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89-406: The university is committed to educational and research programmes, with a focus on blue and green growth , innovation and entrepreneurship, as well as welfare, health and education. Nord University offers 180 programmes within both academic and professional studies , including aquaculture , sociology , business education , nurse education , and teacher education . The university is named after

178-412: A decoupling takes place. On the subject of decoupling , a distinction is made between relative and absolute decoupling: Relative decoupling occurs when environmental pressure still grows, but less so than the gross domestic product (GDP) . With absolute decoupling, an absolute reduction in resource use or emissions occurs, while the economy grows. Further distinctions are made based on what

267-471: A green recovery . Critics of green growth highlight how green growth approaches do not fully account for the underlying economic systems change needed in order to address the climate crisis , biodiversity crisis and other environmental degradation . Critics point instead to alternative frameworks for economic change such as a circular economy , steady-state economy , degrowth , doughnut economics and others. Green growth and related concepts stem from

356-560: A Competitive Europe" predicts that there are many opportunities in recycling, producing longer-lasting products and offering maintenance services from the manufacturer. According to the International Labour Organization , a shift to a greener economy could create 24 million new jobs globally by 2030, if the right policies are put in place. Also, if a transition to a green economy were not to take place, 72 million full-time jobs may be lost by 2030 due to heat stress, and

445-565: A Green Growth Strategy and in 2012, the World Bank , UNEP , OECD and GGGI launched the Green Growth Knowledge Platform (GGKP). The related concepts of green growth, green economy and low-carbon development are sometimes used differently by different organisations but are also used interchangeably. Some organisation also include social aspects in their definitions. The report "Growth Within: A Circular Economy Vision for

534-660: A condition known as the Malthusian trap . The rapid economic growth that occurred during the Industrial Revolution was remarkable because it was in excess of population growth, providing an escape from the Malthusian trap. Countries that industrialized eventually saw their population growth slow down, a phenomenon known as the demographic transition . Increases in productivity are the major factor responsible for per capita economic growth—this has been especially evident since

623-406: A doctoral programme (PhD) within sociology . The Faculty of Social Science has 1800 students and 100 staff members. The teaching and research community comprises four academic divisions: Nord Business School (HHN) prioritizes cooperation with business and industry, the public sector, and the community, to provide relevant education at the bachelor, master, and doctorate levels. The faculty offers

712-444: A doctoral programme (PhD) within aquatic biosciences. The Faculty of Biosciences and Aquaculture has 800 students and 130 staff members in Bodø and Steinkjer . The teaching and research community comprises three academic divisions: The Faculty of Education and Arts (FLU) educates teachers from preschool to upper secondary school, and within sports, culture, and the fine arts. Research in

801-627: A doctoral programme (PhD) within business management. Nord Business School has 2800 students and 230 staff members. The teaching and research community comprises four academic divisions: HHN also includes the Center for High North Logistics . The High North Center , which runs in the HNN, is a national center for research, education and policy development in the High North of Norway . The center recognizes and develops innovation, business creation and politics. It

890-427: A famous estimate, MIT Professor Robert Solow concluded that technological progress has accounted for 80 percent of the long-term rise in U.S. per capita income, with increased investment in capital explaining only the remaining 20 percent. Increases in productivity lower the real cost of goods. Over the 20th century, the real price of many goods fell by over 90%. Economic growth has traditionally been attributed to

979-400: 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. Economists have attempted to measure human capital using numerous proxies, including

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1068-558: A point increases in the amount of capital per worker are an important cause of economic output growth. 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. The work week declined considerably over

1157-404: A result instituting an economic-demographic transition. The relationship between health and economic growth is further nuanced by distinguishing the influence of specific diseases on GDP per capita from that of aggregate measures of health , such as life expectancy Thus, investing in health is warranted both from the growth and equity perspectives, given the important role played by health in

1246-473: A selection of courses taught in English, which include (among others): Green growth Green growth is a concept in economic theory and policymaking used to describe paths of economic growth that are environmentally sustainable. It is based on the understanding that as long as economic growth remains a predominant goal, a decoupling of economic growth from resource use and adverse environmental impacts

1335-555: A series of inquiries undertaken by the parliamentary Business, Energy and Industrial Strategy Committee , which argues that the UK Government "has a big job to do in helping businesses survive, stimulating economic growth and encouraging the creation of well-paid meaningful jobs". Policymakers 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

1424-773: A statistical-econometric point of view, while hardly acknowledging thermodynamic principles on the role of energy and materials for socio-economic activities. A potentially fundamental incompatibility between economic growth and systemic societal changes to address the climate crisis is rarely considered." The second part concluded "that large rapid absolute reductions of resource use and GHG emissions cannot be achieved through observed decoupling rates, hence decoupling needs to be complemented by sufficiency -oriented strategies and strict enforcement of absolute reduction targets." A 2020 paper by Jason Hickel and Giorgos Kallis published in New Political Economy concludes that "there

1513-463: Is actually due to the relationship in countries with less than eight years of schooling. He shows that economic growth is not correlated with average scores in more educated countries. Hanushek and Wößmann further investigate whether the relationship of knowledge capital to economic growth is causal. They show that the level of students' cognitive skills can explain the slow growth in Latin America and

1602-521: Is also host to several centres: The Faculty of Nursing and Health Sciences (FSH) educates nurses and specialists within healthcare and practice-based research. The faculty offers an interfaculty doctoral programme (PhD) within professional praxis. The Faculty of Nursing and Health Sciences has 2400 students and 200 staff members. The teaching and research community comprises three academic divisions: The Faculty of Social Science (FSV) focuses on welfare, development and communication. The Faculty offers

1691-421: Is ample empirical evidence. "As institutions influence behavior and incentives in real life, they forge the success or failure of nations." In economics and economic history, the transition from earlier economic systems to capitalism was facilitated by the adoption of government policies which fostered commerce and gave individuals more personal and economic freedom. These included new laws favorable to

1780-457: Is approached as a functioning from Amartya Sen and Martha Nussbaum 's capability approach that an individual has to realise the achievements like economic success. Thus health in a broader sense is not the absence of illness, but the opportunity for people to biologically develop to their full potential their entire lives It is established that human capital is an important asset for economic growth, however, it can only be so if that population

1869-519: Is disputed. Further influential developments include work by the economists Nicholas Stern and William Nordhaus , making the case for integrating environmental concerns into economic activities: The 2006 Stern Review on the Economics of Climate Change assessed the economic costs and risks of climate change and concluded that “the benefits of strong and early action far outweigh the economic costs of not acting”. The term “green growth” originates from

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1958-465: 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. Another major cause of economic growth

2047-517: Is healthy and well-nourished. One of the most important aspects of health is the mortality rate and how the rise or decline can affect the labour supply predominant in a developing economy. Mortality decline triggers greater investments in individual human capital and an increase in economic growth. Matteo Cervellati and Uwe Sunde and Rodrigo.R Soares consider frameworks in which mortality decline has an influence on parents to have fewer children and to provide quality education for those children, as

2136-427: Is no empirical evidence that absolute decoupling from resource use can be achieved on a global scale against a background of continued economic growth" and that "absolute decoupling from carbon emissions is highly unlikely to be achieved at a rate rapid enough to prevent global warming over 1.5°C or 2°C, even under optimistic policy conditions." It thus suggests looking for alternative strategies. The Degrowth movement

2225-775: Is not so easily replicable elsewhere as a change in the Constitution—and the type of institutions created by that change—does not necessarily create a change in political power if the economic powers of that society are not aligned with the new set of rule of law institutions. In England, a dramatic increase in the state's fiscal capacity followed the creation of constraints on the crown, but elsewhere in Europe increases in state capacity happened before major rule of law reforms. There are many different ways through which states achieved state (fiscal) capacity and this different capacity accelerated or hindered their economic development. Thanks to

2314-425: Is opposed to all forms of productivism (the belief that economic productivity and growth is the purpose of human organization). Because of that it is also opposed to Green growth concepts. Another 2020 study shows that the pursuit of ‘green growth’ would increase inequality and unemployment unless accompanied by radical social policies. Economic growth Heterodox Economic growth can be defined as

2403-489: Is required. As such, green growth is closely related to the concepts of green economy and low-carbon or sustainable development . A main driver for green growth is the transition towards sustainable energy systems. Advocates of green growth policies argue that well-implemented green policies can create opportunities for employment in sectors such as renewable energy , green agriculture , or sustainable forestry . Several countries and international organizations, such as

2492-579: Is taken into account: decoupling economic growth from resource use ( resource decoupling ) or from environmental pressure ( impact decoupling ), different indicators for economic growth and environmental pressures (e.g. resource use, emissions, biodiversity loss ), only the domestic level or also impacts along the global value chain, the entire economy or individual sectors (e.g. energy, agriculture), temporary vs. permanent decoupling, or decoupling to reach certain targets (e.g. limiting global warming to 1.5 °C or staying within planetary boundaries ). While

2581-416: 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). In the U.S. by 2013 about 60% of consumer spending was for goods and services that did not exist in 1869. Also,

2670-494: Is why another proposed metric is the material footprint (MF). The MF aims to encompass the resource use from the beginning of a production chain to its end, meaning from where raw materials are extracted to where the product or service is consumed. Research based on the MF indicates that resource use might be growing similarly to GDP for a number of countries, as for example for the EU-27 or

2759-420: Is widely used because Barro and Lee provide data for numerous countries in five-year intervals for a long period of time. 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

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2848-613: The Great Depression , economic growth resumed, aided in part by increased demand for existing goods and services, such as automobiles, telephones, radios, electricity and household appliances. New goods and services included television, air conditioning and commercial aviation (after 1950), creating enough new demand to stabilize the work week. The building of highway infrastructures also contributed to post-World War II growth, as did capital investments in manufacturing and chemical industries. The post-World War II economy also benefited from

2937-530: 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. The invention of processes for making cheap steel were important for many forms of mechanization and transportation. By

3026-550: The Indian subcontinent and Asia Pacific . In 1957 South Korea had a lower per capita GDP than Ghana , and by 2008 it was 17 times as high as Ghana's. The Japanese economic growth has slackened considerably since the late 1980s. 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. U.S. productivity growth spiked towards

3115-571: The Mincer model . Eric Hanushek and Dennis Kimko introduced measures of students' mathematics and science skills from international assessments into growth analysis. They found that this measure of human capital was very significantly related to economic growth. Eric Hanushek and Ludger Wößmann have extended this analysis. Theodore Breton shows that the correlation between economic growth and students' average test scores in Hanushek and Wößmann's analyses

3204-594: The Organisation for Economic Co-operation and Development (OECD) , World Bank, and United Nations, have developed strategies on green growth; others, such as the Global Green Growth Institute (GGGI) , are specifically dedicated to the issue. The term green growth has been used to describe national or international strategies, for example as part of economic recovery from the COVID-19 recession , often framed as

3293-614: The United Nations also consider that cultural property protection, high-quality education, cultural diversity and social cohesion in armed conflicts are particularly necessary for qualitative growth. 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.g., due to

3382-537: The geometric annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend. Economists refer to economic growth caused by more efficient use of inputs (increased productivity of labor , of physical capital , of energy or of materials ) as intensive growth . In contrast, GDP growth caused only by increases in

3471-517: The 19th century. By the 1920s the average work week in the U.S. was 49 hours, but the work week was reduced to 40 hours (after which overtime premium was applied) as part of the National Industrial Recovery Act of 1933. Demographic factors may influence growth by changing the employment to population ratio and the labor force participation rate. Industrialization creates a demographic transition in which birth rates decline and

3560-711: The Asia Pacific Region and first emerged at the Fifth Ministerial Conference on Environment and Development (MCED) in Seoul, South Korea in 2005, where the Seoul Initiative Network on Green Growth was founded. Several international organisations had since turned their attention to green growth, in part as a way out of the financial crisis of 2007–2008 : At the request of countries, the OECD in 2011 published

3649-550: The English in North America started by trying to repeat the success of the Spanish Conquistadors in extracting wealth (especially gold and silver) from the countries they had conquered. This system repeatedly failed for the English. Their successes rested on giving land and a voice in the government to every male settler to incentivize productive labor. In Virginia it took twelve years and many deaths from starvation before

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3738-583: The European Environmental Bureau (EEB), seven barriers could make green growth wishful thinking. These barriers are as follows: - Rising energy costs . The more natural resources are needed, the more expensive it will be to extract them. - Rebound effects . Improved efficiency is often accompanied by the same or higher consumption of a given good or service. - Displacement of the problem , all technological solutions lead to environmental externalities. - Underestimated impact of services ,

3827-898: The Norwegian word for North , Nord , to emphasise its devotion to northern regions. As a member of the University of the Arctic Nord University serves as a hub in the international network of universities offering circumpolar studies . Established in its current form on 1 January 2016 following a resolution of 9 October 2015 by the King-in-Council , Nord University is the successor of the University of Nordland (est. 2011), Nesna University College (est. 1994), and Nord-Trøndelag University College (est. 1994). The latter colleges originated as Nesna Teachers' College (test. 1918), and Levanger Teachers' College (est. 1892). The latter institution

3916-431: The accumulation of human and physical capital and the increase in productivity and creation of new goods arising from technological innovation. Further division of labour (specialization) is also fundamental to rising productivity. Before industrialization technological progress resulted in an increase in the population, which was kept in check by food supply and other resources, which acted to limit per capita income,

4005-539: The amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth . Development of new goods and services also generates economic growth. As it so happens, in the U.S. about 60% of consumer spending in 2013 went on goods and services that did not exist in 1869. The economic growth rate is typically calculated as real GDP growth rate , real GDP per capita growth rate or GNI per capita growth . Living standards vary widely from country to country, and furthermore,

4094-464: The areas of health in near future uncover how the world will be performing living with the SARS-CoV-2 , especially looking at the economic impacts it already has in a space of two years. Ultimately, when people live longer on average, human capital expenditures are more likely to pay off, and all of these mechanisms center around the complementarity of longevity, health , and education , for which there

4183-506: The average age of the population increases. 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.S. contributed to economic growth, as did the entrance of the baby boomers into the workforce. See: Spending wave Many theoretical and empirical analyses of economic growth attribute

4272-399: The change in living standards over time varies widely from country to country. Below is a table which shows GDP per person and annualized per person GDP growth for a selection of countries over a period of about 100 years. The GDP per person data are adjusted for inflation, hence they are " real ". GDP per person (more commonly called "per capita" GDP) is the GDP of the entire country divided by

4361-592: The discovery of vast amounts of oil around the world, particularly in the Middle East . By John W. Kendrick's estimate, three-quarters of increase in U.S. per capita GDP from 1889 to 1957 was due to increased productivity. Economic growth in the United States slowed down after 1973. In contrast, growth in Asia has been strong since then, starting with Japan and spreading to Four Asian Tigers , China , Southeast Asia ,

4450-560: The early 1970s. The consequent understanding of the need for a sustainable development was in the focus of the 1987 Brundtland Report as well as the United Nations Conference on Environment and Development (UNCED) , or Earth Summit, in Rio de Janeiro in 1992. The Environmental Kuznets curve (EKC), theorizing that environmental pressure from economic growth first increases, then automatically decreases due in part to tertiarization ,

4539-521: The economical production of metal parts possible, so that parts could be interchangeable. (See: Interchangeable parts .) 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 . Since that replacement,

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4628-483: The economy. Protecting health assets from the impact of systemic transitional costs on economic reforms, pandemics, economic crises and natural disasters is also crucial. Protection from the shocks produced by illness and death, are usually taken care of within a country’s social insurance system. In areas such as Sub-Saharan Africa, where the prevalence of HIV and AIDS , has a comparative negative impact on economical development. It will be interesting to see how research in

4717-504: The end of the century in 1996–2004, due to an acceleration in the rate of technological innovation known as Moore's law . After 2004 U.S. productivity growth returned to the low levels of 1972–96. 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.). Up to

4806-429: The environment when generating electricity, there is waste and emission connected to material extraction, manufacturing, and construction. Overall, all renewable energy sources are a fundamental part of a nation's green growth strategy. Nuclear, wind, and solar energy can all be beneficial and used together to combat climate change and kickstart green growth. There are several limits to green growth. As described by

4895-593: The establishment of business, including contract law , laws providing for the protection of private property , and the abolishment of anti-usury laws. Much of the literature on economic growth refers to the success story of the British state after the Glorious Revolution of 1688, in which high fiscal capacity combined with constraints on the power of the king generated some respect for the rule of law. However, others have questioned that this institutional formula

4984-469: The extensive evidence that families, neighborhoods, peers, and health also contribute to the development of human capital. Despite these potential limitations, Theodore Breton has shown that this measure can represent human capital in log-linear growth models because across countries GDP/adult has a log-linear relationship to average years of schooling, which is consistent with the log-linear relationship between workers' personal incomes and years of schooling in

5073-482: The externalisation of environmental impact from high-consumption countries to low-consumption countries. A 2020 two-part systematic review published in Environmental Research Letters analyzed the full texts of 835 papers on the relationship between GDP, resource use (materials and energy) and greenhouse gas emissions. The first part found that "the vast majority of studies [...] approach the topic from

5162-420: The extremum could be extended by technological and policy innovations and some countries move into innovative growth domain with higher limiting values. In national income accounting, per capita output can be calculated using the following factors: output per unit of labor input (labor productivity), hours worked (intensity), the percentage of the working-age population actually working (participation rate) and

5251-657: The faculty emphasizes the teaching profession and professional teaching practices. FLU offers a doctoral program (PhD) in the study of professional praxis. Beyond its teacher training programs, the faculty also provides full bachelor degrees in disciplines such as Sports Science and English Literature . It also offers a range of Master degrees, including Speech Therapy and Music. The Faculty of Education and Arts has 3500 students, and 350 academic faculty and administrative staff members in Bodø , Levanger , Vesterålen , and Nesna . The teaching and research community comprises eight academic divisions: The Faculty of Education and Arts

5340-788: The foundations of modern rule of law states. In many poor and developing countries much land and housing are 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 200 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

5429-475: The governor decided to try democracy. Economic growth, its sustainability and its distribution remain central aspects of government policy. For example, the UK Government recognises that "Government can play an important role in supporting economic growth by helping to level the playing field through the way it buys public goods, works and services ", and "Post- Pandemic Economic Growth" has been featured in

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5518-519: The great expansion of total power was driven by continuous improvements in energy conversion efficiency . Other major historical sources of productivity were automation , transportation infrastructures (canals, railroads, and highways), new materials (steel) and power, which includes steam and internal combustion engines and electricity . Other productivity improvements included mechanized agriculture and scientific agriculture including chemical fertilizers and livestock and poultry management, and

5607-489: The growth is persistent over a generation. This and other observations have led some economists to view GDP growth as the most important part of the field of macroeconomics : ...if we can learn about government policy options that have even small effects on long-term growth rates, we can contribute much more to improvements in standards of living than has been provided by the entire history of macroeconomic analysis of countercyclical policy and fine-tuning. Economic growth [is]

5696-717: 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 geopolitical 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. In Why Nations Fail , Acemoglu and Robinson said that

5785-416: The increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP). Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on

5874-471: 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 1920s created overproduction , which was arguably one of several causes of the Great Depression of the 1930s. Following

5963-685: The livelihoods and wellbeing of those in developing countries by protecting the environment and fostering economic growth. In 2012, the Organization for Economic Co-operation and Development (OECD) drafted a report on Green Growth and developing countries as a summary for policy makers. This report outlines a policy framework that can be used by developing countries to achieve environmental and socio-economic goals. It also notes some concerns for Green Growth held by developing countries such as its ability to address poverty in practice and possible high cost barriers to green technologies. Energy sources that meet

6052-505: The member countries of the OECD . Developing countries tend to have economies which are more reliant on exploiting the environment’s natural resources. Green technologies and sustainable development are not as affordable or accessible to them. At the same time, they are less able to protect themselves from the adverse effects of climate change and environmental degradation. They can face adverse health effects of polluted air and water, for example. Therefore, Green Growth could help improve

6141-591: The mid-19th 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. Machine tools made

6230-526: The number of people in the country; GDP per person is conceptually analogous to " average income ". Seemingly small differences in yearly GDP growth lead to large changes in GDP when compounded over time. For instance, in the above table, GDP per person in the United Kingdom in the year 1870 was $ 4,808. At the same time in the United States, GDP per person was $ 4,007, lower than the UK by about 20%. However, in 2008

6319-419: The observation that economic growth of the past 250 years has come largely at the expense of the environment upon which economic activities rely. The concept of green growth assumes that economic growth and development can continue while associated negative impacts on the environment, including climate change , are reduced – or while the natural environment continues to provide ecosystem services –, meaning that

6408-800: 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 of 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. "Democracy Does Cause Growth", according to Acemoglu et al. Specifically, they state that "democracy increases future GDP by encouraging investment, increasing schooling, inducing economic reforms, improving public goods provision, and reducing social unrest". UNESCO and

6497-526: The part of macroeconomics that really matters. It has been observed that GDP growth is influenced by the size of the economy. The relation between GDP growth and GDP across the countries at a particular point of time is convex. Growth increases as GDP reaches its maximum and then begins to decline. There exists some extremum value. This is not exactly middle-income trap. It is observed for both developed and developing economies. Actually, countries having this property belong to conventional growth domain . However,

6586-441: The population's level of literacy, its level of numeracy, its level of book production/capita, its average level of formal schooling, its average test score on international tests, and its cumulative depreciated investment in formal schooling. 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. This measure

6675-529: The positions were reversed: GDP per person was $ 36,130 in the United Kingdom and $ 46,970 in the United States, i.e. GDP per person in the US was 30% more than it was in the UK. As the above table shows, this means that GDP per person grew, on average, by 1.80% per year in the US and by 1.47% in the UK. Thus, a difference in GDP growth by only a few tenths of a percent per year results in large differences in outcomes when

6764-505: The presence of tropical diseases), they could not settle permanently, and they were thus more likely to establish extractive institutions, which persisted after independence; in places where they could settle permanently (e.g. those with temperate climates), they established institutions with this objective in mind and modeled them after those in their European homelands. In these 'neo-Europes' better institutions in turn produced better development outcomes. Thus, although other economists focus on

6853-469: The prices of goods produced. Measurement of economic growth uses national income accounting . Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure. The economic growth-rates of countries are commonly compared using the ratio of the GDP to population or per-capita income . The "rate of economic growth" refers to

6942-424: The proportion of the working-age population to the total population (demographics). "The rate of change of GDP/population is the sum of the rates of change of these four variables plus their cross products." Economists distinguish between long-run economic growth and short-run economic changes in production . Short-run variation in economic growth is termed the business cycle . Generally, according to economists,

7031-570: The rapid growth in East Asia. Joerg Baten and Jan Luiten van Zanden employ book production per capita as a proxy for sophisticated literacy capabilities and find that "Countries with high levels of human capital formation in the 18th century initiated or participated in the industrialization process of the 19th century, whereas countries with low levels of human capital formation were unable to do so, among them many of today's Less Developed Countries such as India, Indonesia, and China." Here, health

7120-449: The related concepts of green growth, green economy and low-carbon development have received increasing international attention in recent years, the debate on growing environmental degradation in the face of economic growth dates back several decades. It was for example discussed in the 1972 report The Limits to Growth by the Club of Rome and reflected in the I = PAT -equation developed in

7209-476: The requirements of green growth must fit the criteria of the efficient use of natural resources , affordability, access, the prevention of environmental degradation, low health impacts, and high energy security. Renewable energy sources, including nuclear power, increase the power supply options for our current and future populations, and meet sustainable development requirements. While solar , wind , and nuclear energy have nearly no negative interactions with

7298-478: The resource use of economies is domestic material consumption (DMC). The European Union , for example, uses the DMC the measure its resource productivity . Based on this metric, it has been claimed that some developed countries have achieved relative or even absolute decoupling of material use from economic growth. The DMC, however, does not consider the shift of resource use which results from global supply chains, which

7387-418: The service economy is based on the material economy, so it will add a footprint rather than replace it. - Limited recycling potential. - Insufficient and inappropriate technological change . Technological progress is not disruptive and does not target the factors of production that matters for ecological sustainability. - Cost shifting and decoupling phenomena have emerged, but they are characterised by

7476-695: The seventeenth century. Furthermore, Prussia and the Habsburg empire—much more heterogeneous states than England—were able to increase state capacity during the eighteenth century without constraining the powers of the executive. Nevertheless, it is unlikely that a country will generate institutions that respect property rights and the rule of law without having had first intermediate fiscal and political institutions that create incentives for elites to support them. Many of these intermediate level institutions relied on informal private-order arrangements that combined with public-order institutions associated with states, to lay

7565-602: The temperature increases will lead to shorter available work hours, particularly in agriculture. According to a 2020 report by the Green Alliance the job-creation schemes with the best value for money in the UK are: retrofitting buildings and creating cycle lanes; followed by electric ferries, battery factories and reforestation; and that these would create more jobs than proposed road-building schemes. They also say that new investment in nature recovery could quickly create 10,000 new jobs. One metric commonly used to measure

7654-613: 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 1689. On the other hand, the French experience of state building faced much stronger resistance from local feudal powers keeping it legally and fiscally fragmented until the French Revolution despite significant increases in state capacity during

7743-434: The ups and downs in the business cycle can be attributed 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. Increases in labor productivity (the ratio of the value of output to labor input) have historically been the most important source of real per capita economic growth. In

7832-483: Was a direct successor of the Klæbu Teacher's College (est. 1839). The Faculty of Biosciences and Aquaculture (FBA) promotes sustainable and innovative development in order to meet global challenges related to food production, climate and the environment. The Faculty is an international arena for education, research and knowledge dissemination, with staff members and students from over 25 countries. The Faculty offers

7921-495: Was established in 2007 to focus on assisting companies, organizations and public institutions to increase both awareness and commitment in the High North. The center's leader is Frode Mellemvik. Most of the programmes at Nord University are taught in Norwegian, but the institution does offer a growing range of options both taught and administered in English: In addition to the established programme packages, students may choose from

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