Question

How can we, as economists, measure long-term economic growth for countries around the world? How can...

How can we, as economists, measure long-term economic growth for countries around the world?

How can some nations with few natural resources, such as Japan and Singapore, be relatively wealthy?

How can other nations with vast amounts of natural resources, such as Nigeria and Russia, be relatively poor?

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Answer #1

Economic growth is the increase in the market value of the goods and services produced by the economy over a period of time. Long term economic growth is measured in terms of percentage change in real Gross Domestic Product (GDP). As GDP is the market value of the goods and services produced in an economy, so percentage change in GDP gives idea about the long term economic growth.

It is important to have natural resources, but more important is the technology to utilize and harness these resources to produce some productive output. Japan and Singapore are high in terms of technology and innovative manpower to harness the natural resources, so they are relatively wealthy.

On the other hand, Nigeria and Russia doesnt have the technology and innovative manpower to harness the natural resources and thus are relatively poor inspite of vast amount of natural resources.

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