Rousseau differ on the basis of development and operation of the social contract. Hobbes proposed that man lived in fear and self-interest to the point that it was in human nature to seek security and self-protection to which he [man] enters a social contract. While Rousseau argues that man’s individualism, freedom, and equality is diluted through the formation of modern civilization and is “forced to be free” (p.46). How social contract operates from perspective of Hobbes and Rousseau
Thomas Hobbes and Jean-Jacques Rousseau have very different views on the social contract largely based on their fundamental views of the state of nature in humanity. These basic views of natural human nature cause Hobbes and Rousseau to have views on opposite sides of the spectrum, based on two controversial speculations, that human is inherently good or that human is inherently inclined towards egotism and perpetual insecurity. Due to his belief that they are of this nature, Hobbes viewed an all-powerful sovereign of a rather totalarianistic nature to be necessary. Rousseau on the other hand, viewed that the sovereign should represent the common will of the people, the sovereign being agreed upon by all constituents. It is my assertion that Rousseau’s argument, although flawed in its own ways, is superior to Hobbes in that it has an answer for the inequalities that may arise in a society by Hobbes’ princples.
Locke’s belief in “consent” by the people creates a democratic structure of community. In this way, the community is merely created to protect the rights and the property of the people. His idealistic government would have the power controlled by those who are being ruled, the people. Locke explains that we must “make one body politic, wherein the majority have a right to act and conclude the rest” (Locke 101).The government is a reflection of the “majority” of the community, and will represent the wishes of the people. The power is held by those who are being ruled, and they have equal rights in deciding their political outcomes. Locke explains that “wherever law ends, tyranny begins”, so once the rights of the people are suppressed this injustice begins (Locke 102). Locke also explains that if a government was to act unjust, not with the best interest of the majority, then it is the right and the responsibility of the people to overthrow “tyranny” (Locke 102). The people, who have the power, should always defend their human rights, especially from unlawful rulers. This view of government shifts with Hobbes’ perspective. Hobbes believes that one man should rule the community, and therefore the government should have power in the ruler rather than the people being ruled. This single ruler will be educated about the corrupt nature of mankind and the bad nature of
At the core of their theories, both Locke and Rousseau seek to explain the origin of civil society, and from there to critique it, and similarly both theorists begin with conceptions of a state of nature: a human existence predating civil society in which the individual does not find institutions or laws to guide or control one’s behaviour. Although both theorists begin with a state of nature, they do not both begin with the same one. The Lockean state of nature is populated by individuals with fully developed capacities for reason. Further, these individuals possess perfect freedom and equality, which Locke intends as granted by God. They go about their business rationally, acquiring possessions and appropriating property, but they soon realize the vulnerability of their person and property without any codified means to ensure their security...
The human body endures a great deal of wear and injury during its lifetime. It is for this reason that the body has several tissues that are capable of regeneration. Bone is one of those tissues that receives extensive use so it is necessary that it is strong in order to carry out its functions; however, it will occasionally face injury. Although our bones are capable of regeneration, a new method would help the elderly and others that have a more difficult time healing after injury. I viewed a “TED Talk” lecture, which discussed a new way of regenerating bone with the help of our own bodies. Molly Stevens, the head of a biomaterials lab, presented “A New Way to Grow Bone” where she discussed a new technique called “in vivo bioreactor”. She also answered why this new procedure is beneficial. Researchers like Stevens are constantly trying to find innovative new techniques and they do this by asking questions. The question that Stevens presented in the video was an intriguing one: “Can we recreate the regeneration of bone on demand and transplant it?”.
In the class Psychology of Women, the film Makers Project: Women Who Make America was shown. The film supplied background information about the treatment of women before, during, and after the Women’s Movement. As a result of the Women’s Movement, there has been a vast amount of changes impacting society.
Both Hobbes and Rousseau have different even opposing views on the topic of the natural state of man. These views play a major role on their beliefs and reasoning for why man needs society and government. These beliefs can be easily summarized with Hobbes believing in an inherent selfishness and competition in man, whereas Rousseau’s views on things is far more positive, believing that man is far happier in his natural state, and the root of his corruption is the result of his entrance into society. Rousseau’s theory is based on a state prior to the formation of society and any form of government. Thomas Hobbes, the founding father of political philosophy and who was in great opposition to the natural state of man, emphasizes that all people are selfish and evil; the lack of governmental structure is what results in a state of chaos, only to be resolved by an authority figure. Hobbes’s initial argument of natural state, in human nature, proves how society is in a constant state of destruction, mentally and physically, if not under controlled or command. Although Hobbes’s opinion was morally correct, Rousseau believes that all people are born in a state of emptiness, somewhat of a blank state and it is life experiences that determine their nature, society being a major driving force for people’s ill-will and lack of moral sensibilities. Hobbes, overall, is proven correct because all people need to be directed in order for society to properly function.
According to the Forbes article, America depends on economic expansion and an increase in population. Both are factors to how we are able to sustain the economy
...ns. Hobbes, insist that the nature of mankind is a state of savagery if left to its own device and the amalgamation of people under the confines of law allows people to seek the peace they thirst for. On the contrary Rousseau advocates that people are a naturally social species, and the submission to a greater good of the community by parting with their born rights is paramount to the superfluidity of the society. Both essentially agree that giving up natural right for the civil liberties within the state is a necessary exchange for the preservation of both the individual and the state itself.
In many nations, the relationship between labor and production has often been a tense one. On one side of the equation, businesses have insisted on greater productivity at lower costs. On the other side, labor (most often in the form of labor unions) has insisted that increased productivity can be best be achieved if the workers have a reasonable “living” wage and job security (Howard 2002).
Rousseau’s political theory revolves around a central idea that in order to deal with moral or political inequality (“social” inequality), man must move out of the state of nature and establish a social contract, “a form of association which defends and protects… the person and goods of each associate, and by the means of which each one, while uniting with all, nevertheless obeys only himself and remains as free as before” (Rousseau 432). Although Rousseau’s plan pledges to protect individual liberty, the plan rests on the legislation of the “general will” and the successful unity of a “body politic,” both of which are vaguely defined and become too concerned with state interest.
Economic growth focuses on encouraging firms to invest or encouraging people to save, which in turn creates funds for firms to invest. It runs hand-in-hand with the goal of high employment because in order for firms to be comfortable investing in assets such as plants and equipment, unemployment must be low. Hereby, the people and resources will be available to spur economic growth.
Hobbes’ Leviathan and Locke’s Second Treatise of Government comprise critical works in the lexicon of political science theory. Both works expound on the origins and purpose of civil society and government. Hobbes’ and Locke’s writings center on the definition of the “state of nature” and the best means by which a society develops a systemic format from this beginning. The authors hold opposing views as to how man fits into the state of nature and the means by which a government should be formed and what type of government constitutes the best. This difference arises from different conceptions about human nature and “the state of nature”, a condition in which the human race finds itself prior to uniting into civil society. Hobbes’ Leviathan goes on to propose a system of power that rests with an absolute or omnipotent sovereign, while Locke, in his Treatise, provides for a government responsible to its citizenry with limitations on the ruler’s powers.
In order for any country to survive in comparison to another developed country they must be able to grow and sustain a healthy and flourishing economy. This paper is designed to give a detailed insight of economic growth and the sectors that influence economic growth. Economic growth in a country is essential to the reduction of poverty, without such reduction; poverty would continue to increase therefore economic growth is inevitable. Through economic growth, it is also an aid in the reduction of the unemployment rate and it also helps to reduce the budget deficit of the government. Economic growth can also encourage better living standards for all it is citizens because with economic growth there are improvements in the public sectors, educational and healthcare facilities. Through economic growth social spending can also be increased without an increase of taxes.
Economic growth is one of the most important fields in economics. In current generation economic is developing well. Economic growth is really important to country and for the world as well. Economic are one of the identity for country because it shows a country development and attraction for other countries (F, Peter. 2014). For example well economic develop such as Singapore, Dubai, New York, and Japan. These countries are well develop and maintaining their economic growths. Economic growths are really important because higher average incomes enables consumers to enjoy more goods and services. Then, lower unemployment with higher output and positive economic growth firms tend to utilize more workers creating more employment. Enhanced public