All around 56th world, the nominal and real GDP is used to measure the economic growth and make comparisons between countries. In other words, it is also determined by calculating the income per person or GDP per person based on the valuation method used by the country. It is known to everyone that the average income of the households in countries like the United States, Japan, or Germany, is ten times more than the average income of the households in poor countries like Mali, Venezuela, Indonesia, or Nigeria. The difference in incomes has a direct impact on the standard of living. The standard of living of a population can be observed through the basic factors such as the nutrition, housing, healthcare and life expectancy, as well as through the number of automobiles, telephones, and televisions per capita of the population. As the income of the population rises, it improves the standard of living which again results in an increase in the real GDP of the country. And in this way, the country makes the upward shifted graph when it comes to the economic growth.
According to the World Development Report, 2010, between 1870 to 2010, the countries like Japan, Mexico, Brazil, Germany and Canada have seen the highest economic growth in the real GDP per person. Though there were countries like the UK, USA, China, Russia, etc. which were 10 times richer than these countries but the growth per year for these countries stands between 1.5% to 1.7%.
Role of productivity
Productivity is the quantity of goods and services produced from each unit of labour input. It is important to state that the productivityâ€™s key role lies in determining living standards of the economy. GDP measures both the income level of the country and the total expenditure on the economyâ€™s output of goods and services. According to Robinson Crusoe, GDP can measure these two things at the same time because if we take the economy as a whole,the income level and the expenditure must be equal. In short,an economyâ€™s income level is the economyâ€™s output level. He argued that the if large quantity of good and services are produced with minimum effort, then the population of the economy can high standard of living. Japan came on the top of the list and Japanese have enjoyed more rapid growth in living standards than other countries because Japanese workers have experienced more rapid growth in productivity.
There are four determinants of the productivity. If all these determinants work efficiently, it can increase the productivity. These four determinants are:
Human Capital per worker:Human capitalist the economistâ€™s term for the knowledge and skills acquired by the workers through the domains of education, training, and experience.
Physical capital per worker:The collection of equipment and structures used to produce goods and services is called physical capital.
Natural resources per worker:For the sake of the production of any goods or services, the workers also need the inputs that are provided by nature, such as land,rivers, and mineral deposits.
Technological knowledge: It refers to the ability to continuously come up with innovative inventions and way to make the production less time consuming with more desirable output.
Economic Policies and Economic Growth
Some of the suggestions of the economists to the policymakers and the government of a country to increase the economic growth are:
Saving and investment:The policymakers shall make the policies keeping in mind the fact that the capital and resources are always scarce. Hence, it shall encourage the people to save as much as they can.
Investment from abroad: The domestic investment is not the only way to increase the growth. It is important for policymakers to attract the foreign investment and encourage MNCs to come and open their shops in the domestic country by giving them some tax benefits and other measures.
Free trade:There are many poor countries today which do not believe in free trade for multiple political reasons. But, the economists around the world have argued the poor countries for pursuing outward-oriented policies that integrate these countries into the world economy.
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