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Lecture 41

ECON 1020 Lecture 41: Lecture 41

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ECON 1020
Ryan A.Compton

OS82 New information technologies have shrunk the globe and made it imperative for all firms to lower their costs and prices, and to innovate to remain competitive o Transportation costs have come down dramatically Freetrade zones (NAFTA, EU), along with trade liberalization through the World Trade Organization have also heightened competition internationally by removing trade protection from domestic firms o Competition is no long just domestic, today it is internationally Implications of Economic Growth: Morerapid economic growth Stronger productivity growth and heightened global competition allow the economy to achieve a higher rate of economy growth o Increases in productivity = increases in growth Is Economic Growth Desirable and Sustainable?: Economists usually take for granted that economic growth is desirable and sustainable, but not everyone agrees The AntiGrowth View: Industrialization and growth result in pollution and other environmental problems No evidence growth has solved sociological problems such as: Poverty Poverty is relative there will always be people at the bottom Poverty is different whether you are in Canada or Sudan, etc Better off to be poor in a developed country and in a less developed country Homelessness Better off being homeless in Canada than less developed country In Canada you get healthcare, shelters, etc Homelessness is also relative
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