Our societies have gone through a complete overhaul after the industrial revolution kicked in. This changed many values that were widely accepted earlier and brought in a generation that had different kind of desires and aspirations. This flow emerged as the basic human necessities were met and there was scope to venture into new arenas. The social establishments that came up had to work towards making those aspirations a reality.
These establishments emerged but had a hurdle they had to overcome first. This hurdle was not prominent in western European countries but was itself an aspiration for many others. This was the hurdle of economic growth that was crucial because the dreams and aspirations of public could only be a reality if government had enough funds.
From the very first it is clear that economic growth was not an aspiration of the general public, rather it was a tool to make the actual aspirations a reality. In the 50's when UN set targets of economic growth for member nations, it had in mind that development in these newly independent countries needed funding. The funding as aid was hard due to the aftermath of second world war , hence economic growth was given priority before everything else.
Economic growth thus became a development indicator in early days. Most of the studied indicators of development established this fact. The well off countries were able to fulfill the aspirations of the public which made them stronger. Every country that came up in the later years followed the same trend which was thought to be the way to glory.
To elaborate this above fact we can sight some examples such as GDP, HDI, HPI and many others. They all aspire to give the depiction of reality. Thus the modern day nations focus on them and improve them through time bound developmental plans, priority sector lending, fiscal targets etc. They are all multi dimensional but aim to achieve a good standard of living for the people. The one thing that is common in all of them is that all of them require funding which is possible through economic growth. The economic goals are thus mere necessity to achieve the set goals.
Now if we consider economic growth to be an end product we are somewhat wrong. Yes, there are factors like trade, FDI etc that boost economic growth. To better explain it we can sight the aspirational target of India to become a 5 trillion dollar economy by 2024. There have been plans etched out to achieve it but it can not be said to be an end of growth. With changing times and growth of population the demands and aspirations will also grow. Thus a day would arrive when even better economy would be the need of the hour hence pushing the boundaries further.
Arguments can be many. There can be many examples sighted. But with all of them we cannot deny the important role money plays. Everything we do or aspire to do has a monetary aspect attached to it. Thus economic growth cannot be considered a stable target but rather it is dynamic. It changes with time. It never is the end but it surely is the most important aspect to achieve many ends..
These establishments emerged but had a hurdle they had to overcome first. This hurdle was not prominent in western European countries but was itself an aspiration for many others. This was the hurdle of economic growth that was crucial because the dreams and aspirations of public could only be a reality if government had enough funds.
Economic growth thus became a development indicator in early days. Most of the studied indicators of development established this fact. The well off countries were able to fulfill the aspirations of the public which made them stronger. Every country that came up in the later years followed the same trend which was thought to be the way to glory.
To elaborate this above fact we can sight some examples such as GDP, HDI, HPI and many others. They all aspire to give the depiction of reality. Thus the modern day nations focus on them and improve them through time bound developmental plans, priority sector lending, fiscal targets etc. They are all multi dimensional but aim to achieve a good standard of living for the people. The one thing that is common in all of them is that all of them require funding which is possible through economic growth. The economic goals are thus mere necessity to achieve the set goals.
Now if we consider economic growth to be an end product we are somewhat wrong. Yes, there are factors like trade, FDI etc that boost economic growth. To better explain it we can sight the aspirational target of India to become a 5 trillion dollar economy by 2024. There have been plans etched out to achieve it but it can not be said to be an end of growth. With changing times and growth of population the demands and aspirations will also grow. Thus a day would arrive when even better economy would be the need of the hour hence pushing the boundaries further.
Arguments can be many. There can be many examples sighted. But with all of them we cannot deny the important role money plays. Everything we do or aspire to do has a monetary aspect attached to it. Thus economic growth cannot be considered a stable target but rather it is dynamic. It changes with time. It never is the end but it surely is the most important aspect to achieve many ends..
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