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Exponential Population Growth As A Potential Downfall Of The Economy

1962 words - 8 pages

1.0 Introduction
Population growth and economic development have been intertwined since historic times. The question of these two detrimental factors being correlated with one another has been the topic for debate time and time again, but even today controversies among them exist. Our economy has withheld the impact of war, immigration, and depressions and stands today at a much higher point than it did decades ago. The concern is not with where the economy stands today, but where it will be in the long run. The long run can be anywhere from one year to a substantial time gap. When considering long run economic growth we must also take into account population growth. In order to further ...view middle of the document...

Population growth has many long term effects on the economic development of a country, although these effects are felt slightly in the short run. Advance in technology may play a major role in controlling population growth, but education and governance also play a vital role. Without education and good governance unemployment rates would increase, and resources would be mismanaged, ultimately resulting in inequality and an increase in poverty.
3.0 Effects of Population Growth
In terms of mathematics, long run economic growth would be GDP divided by the population, measuring material standard of living. Logically, if GDP remains constant and the population increases, the resulting GDP per capita would be smaller. Furthermore, population growth brings with it strong implications. This section analyzes the implications that arise with population growth in terms of economic growth.
3.1 Depletion of Resources
Available resources, material and non-material, becoming depleted is one problem that the world today does not know how to prepare for. Ecologist Garrett Hardin states a “finite world can support only a finite population; therefore, population growth must eventually equal zero”, ( however population growth can only equal zero (fertility rate is equal to the mortality rate)when the reproduction process is completely halted. A finite world refers to a world that is limited in resources, as opposed to an infinite world. This can be understood better defined as the tragedy of the commons. Suppose there are two persons, A and B, and there is a limited amount of land. Person A buys part of the land and cultivates it, then person B comes along and buys another part of the land and cultivates it. Now two portions of the land have been occupied, which prevents other persons, C and so forth, from using it because land is an excludable good. If the land continues to be sold in portions, eventually there will be no more land available.
Alike land, other resources globally are threatened by the same situation. Amongst these limited resources one must consider the loss of opportunities, the shortage of food, and the increase in poverty.
3.1.1 Opportunities: Non-material resources
The opportunities at risk with population growth include educational opportunities and job opportunities. To be educated is becoming rigorously more appealing amongst emerging generations, but the amount of schools around the world are limited and the instructors are limited as well. As the economy grows, business owners become more attracted to workers who require less training and can be more productive, for this owners require individuals to be educated. In turn, this directly influences the economic growth of a country because an educated workforce receives higher wages which has a positive correlation with individual wellbeing and rise in real GDP of a nation. ( article)...

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