Answer to Question #198225 in Macroeconomics for Graylin Lapi

Question

write about the literature review about the economic growth, human welfare and trade

Answer 1

Economic growth is an increase in the production of goods and services in an economy, whereas human welfare is the study of how the allocation of resources and goods affects social welfare.

In most cases society believes the higher the level of education the more the working experience earns more than those with less education. Education has impact on economic growth in a negative or positive way. for instance, highly educated personnel have more capability to increase innovation and knowledge spillover. This improvement in knowledge skills translate to increased productivity which also leads to short and long-term economic growth. This also helps in improving human welfare and trade among the society