Modern Economic Growth is characterized by sustained and ongoing increases in living standards that can cause dramatic improvements in the standard of living within less than a single human lifetime (McConnell, 554).
Historic examples of advances in technology created by modern economic growth include many aspects of life which we take for granted. Here is some food for thought I summarize in my lifetime:
– Air Conditioning (A/C). A/C was NOT a common luxury prior to the 1980’s. Yes, it existed and was common in areas of the country where summer heat and humidity were common; BUT this was not the norm until the 1960’s. The same goes for A/C in cars.
– Cellular Telephone Service. Nonexistent or very rare to the common citizen much before 2003!
– Modern Medicine. Prior to the 1990’s, the growth of unique medical devices such as MRI’s, CATSCANs, etc. were extant, but not very common and their use was almost prohibitively expensive. Up through the mid 1970’s, the extent of internal medicine diagnosis required exploratory surgery. Also, it was not until 1917 before antibiotics were available to the general public.
No doubt all of you can think of other benefits of economic growth. The improved standards of living described above are reflective of the tremendous power, incentive, and ingenuity of the free market in the private sector.
Discuss how modern economic growth allow us, as ordinary citizens, to take advantage and possess advances in technology created and offered by the free market? Keep in mind education, income, taxation, etc.
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