Benefits of Economic Growth

  1. Higher Incomes, enabling consumers to enjoy more goods and services
  1. Lower unemployment, with higher output firms employ more workers creating more employment
  1. Lower PSNCR, economic growth creates higher tax revenues and there is less need to spend money on benefits such as unemployment benefit.
  1. Improved public services, with increased tax revenues the govt can spend more on the NHS and education e.t.c.
  2. Money can be spent on protecting the environment

 

See aslo: Should Government Increase the Rate of Economic Growth?

Essays and Revision Notes on Economic Growth