The Student Room Group

Please help me

Please share your ideas on how to make gdp growth faster.
Original post by username6110343
Please share your ideas on how to make gdp growth faster.


Reversing brexit would be a good idea, but that's "out of the window"
Original post by username6110343
Please share your ideas on how to make gdp growth faster.

maybe we should overthrow the monarchy after all they do take our taxpayer money (jk don't come for me royal family lol), if we are are a republic then our GDP should surely go up
Here are a few general ideas:

Infrastructure investment.
Tax reform.
Education and training.
Deregulation.
International trade.
Innovation and technology.
Original post by dysonrichard801
Here are a few general ideas:

Infrastructure investment.
Tax reform.
Education and training.
Deregulation.
International trade.
Innovation and technology.


I admire your ideas.....great ideas to boost economy
Original post by MindMax2000
Reversing brexit would be a good idea, but that's "out of the window"

I am not talking about uk....i want to know about the policies which can stimulate global ecconomic growth...
(edited 1 year ago)
Original post by Gdps1
I am not talking about uk....i want to know about the policies which can stimulate global ecconomic growth...


In which case @dysonrichard801 has more or less listed most of the textbook factors that would lead to economic growth.

I would partially agree with infrastructure investment, because according to research the investment only really pays off if the demand is there first. Investing in infrastructure alone would not stimulate economic growth. It's like the idea of pushing on a string (a phrase commenting on monetarism); it doesn't really work unless the demand is there first.
What I would advocate instead of infrastructure investment is to either offer cheap alternative means of setting up businesses or providing assistance in trade (e.g. deregulation and lower fees to set up businesses or to provide alternatives such as permitting online offices and government grants for business startups).
If you're talking about international trades, you can talk about tarriffs and quota restrictions as well as offering currency based derivatives to hedge against exchange rate risks. In practice, you're also looking more into international regulations and standardising certain laws to help imrpove exports (the UK's is much left to be desired).
I have seen certain business support hubs set up to help the growth and development of startups e.g. Federation of Small Businesses in the UK. What can be done more is to provide some sort of business mentorship/apprenticeship program to help new businesspeople break into the industry. General education in business rarely does work, and it's usually more of the STEM subjects that tend to contribute more to economic growth via productivity and innovations.
Despite what they say about how innovation and technology is to be encouraged for economic growth, there is usually a lot of restrictions and hindrance to innovation and technology (the irony I know) e.g. survelliance, control, shelving discoveries, refusing to fund research and development, etc. Jobs in this part of the sector tend to be very poorly paid and somewhat "abusive" (for a lack of better term). If there is better support and regulations to protect innovators in the sector, you would often see a rise in growth.
I would also like to see there to be a change in laws in how the innovators are credited and how they should be allocated share of the rewards for their innovation. Current laws commonly states that any innovation an innovator creates belongs to the employer of the innovator, and the innovator gets nothing (no recognition, no renumeration, etc.).

The other textbook answers include: monetary policy, fiscal policy, control the costs of doing business (e.g. heating, oil prices, electricity, motor related costs, etc.)
Original post by MindMax2000
In which case @dysonrichard801 has more or less listed most of the textbook factors that would lead to economic growth.

I would partially agree with infrastructure investment, because according to research the investment only really pays off if the demand is there first. Investing in infrastructure alone would not stimulate economic growth. It's like the idea of pushing on a string (a phrase commenting on monetarism); it doesn't really work unless the demand is there first.
What I would advocate instead of infrastructure investment is to either offer cheap alternative means of setting up businesses or providing assistance in trade (e.g. deregulation and lower fees to set up businesses or to provide alternatives such as permitting online offices and government grants for business startups).
If you're talking about international trades, you can talk about tarriffs and quota restrictions as well as offering currency based derivatives to hedge against exchange rate risks. In practice, you're also looking more into international regulations and standardising certain laws to help imrpove exports (the UK's is much left to be desired).
I have seen certain business support hubs set up to help the growth and development of startups e.g. Federation of Small Businesses in the UK. What can be done more is to provide some sort of business mentorship/apprenticeship program to help new businesspeople break into the industry. General education in business rarely does work, and it's usually more of the STEM subjects that tend to contribute more to economic growth via productivity and innovations.
Despite what they say about how innovation and technology is to be encouraged for economic growth, there is usually a lot of restrictions and hindrance to innovation and technology (the irony I know) e.g. survelliance, control, shelving discoveries, refusing to fund research and development, etc. Jobs in this part of the sector tend to be very poorly paid and somewhat "abusive" (for a lack of better term). If there is better support and regulations to protect innovators in the sector, you would often see a rise in growth.
I would also like to see there to be a change in laws in how the innovators are credited and how they should be allocated share of the rewards for their innovation. Current laws commonly states that any innovation an innovator creates belongs to the employer of the innovator, and the innovator gets nothing (no recognition, no renumeration, etc.).

The other textbook answers include: monetary policy, fiscal policy, control the costs of doing business (e.g. heating, oil prices, electricity, motor related costs, etc.)


You have a great idea...you are true lover of economics...as a begineer i dont know much about it..but i have also a plan to boost gdp growth..it
GDP=C+I+G+NX
SO Increasing exports can boost it...but signing free trade deal can also make us dependent on imports...then NX WOULD FALL.BUT IF,we focus on production in home.then it could give us much export capability and it is also able to pick up investment.then I would be up.so if contry wants to be self reliant,it can automatically make it gdp growth faster.
I HAVE JUST SHARED MY IDEAS.I AM A BEGINEER .I MIGHT BE WRONG.

DO YOU SUPPORT MY IDEAS????
(edited 1 year ago)
Original post by Gdps1
You have an great idea...you are true lover of economics...as a begineer i dont know much about it..but i have also a plan to boost gdp growth..it
GDP=C+I+G+NX
SO Increasing exports can boost it...but signing free trade deal can also make us dependent on imports...then NX WOULD FALL.BUT IF,we focus on production in home.then it could give us much export capability and it is also able to pick up investment.then I would be up.so if contry wants to be self reliant,it can automatically make it gdp growth faster.
I HAVE JUST SHARED MY IDEAS.I AM A BEGINEER .I MIGHT BE WRONG.

DO YOU SUPPORT MY IDEAS????


According to the textbooks, then yeah it's valid. However:

1.

It's not a new idea - trade agreements have been in place boosting exports since the 1950s

2.

International trade has been going on since time immemorial e.g. Silk Road

3.

Things in practice are never that straightforward; namely there is usually a lot of politics involved, as well as laws (lots of them)

Original post by MindMax2000
According to the textbooks, then yeah it's valid. However:

1.

It's not a new idea - trade agreements have been in place boosting exports since the 1950s

2.

International trade has been going on since time immemorial e.g. Silk Road

3.

Things in practice are never that straightforward; namely there is usually a lot of politics involved, as well as laws (lots of them)


Thank you so much
You are correct....involvement of politics reduces economic growth,speciallly in our country(india).
Original post by MindMax2000
In which case @dysonrichard801 has more or less listed most of the textbook factors that would lead to economic growth.

I would partially agree with infrastructure investment, because according to research the investment only really pays off if the demand is there first. Investing in infrastructure alone would not stimulate economic growth. It's like the idea of pushing on a string (a phrase commenting on monetarism); it doesn't really work unless the demand is there first.
What I would advocate instead of infrastructure investment is to either offer cheap alternative means of setting up businesses or providing assistance in trade (e.g. deregulation and lower fees to set up businesses or to provide alternatives such as permitting online offices and government grants for business startups).
If you're talking about international trades, you can talk about tarriffs and quota restrictions as well as offering currency based derivatives to hedge against exchange rate risks. In practice, you're also looking more into international regulations and standardising certain laws to help imrpove exports (the UK's is much left to be desired).
I have seen certain business support hubs set up to help the growth and development of startups e.g. Federation of Small Businesses in the UK. What can be done more is to provide some sort of business mentorship/apprenticeship program to help new businesspeople break into the industry. General education in business rarely does work, and it's usually more of the STEM subjects that tend to contribute more to economic growth via productivity and innovations.
Despite what they say about how innovation and technology is to be encouraged for economic growth, there is usually a lot of restrictions and hindrance to innovation and technology (the irony I know) e.g. survelliance, control, shelving discoveries, refusing to fund research and development, etc. Jobs in this part of the sector tend to be very poorly paid and somewhat "abusive" (for a lack of better term). If there is better support and regulations to protect innovators in the sector, you would often see a rise in growth.
I would also like to see there to be a change in laws in how the innovators are credited and how they should be allocated share of the rewards for their innovation. Current laws commonly states that any innovation an innovator creates belongs to the employer of the innovator, and the innovator gets nothing (no recognition, no renumeration, etc.).

The other textbook answers include: monetary policy, fiscal policy, control the costs of doing business (e.g. heating, oil prices, electricity, motor related costs, etc.)

Very well presented🤝
Original post by Prof_Rey
Very well presented🤝


Thanks

Quick Reply

Latest