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The environmental Kuznets curve suggests that economic development initially leads to a deterioration in the environment, but after a certain level of economic growth, a society begins to improve its relationship with the environment and levels of environmental degradation reduces.
From a very simplistic viewpoint, it can suggest that economic growth is good for the environment. However, critics argue there is no guarantee that economic growth will lead to an improved environment — in fact, the opposite is often the case.
At the least, it requires a very targeted policy and attitudes to make sure that economic growth is compatible with an improving environment.
The hypothesis can be seen in this diagram Justification for Environmental Kuznets curve Empirical evidence of declining pollution levels with economic growth. Studies found that higher economic growth in the US led to increased use of cars, but at the same time — due to regulation, levels of air pollution in particular sulphur dioxide levels declined.
Kuznets curve a Primer Spare income with growth. With higher rates of economic growth, people have more discretionary income after paying for basic necessities; therefore, they are more amenable to paying higher prices in return for better environmental standards.
Focus on living standards as opposed to real GDP. Traditional economic theory concentrates on increasing real GDP and rates of economic growth. But there is a growing awareness the link between economic growth and living standards can be weak. Focusing on living standards can become politically popular.
The primary driving force behind long-term economic growth is improved technology and higher productivity. With higher productivity, we can see higher output, with less raw materials used.
For example, since the s, the technology of car use has significantly improved fuel efficiency. In the s, many cars had very low miles per gallon. In recent years, car manufacturers have made strides in reducing fuel consumption and have started to develop hybrid technology.
Solar and renewable energy. A good example of how improved technology has reduced potential for environmental damage is the progress in solar technology. In recent years, the cost of solar energy has significantly fallen — raising the prospect of clean technology.
Initially, economic development leads to shifting from farming to manufacturing. This leads to greater environmental degradation.
However, increased productivity and rising real incomes see a third shift from industrial to the service sector. An economy like the UK has seen industrialisation shrink as a share of the economy. The service sector usually has a lower environmental impact than manufacturing. Role of government regulation.Modern Economic Growth: Rate, Structure and Spread Simon Kuznets 3.
Modern Economic Growth 4. Critical Review 5. Conclusion 6. Sources 1. Agenda 2. Simon Kuznets 3. MEG 4.
Critical Review 5. Conclusion. insight into the economic and social structure and process of development.! Produced 31 books and papers. The socialist market economy of the People's Republic of China is the world's second largest economy by nominal GDP and the world's largest economy by purchasing power parity.
Until , China was the world's fastest-growing major economy, with growth rates averaging 10% over 30 years. Due to historical and political facts of China's developing economy, China's public sector accounts for a.
Kuznets' six characteristics of modern economic growth are discussed:High rates of growth of per capita benjaminpohle.com rates of growth of total factor benjaminpohle.com rates of structural.
Risk Taking and Fiscal Smoothing with Sovereign Wealth Funds in Advanced Economies Knut Anton Mork Snorre Lindset We analyse the interaction between fiscal policy and portfolio management for the government of an advanced economy with a sovereign-wealth fund (SWF).
Executive summary. This study explains how Thai agriculture has tackled the problems of cost-price squeeze and satisfactorily adjusted its production structure toward new comparative advantage. The purpose of this study is to estimate the relationships between GDP and electricity consumption in 10 newly industrializing and developing Asian countries using .