Group items tagged

This article describes a perspective on economic growth and development in Nigeria. Particularly, it focuses on the development of the manufacturing sector in this country in an attempt to fuel economic growth and therefore contribute to development.

This article on the distribution of income interested me because of the connection to economic growth and development. The efforts to create more equal income distribution are not only good for the population socially, but for helping economic performance. From the article; "This goal is worthwhile not only for reasons of fairness and social welfare, but because it would improve economic performance," says UNCTAD.

This article discusses the potential of European and Asian nations collaboration to achieve economic growth and face the problems of various nations. "Dealing with these problems and overcoming them requires cooperation, strengthening convergence, and utilizing regional potential properly." 

This article shows the real-life application to the new ideas we've been discussing in terms of the Republic of Cyprus. "Cyprus has so far been an energy island -an isolated energy system- and has till recently been almost totally dependent on imports of oil which burden the current account balance. A bright horizon of peace, cooperation and economic growth will then open up for the area of the Eastern Mediterranean, to the benefit not only of the countries and peoples of the area but also of our wider European family." I have included the conclusion to the article as well, which wraps up this sustainability-conscious article."In shaping the world of today and tomorrow through their decisions on energy issues, visionary leaders will aim at improving the prospects of both the current and future generations in terms of economic and social development and of sustainability, and certainly in terms of establishing and strengthening peaceful and hence productive international relations."

India's booming GDP has been making it become a leading pioneer in economic development. However, while the demand side is soaring, the supply side is lagged behind. The production capacity is not enough to catch up with the expand in demand. However, while the trend could not slow down, India can neither create enough jobs nor fund an ambitious welfare state without faster economic growth.

This piece by The Globe and Mail outlines Canada's ongoing shortage of healthcare professionals, particularly family doctors. Although it doesn't address economics directly, this article applies to our topic because doctors are considered a 'service', and thus not having enough of them is a scarcity within Canada's economy. The author talks about how difficult it is to find a regular family doctor in her area. According to her, there are actual business dedicated to helping people locate doctors. At the end of the article, statistics reveal that this is a normal problem occuring in a large part of Canadians. There is actually also a major shortage of healthcare professionals in developing areas such as Africa, where there aren't even suitable medical locations in the case of an emergency. **By the way: I apologize for my lack of tags other than 'scarcity'... I accidentally posted the article before tagging anything else! **I fixed the tags... finally figured out how, woohoo!!

This is a great example of scarcity, and even opportunity cost. These doctors are somewhat of a luxury, and although they are a need, the scarcity makes them a reasonable want as well. Scarcity may have largely negative repercussions, yet there is an occasional positive outcome for some unit in an economy. It's certainly beneficial to the other businesses (helping to locate doctors) that have evolved from this problem, and those companies are profiting from a Nation's scarcity.