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Exponential Population Growth As A Potential Downfall Of The Economy

571 words - 3 pages

The aim of this research paper is to analyse the impact of population growth on long run economic growth. Several intersecting factors can help account for the effects of population growth on economy. Our world’s population has increased dramatically over past centuries due to fertility dynamics and immigration. Many economic models fail to explain this relationship as there are too many variable that must be taken into account, and without doing so, one cannot reach absolute certainty. In order to further understand this relationship we must break down and define the terms long run economic growth and human wellbeing before proceeding. Long run economic growth refers to rise in GDP which in turn can improve the country’s standard of living. Human wellbeing refers to individual happiness based on income, employment, and other available resources that increase standard of living. In relation to the marginal increase in GDP we have seen over past decades, the incremental increase has become relatively smaller. While many economists believe that population growth will utlimately result in an increase, in terms of long run growth, I disagree. I believe that when considering the long run course of events, we must take into consideration the depletion of our resources, the role of technological changes that replace human labor, and the impact of implementing a new fertility policy for a nation.
A compelling perspective I came across when researching this topic was that of Thomas Malthus, in “An Essay on the Principle of Population”. His belief, in accrordance with my perspective, focuses on the theory that if the human population continues to grow exponentially it would inevitably outweigh our available resources. However, I found Malthus radical. In order to constrict fertility, Malthus proposed...

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