essay about economic success

What is economic growth? And why is it so important?

The goods and services that we all need are not just there – they need to be produced – and growth means that their quality and quantity increase..

Good health, a place to live, access to education, nutrition, social connections, respect, peace, human rights, a healthy environment, and happiness. These are just some of the many aspects we care about in our lives.

At the heart of many of these aspects that we care about are needs for which we require particular goods and services . Think of those that are needed for the goals on the list above – the health services from nurses and doctors, the home you live in, or the teachers who provide education.

Poverty, prosperity, and growth are often measured in monetary terms, most commonly as people’s income. But while monetary measures have some important advantages, they have the big disadvantage that they are abstract. In the worst case, monetary measures – like GDP per capita – are so abstract that we forget what they are actually about: people’s access to goods and services.

The point of this text is to show why economic growth is important and how the abstract monetary measures tell us about the reality of people’s material living conditions around the world and throughout history:

• In the first part, I want to explain what economic growth is and why it is so difficult to measure.
• In the second part, I will discuss the advantages and disadvantages of several measures of growth, and you will find the latest data on several of these measures so that we can see what they tell us about how people’s material living conditions have changed.

What are these goods and services that I’m talking about?

Have a look around yourself right now. Many of the things you see are products that were produced by someone so that you can use them: the trousers you are wearing, the device you are reading this on, the electricity that powers it, the furniture around you, the toilet that is nearby, the sewage system it is connected to, the bus or car or bicycle you took to get where you are, the food you had this morning, the medications you will receive when you get sick, every window in your home, every shirt in your wardrobe, and every book on your shelf.

At some point in the past, many of these products were not available. The majority did not have access to the most basic goods and services they needed. A recent study on the history of global poverty estimates that just two centuries ago, roughly three-quarters of the world "could not afford a tiny space to live, food that would not induce malnutrition, and some minimum heating capacity.” 1

Let’s look at the history of the last item on that list above, books.

A few centuries ago, the only way to produce a book was for a scribe to copy it word-for-word by hand. Book production was a slow process; it took a scribe about eight months of daily work to produce a single copy of the Bible. 2

It was so laborious that only very few books were produced. The chart shows the estimates of historians. 3

But then, in the 15th century, the goldsmith Johannes Gutenberg combined the idea of movable letters with the mechanism that he knew from the wine presses in his hometown. He developed the printing press. Gutenberg developed a new production technology, and it changed things dramatically. Instead of spending months to produce one book, a worker was now able to produce several books a day.

As the printing press spread across Europe, book production soared. Books, which were previously only available to a tiny elite, became available to more and more people.

This is one example of how growth is possible and what economic growth is : an increase in the production of goods and services that people produce for each other.

A list of goods and services that people produce for each other

Before we get to a more detailed definition of economic growth, it’s helpful to remind ourselves of the astonishingly wide range of goods and services that people produce. I think this is helpful because measures of economic output can easily become abstract. This abstraction means we easily lose the mental connection to the goods and services such measures actually talk about.

This list of goods and services isn’t meant as a definitive list, but it helped me to think about the relevance of poverty and growth: 4

At home: Light in your home at night; the sewage system; a shower; vacuum cleaner; fridge; heating; air conditioning; electricity; windows; a toilet – even a flush toilet; soap; a balcony or a garden; running water; warm water; cutlery and dishes; a hut – or even a warm apartment or house; an oven; sewing machine; a stove (that doesn’t poison you ); carpet; toilet paper; trash bags; music recordings or even online streaming of the world’s music and film; garbage collection; radio; television; a washing machine; 5 furniture; telephone; a comfortable bed, and a room for one’s own.

Food: The most fundamental need is to have enough food. For much of human history, a large share of people suffered from hunger , and millions still do .

But we also need to have a richer and more varied diet to get all of the nutrients we need. Unfortunately, billions still suffer from micronutrient deficiency .

Also, think of clean drinking water; reliable markets and stores with a wide range of available goods; food that rarely poisons you (pasteurized milk, for example); spices; tea and coffee; kitchen utensils and practical ingredients (from a bag of flour to canned soups or a yogurt); chocolate and sweets; fresh fruit and vegetables; bread; take-away food or the possibility to go to a restaurant; ways to protect your food from spoiling (from the cold chain that delivers the goods to the cellophane to wrap it with); wine or beer; fertilizer ( very important); and tractors to work the fields.

Knowledge: Education from primary up to university level; books; data that allows us to understand the world around us; newspapers; vocational training; kindergartens; and scientific knowledge to understand ourselves and the world around us.

Infrastructure: Public transportation with buses, subways, and trains; roads; paved roads; airplanes; bridges; financial services (including bank accounts, ATMs, and credit cards); cities; a network of competent workers that can help you to fix problems; postal services (that delivers fast); national parks; street cleaning; public swimming pools (even private pools); firefighters; parks; online shopping; weather forecasts; and a waste management system.

Tools and technologies: Pencils, ballpoint pens, and paper; lawnmowers; cars; car mechanics; bicycles; power tools like drills (even battery-powered ones); a watch; computers and laptops; smartphones (with GPS and a good camera); being able to stay in touch with distant friends or family members (or even visiting them); GPS; batteries; telephones and mobiles; video calls; WiFi; and the internet right here.

Social services: Caretakers for those who are disabled, sick, or elderly; protection from crime; non-profit organizations financed by the public, by donations or by philanthropies; insurance (against many different risks); and a legal system with judges and lawyers that implement the rule of law.

There is also a wide range of transfer payments, which in themselves are not services (they are transfers) but which become more affordable as a society becomes more prosperous: sick leave and disability benefits; unemployment benefits; and being able to help others with a regular donation of some of your income to an effective charity . 6

Life and free time : tents; travel and holidays; surfboards; skis; board games; hotels; playgrounds; children’s toys; courses to learn hobbies (from painting to musical instruments or courses on the environment around us); a football; pets; the cinema, theater or a music concert; clothes (even comfortable and good-looking ones that keep you warm and protect you from the rain); shoes (even shoes for different purposes); shoe repair; the contraceptive pill and the ability to choose if and when to have children; sports classes from rock climbing to pilates and yoga; cigarettes (not all goods that people produce for each other are good for them); 7 a musical instrument; a camera; and parties to celebrate life.

Health and staying well: Dentists; antibiotics; surgeries; anesthesia; mental health care from psychologists and psychiatrists; vaccines; public sewage; a haircut; a massage; midwives; ambulances; modern medicine; band-aids; pharmaceutical drugs; sanitary pads; toothbrushes; dental floss (some do floss); disinfectants; glasses; sunglasses; contact lenses; hearing aids; and hospitals – including very well-equipped, modern hospitals that offer CT scans, which include intensive care units and allow heart or brain surgery or organ transplants.

Specific needs and wishes: Most of the products listed above are generally helpful to people. But often, the goods and services that are most important to one individual are very specific.

As I’m writing this, I have a big cast on my left leg after I broke it. These days, I depend on products that I had no use for just three weeks ago. To move around, I need two long crutches, and to prevent thrombosis, I need to inject a blood thinner every day. After I broke my leg, I needed the service of nurses and doctors. They had to rely on a range of medical equipment, such as X-ray machines. To get back on my feet, I might need the service of physiotherapists.

We all have very specific needs or wishes for particular goods and services. Some needs arise from bad luck, like an injury. Others are due to a new phase in life – think of the specific goods and services you need when you have a baby or when you take care of an elderly person. And yet others are due to specific interests – think of the needs of a fisherman, or a pianist, or a painter.

All of these goods and services do not just magically appear. They need to be produced. At some point in the past, the production of most of them was zero, and even the most essential ones were extremely scarce. So, if you want to know what economic growth means for your life, look at the list above.

What is economic growth?

So, how can we define what economic growth is?

A definition that can be found in so many publications that I don’t know which one to quote is that economic growth is “an increase in the amount of goods and services produced per head of the population over a period of time.”

The definition in the Oxford Dictionary is almost identical: “Economic growth is the increase in the production of goods and services per head of population over a stated period of time”. And the definition in the Cambridge Dictionary is similar. It defines growth as “an increase in the economy of a country or an area, especially of the value of goods and services the country or area produces.”

In the following footnote, you find more definitions. Bringing these definitions together and taking into account the economic literature more broadly, I suggest the following definition: Economic growth is an increase in the quantity and quality of the economic goods and services that a society produces.

I prefer a definition that is slightly longer than most others. If you want a shorter definition, you can speak of ‘products’ rather than ‘goods and services’, and you can speak of ‘value’ rather than mentioning both the quantity and quality aspects separately.

The most important change in quantity is from zero to one when a new product becomes available. Many of the most important changes in history became possible when new goods and services were developed; think of antibiotics, vaccines, computers, or the telephone.

You find more thoughts on the definition of growth in the footnote. 8

What are economic goods and services?

Many definitions of economic growth simply speak of the production of ‘goods and services’ collectively. This sidesteps a key difficulty in its definition and measurement. Economic growth is not concerned with all goods and services but with a subset of them: economic goods and services.

In everything we do – even in our most mundane activities – we continuously ‘produce’ goods and services in some form. Early in the morning, once we’ve brushed our teeth and made ourselves toast, we have already produced one service and one good. Should we count the tooth-brushing and the toast-making towards the economic production of the country we live in? The question of where to draw the line isn’t easy to answer. But we have to draw the line somewhere. If we don’t, we end up with a concept of production that is so broad that it becomes meaningless; we’d produce a service with every breath we take and every time we scratch our nose.

The line that we have to draw to define the economic goods and services is called the ‘production boundary’. The sketch illustrates the idea. The production boundary defines those goods and services that we consider when we speak about economic growth.

For a huge number of goods or services, there is no question that they are of the ‘economic’ type. But for some of them, it can be complicated to decide on which side of the production boundary they fall. One example is the question of whether the production of illegal goods should be included. Another is whether production within a household should be included – should we consider it as economic production if we grow tomatoes in our backyard and make soup from them? Different authors and different measurement frameworks have given different answers to these questions. 9

There are some characteristics that are helpful in deciding on which side of the boundary a particular product falls. 10 Economic goods and services are those that can be produced and that are scarce in relation to the demand for them. They stand in contrast to free goods, like sunlight, which are abundant, or those many important aspects in our lives that cannot be produced, like friendships. 11 Our everyday language has this right: we don’t refer to the sun or our friendships as a good or service that we ‘produce’.

An economic good or service is provided by people to each other as a solution to a problem they are faced with, and this means that they are considered useful by the person who demands it.

A last characteristic that helps decide whether you are looking at an economic product is “delegability”. An activity is considered to be production in an economic sense if it can be delegated to someone else. This would include many of the goods and services on that long list we considered earlier but would exclude your breathing, for example.

Because economic goods are scarce in relation to the demand for them, human effort is required to produce them. 12 A shorter way of defining growth is, therefore, to say that it is an increase in the production of those products that people produce for each other.

The majority of goods and services on that long list above are uncontroversially of the economic type – everything from the light bulbs and furniture in your home to the roads and bridges that connect your home with the rest of the world. They are scarce in relation to the demand for them and have to be produced by someone; their production is delegable, and they are considered useful by those who want them.

It’s worth recognizing that many of the difficulties in defining the production boundary arise from the effort to make measures of economic production as comparable as possible.

To give just one concrete example of the type of considerations that make the discussion about specific definitions so difficult, let’s look at how the production boundary is drawn in the housing sector.

Imagine two countries that are identical except for one aspect: home ownership. In Country A, everyone rents their homes, and the total sum of annual rent amounts to €2 billion per year. In Country B, everyone owns their own home, and no one pays rent. To provide housing is certainly an economic service, but if we only counted monetary transactions, then we would get the false impression that the value of goods and services in Country A is €2 billion higher than in Country B. To avoid such misjudgment, the production boundary includes the housing services that are provided without any monetary transactions. In National Accounts, statisticians take into account the “imputed rental value of owner-occupied housing” – those households who own their home get assigned an imputed rental value. In the imagined scenario, these imputed rents would amount to €2 billion in Country B so that the prosperity of people in these two countries would be judged to be identical.

It is the case more broadly that National Account figures (like GDP) do include important non-market goods and services that are not included in household survey measures of people’s income. GDP does not only include the housing services by owner-occupied housing but also the provision of most goods and services that are provided by the government or nonprofit institutions.

How can we measure economic growth?

Many discussions about economic growth are extraordinarily confusing. People often talk past one another.

I believe the key reason for this is that the discussion of what economic growth is gets muddled up with how it is measured .

While it is straightforward enough to define what growth is, measuring growth is very, very difficult.

In the worst cases, measures of growth are mixed up with a definition of growth. Growth is often measured as an increase in income or inflation-adjusted GDP per capita. But these measures are not the definition of it – just like life expectancy is a measure of population health but is certainly not the definition of population health.

To see how difficult it is to measure growth, take a moment to think about how you would measure it. How would you determine whether the quantity and quality of all economic goods and services produced by a society increased or decreased over time?

Finding a measure means that you have to find a way to express a huge amount of relevant information in a single metric. As the sketch shows, you have to first measure the quantity and quality of all the many, many goods and services that get produced and then find a way to aggregate all of these measurements into one summarizing metric. No matter what measure you propose for such a difficult task, there will always be problems and shortcomings in any proposal you might make.

In the following section, I will show four possible ways of measuring growth and present some data for each of them to see how they can inform us about the history of material living conditions.

Measuring economic growth by tracking access to particular goods and services

One possible way to measure growth is to make a list of some specific products that people want and to see what share of the population has access to them.

We do this very often at Our World in Data . The chart here shows the share of the world population that has access to four basic resources. All of these statistics measure some particular aspect of economic growth.

You can switch this chart to any country in the world via the “Change country” option. You will find that, judged by this metric, some countries achieved rapid growth – like Indonesia – while others only saw very little growth, like Chad.

The advantage of measuring growth in this way is that it is concrete. It makes clear what exactly is growing, and it’s clear which particular goods and services people gain access to.

The downside is that it only captures a small part of economic growth. There are many other goods and services that people want in addition to water, electricity, sanitation, and cooking technology. 13

You could, of course, expand this approach of measuring growth to many more goods and services, but this is usually not done for both practical and ethical considerations:

One practical reason is that a list of all the products that people value would be extremely long. Keeping lists that track people’s access to all products would be a daunting task: hundreds of different toothbrushes, thousands of different dentists, hundreds of thousands of different dishes in different restaurants, and many millions of different books. 14 If you wanted to measure growth across all goods and services in this way, you’d soon employ half the country in the statistical office.

In practice, any attempt to measure growth as access to particular products, therefore, means that you look only at a relatively small number of very particular goods and services that statisticians or economists are interested in. This is problematic for ethical reasons. It should not be up to the statisticians or economists to determine which few products should be considered valuable.

You might have realized this problem already when you read my list at the beginning of this text. You might have disagreed with the things that I put on that list and thought that some other goods and services were missing. This is why it is important to track incomes and not just access to particular goods: measuring people’s income is a way of measuring the options that they have rather than the choices that they make. It respects people’s judgment to decide for themselves what they find most important for their lives.

On our site, you find many more such metrics of growth that capture whether people have access to particular goods and services:

• This chart shows the share of US households having access to specific technologies.
• This chart shows the share that has health insurance.
• This chart shows access to schools.

Measuring economic growth by tracking the ratio between people’s income and the prices of particular goods and services

To measure the options that a person’s income represents, we have to compare their income with the prices of the goods and services that they want. We have to look at the ratio between income and prices.

The chart here does this for one particular product – books – and brings us back to the history of growth in the publishing sector that we started with. 15 Shown is the ratio between the average income that a worker receives and the price of a book. It shows how long the average worker had to work to buy one book. Note that this data is plotted on a logarithmic axis.

Before the invention of the printing press in the 15th century, the price was often as high as several months of work. The fact that books were unaffordable for almost everyone should not be surprising. It corresponds to what we’ve seen earlier that it took a scribe several months to produce a single book.

The chart also shows how this changed when the printing press increased the productivity of publishing. As the labor required to produce a book declined from many months of work to less than a day, the price fell from months of wages to mere hours.

This shows us how an innovation in technology raises productivity and how an increase in production makes it more affordable. How it increases the options that people have.

Global inequality: How do incomes compare in countries around the world?

In the previous section, we measured growth as the ratio between income and the price of one particular good. But of course, we could do the same for all the many goods and services that people want. This ratio – the ratio between the nominal income that people receive and the prices that people have to pay for goods and services – is called ‘real income’ . 16

Real income = Nominal income / price of goods and services

Real income grows when people’s nominal income increases or when the prices of goods and services decrease.

In contrast to many of the other metrics on Our World in Data, a person’s real income does not matter for its own sake but because it is a means to an end. A means to many ends, in fact.

Economic growth – measured as an increase in people’s real income – means that the ratio between people’s income and the prices of what they can buy is increasing: goods and services become more affordable, and people become less poor. It is because a person has more choices as their income grows that economists care so much about these monetary measures of prosperity.

The two most prominent measures of real income are GDP per capita and people’s incomes, as determined through household surveys.

They are shown in this chart.

Before we get back to the question of economic growth, let’s see what these measures of real income tell us about the economic inequality in the world today.

Both measures show that global inequality is very large. In a rich country like Denmark, an average person can purchase goods and services for $54 a day, while the average Ethiopian can only afford goods and services that cost $3 per day.

Both measures of real incomes in this chart are measured in international dollars, which means that they take into account the level of prices in each country (using purchasing power parity conversion factors). This price adjustment is done in such a way that one international-$ is equivalent to the purchasing power of one US-$ in the US . An income of int.-$3 in Ethiopia, for example, means that it allows you to purchase goods and services in Ethiopia that would cost US-$3 in the US . All dollar values in this text are given in international dollars, even though I often shorten it to just the $-sign.

If you are living in a rich country and you want to have a sense of what it means to live in a poor country – where incomes are 20 times lower – you can imagine that the prices for everything around you suddenly increase 20-fold. 17 If all the things you buy suddenly get 20-times more expensive your real income is 20-times lower. A loaf of bread doesn’t cost $2 but $40, a pair of jeans costs $400, and an old car costs $40,000. If you ask yourself how these price increases would change your daily consumption and your day-to-day life, you can get a sense of what it means to live in a poor country.

The two shown measures of real income differ:

• The data on the vertical axis is based on surveys in which researchers go from house to house and ask people about their economic situation. In some countries, people are asked about their income, while in other countries, people are asked about their expenditure – expenditure is income minus savings. In poor countries, these two measures are close to each other since poor people do not have the chance to save much.
• On the other hand, GDP per capita starts at the aggregate level and divides the income of the entire economy by the number of people in that country. GDP per capita is higher than per capita survey income because GDP is a more comprehensive measure of income. As we’ve discussed before, it includes an imputed rental value of owner-occupied housing and other differences, such as government expenditure.

Income as a measure of economic prosperity is much more abstract than the metrics we looked at previously. The comparison of incomes of people around the world in this scatterplot measures options, not choices. It shows us that the economic options for billions of people are very low. The majority of the world lives on very low incomes of less than $20, $10, or even $5 per day. In the next section, we’ll see how poverty has changed over time.

• GDP per capita vs. Daily income of the poorest 10%
• GDP per capita vs. Daily average income

Global poverty and growth: How have incomes changed around the world?

Economic growth, as we said before, is an increase in the production of the quantity and quality of the economic goods and services that a society produces. The total income in a society corresponds to the total sum of goods and services the society produces – everyone’s spending is someone else’s income. This means that the average income corresponds to the level of average production, so that the average income in a society increases when the production of goods and services increases.

Average production = average income

In this final section, let’s see how incomes have changed over time, first as documented in survey incomes and then via GDP per capita.

Measuring economic growth by tracking incomes as reported in household surveys

The chart shows the income of people around the world over time, as reported in household surveys. It shows the share of the world population that lives below different poverty lines: from extremely low poverty lines up to $30 per day, which corresponds to notions of poverty in high-income countries .

Many of the poorest people in the world rely on subsistence farming and do not have a monetary income. To take this into account and make a fair comparison of their living standards, the statisticians who produce these figures estimate the monetary value of their home production and add it to their income.

Again, the prices of goods and services are taken into account: these are measures of real incomes. As explained before, incomes are adjusted for price differences between countries, and they are also adjusted for inflation. As a consequence of these two adjustments, incomes are expressed in international dollars in 2017 prices, which means that these income measures express what you would have been able to buy with US dollars in the US in 201 7.

Global economic growth can be seen in this chart as an increasing share of the population living on higher incomes. In 2000 two thirds of the world lived on less than $6.85 per day. In the following 19 years, this share fell by 22 percentage points.

In 2020 and 2021 — during the economic recession that followed the pandemic — the size of the world economy declined, and the share of people in poverty increased . As soon as global data for this period is available, we will update this chart.

The data shows that global poverty has declined, no matter what poverty line you choose. It also shows that the majority of the world still lives on very low incomes. As we’ve seen, we can describe the same reality from the production side: the global production of the goods and services that people want has increased, but there is still not enough production of even very basic products. Most people in the world do not have access to them.

An advantage of household survey data over GDP per capita is that it captures the inequality of incomes within a country. You can explore this inequality with this chart by switching to see the data for an individual country via the ‘Change country’ button.

Measuring economic growth by tracking GDP per capita

GDP per capita is a broader measure of real income, and in contrast to survey income, it also takes government expenditures into account. A lot of thinking has gone into the construction of this very prominent metric so that it is comparable not only over time but also across countries. This makes it especially useful as a measure to understand the economic inequality in the world, as we’ve seen above. 18

Another advantage of this measure is that historians have reconstructed estimates of GDP per capita that go back many centuries. This historical research is an extremely laborious task , and researchers have dedicated many years of work to these reconstructions. The ‘Maddison Project’ brings together these long-run reconstructions from various researchers, and thanks to these efforts, we have a good understanding of how incomes have changed over time.

The chart shows how average incomes in different world regions have changed over the last two centuries. Looking at the latest data, you see again the very large inequality between different parts of the world today. You now also see the history of how we got here: small increases in production in some world regions and very large increases in those regions where people have the highest incomes today.

One of the very first countries to achieve sustained economic growth was the United Kingdom. In this chart, we see the reconstructions of GDP per capita in the UK over the last centuries.

It is no accident that the shape of this chart is very similar to the chart on book production at the beginning of this text – very low and almost flat for many generations and then quickly rising. Both of these developments are driven by changes in production.

Average income corresponds to average production, and societies around the world were able to produce very few goods and services in the past. There were no major exceptions to this reality. As we see in this chart, global inequality was much lower than today: the majority of people around the world were very poor.

To get a sense of what this means, you can again take the approach we’ve used to understand the inequality in the world today. When incomes in today’s rich countries were 20 times lower, it was as if all the prices around you today would suddenly increase 20-fold. But in addition to this, you have to consider that all the goods and services that were developed since then disappeared – no bicycle, no internet, no antibiotics. All that’s left for you are the goods and services of the 17th century, but all of them are 20 times more expensive than today. The majority of people around the world, including in today’s richest countries, live in deep poverty.

Just as we’ve seen in the history of book production, this changed once new production technologies were introduced. The printing press was an exceptionally early innovation in production technology; most innovations happened in the last 250 years. The starting point of this rise out of poverty is called the Industrial Revolution.

The printing press made it possible to produce more books. The many innovations that made up the Industrial Revolution made it possible to increase the production of many goods and services. Compare the effort that it takes for a farmer to reap corn with a scythe to the possibilities of a farmer with a tractor or a combined harvester, or think of the technologies that made overland travel faster – from walking on foot to traveling in a horse buggy to taking the train or car; or think of the effort it took to build those roads that the buggies once traveled on with the modern machinery that allows us to produce the corresponding public infrastructure today .

The production of a myriad of different goods and services followed trajectories very similar to the production of books – flat and low in the past and then steeply increasing. The rise in average income that we see in this chart is the result of the aggregation of all these production increases.

In the past, before societies achieved economic growth, the only way for anyone to become richer was for someone else to become poorer; the economy was a zero-sum game. In a society that achieves economic growth, this is no longer the case. When average incomes increase, it becomes possible for people to become richer without someone else becoming poorer.

This transition from a zero-sum to a positive-sum economy is the most important change in economic history (I wrote about it here ) and made it possible for entire societies to leave the extreme poverty of the past behind.

Conclusion: The history of global poverty reduction has just begun

The chart shows the global history of extreme poverty and economic growth.

In the top left panel, you can see how global poverty has declined as incomes increased; in the other eight panels, you see the same for all world regions separately. The starting point of each trajectory shows the data for 1820 and tells us that two centuries ago, the majority of people lived in extreme poverty, no matter where in the world they were at home.

Back then, it was widely believed that widespread poverty was inevitable. But this turned out to be wrong. The trajectories show how incomes and poverty have changed in each world region. All regions achieved growth – the goods and services that people need saw their production and quality increase – and the share living in extreme poverty declined. 19

This historical research was done by Michail Moatsos and is based on the ‘cost of basic needs’-approach as suggested by Robert Allen (2017) and recommended by the late Tony Atkinson. 20 The name ‘extreme poverty’ is appropriate as this measure is based on an extremely low poverty threshold. It takes us back to what I mentioned at the very beginning; this historical research tells us – as the author puts it – that three-quarters of the world "could not afford a tiny space to live, food that would not induce malnutrition, and some minimum heating capacity.”

Since then, all world regions have made progress against extreme poverty – some much earlier than others – but in particular, in Sub-Saharan Africa, the share of people living in deep poverty is still very high.

The last two centuries were the first time in human history that societies have achieved sustained economic growth, and the decline of global poverty is one of the most important achievements in history. But it is still a very long way to go.

This is what we see in this final chart. The red line shows the share of people living in extreme poverty that we just discussed. Additionally, you now also see the share living on less than $3.65, $6.85, and $30 per day. 21

The world today is very unequal, and the majority of the world still lives in poverty: 47% live on less than $6.85 per day, and 84% live on less than $30. Even after two centuries of progress, we are still in the early stages. The history of global poverty reduction has only just begun.

That the world has made substantial progress but nevertheless still has a long way to go is the case for many of the world’s very large problems. I’ve written before that all three statements are true at the same time: The world is much better, the world is awful, and the world can be much better. This is very much the case for global poverty. The world is much less poor than in the past, but it is still very poor, and it remains one of the largest problems we face.

Some writers suggest we can end poverty by simply reducing global inequality. This is not the case. I’m very much in favor of reducing global inequality, and I hope I do what I can to contribute to this. But it is important to be clear that a reduction of inequality alone would still mean that billions around the world would live in very poor conditions. Those who don’t see the importance of growth are not aware of the extent of global poverty. The production of many crucial goods and services has to increase if we want to end it. How much economic growth is needed to achieve this? This is the question I answered in this recent text .

To solve the problems we face, it is not enough to increase overall production. We also need to make good decisions about which goods and services we want to produce more of and which ones we want less of. Growth doesn’t just have a rate, it also has a direction, and the direction we choose matters – for our own happiness and for achieving a sustainable future .

I hope this text was helpful in making clear what economic growth is. It is necessary to remind ourselves of that because we mostly talk about poverty and growth in monetary terms. The monetary measures have the disadvantage that they are abstract, perhaps so abstract that we even forget what growth is actually about and why it is so important. The goods and services that we all need are not just there – they need to be produced – and economic growth means that the quality and quantity of these goods and services increase, from the food that we eat to the public infrastructure we rely on.

The history of economic growth is the history of how societies leave widespread poverty behind by finding ways to produce more of the goods and services that people need – all the very many goods and services that people produce for each other: look around you now.

Acknowledgments: I would like to thank Joe Hasell and Hannah Ritchie for very helpful comments on draft versions of this article.

Our World in Data presents the data and research to make progress against the world’s largest problems. This article draws on data and research discussed in our topic pages on Economic Inequality , Global Poverty , and Economic Growth .

Version history: In October 2023, I copy-edited this article; it was a minor update, and nothing substantial was changed.

Michail Moatsos (2021) – Global extreme poverty: Present and past since 1820. Published in OECD (2021), How Was Life? Volume II: New Perspectives on Well-being and Global Inequality since 1820 , OECD Publishing, Paris, https://doi.org/10.1787/3d96efc5-en .

At the time when material prosperity was so poor, living conditions were extremely poor in general; close to half of all children died .

Historian Gregory Clark reports the estimate that scribes were able to copy about 3,000 words of plain text per day.

See Clark (2007) – A Farewell to Alms: A Brief Economic History of the World. Clark (2007). In it, Clark quotes his earlier working paper with Patricia Levin as the source of these estimates. Gregory Clark and Patricia Levin (2001) – “How Different Was the Industrial Revolution? The Revolution in Printing, 1350–1869.”

There are about 760,000 words in the bible (it differs between various translations and languages; here is an overview of some translations).

This implies that the production of one copy of the Bible meant 253.3 days (8.3 months) of daily work.

Copying the text was not the only step in the production process for which productivity was low. The ink had to be made, parchment had to be produced and cut, and many other steps involved laborious work.

Wikipedia’s article about scribes reports sources that estimate that the production time per bible was even longer than 8 months.

Clark himself states in the same publication that “Prior to that innovation, books had to be copied by hand, with copyists on works with just plain text still only able to copy 3,000 words per day. Producing one copy of the Bible at this rate would take 136 man-days.” Since the product of 136 and 3000 is only 408,000, it is unclear to me how Clark has arrived at this estimate – 408,000 words are fewer words than in the Tanakh and other versions of the bible.

The data is taken from Eltjo Buringh and Jan Luiten Van Zanden (2009) – Charting the “Rise of the West”: Manuscripts and Printed Books in Europe, a Long-Term Perspective from the Sixth through Eighteenth Centuries. In The Journal of Economic History Vol. 69, No. 2 (June 2009), pp. 409-445. Online here .

Western Europe in this study is the area of today’s Great Britain, Ireland, France, Belgium, Netherlands, Germany, Switzerland, Italy, Spain, Sweden, and Poland.

On the history and economics of book production, see also the historical work of Jeremiah Dittmar.

I’ve relied on several sources to produce this list. One source was the simple descriptions of the consumption bundles that are relied upon for CPI measurement – like this one from Germany’s statistical office . And I have also relied on the national accounts themselves.

This list is also inspired partly by this list of Gwern and I’m also grateful for the feedback that I got via Twitter to earlier versions of this list. [ Here I shared the list on Twitter ]

This is Hans Rosling’s talk on the magic of the washing machine – worth watching if you haven’t seen it.

Of course all of these transfer payments have a service component to them, someone is managing the payment of the disability benefits etc.

Because smoking causes a large amount of suffering and death I do not find cigarettes valuable, but my opinion is not what matters for a list of goods and services that people produce for each other. Whether some good is considered to be part of the domestic product depends on whether it is a good that some people want, not whether you or I want it. More on this below.

Very similar to the definitions given above is the definition that Kimberly Amadeo gives: “Economic growth is an increase in the production of goods and services over a specific period.”

“Economic growth is an increase in the production of economic goods and services, compared from one period of time to another” is the definition at Investopedia .

Alternatively, to my definition, I think it can be useful to think of economic growth as not directly concerned with the output as such but with the capacity to produce this output. The NASDAQ’s glossary defines growth in that way: “An increase in the nation's capacity to produce goods and services.”

Wikipedia defines economic growth as follows: “Economic growth can be defined as the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.” Definitions that are based on how growth is measured strike me as wrong – just like life expectancy is a measure of population health and hardly the definition of population health. I will get back to this mistake further below in this text.

An aspect that I emphasize more explicitly than others is the quality of the goods and services. People obviously do just care about the number of goods, and in the literature on growth, the measurement of changes in quality is a central question. Many definitions speak more broadly about the ‘value’ of the goods and services that are produced, but I think it is worth emphasizing that growth is also concerned with a rise in the quality of goods and services.

OECD – Measuring the Non-Observed Economy: A Handbook .

The relevant numbers are not small. For the US alone, “illegal drugs add $108 billion to measured nominal GDP in 2017, illegal prostitution adds $10 billion, illegal gambling adds $4 billion, and theft from businesses adds $109 billion” if they were to be included in the US National Accounts. This is according to the report by Rachel Soloveichik (2019) – Including Illegal Activity in the U.S. National Economic Accounts . Published by the BEA.

Ironmonger (2001) – Household Production. In International Encyclopedia of the Social & Behavioral Sciences. Pages 6934-6939. https://doi.org/10.1016/B0-08-043076-7/03964-4

Or for some longer run data on the US: Danit Kanal and Joseph Ted Kornegay (2019) – Accounting for Household Production in the National Accounts: An Update, 1965–2017 . In the Survey of Current Business.

Helpful references that discuss how the production boundary is drawn (and how it changed over time) are: Lequiller and Blades – Understanding National Accounts (available in various editions) Diane Coyle (2016) – GDP: A Brief but Affectionate History https://press.princeton.edu/books/paperback/9780691169859/gdp

The definition of the production boundary by Statistics Finland

Itsuo Sakuma (2013) – The Production Boundary Reconsidered. In The Review of Income and Wealth. Volume 59, Issue 3; Pages 556-567.

Diane Coyle (2017) – Do-it-Yourself Digital: The Production Boundary and the Productivity Puzzle. ESCoE Discussion Paper 2017-01, Available at SSRN: http://dx.doi.org/10.2139/ssrn.2986725

A more general way of thinking about free goods and services is to consider them as those for which the supply is hugely greater than the demand.

Their production, therefore, has an opportunity cost, which means that if someone obtains an economic good, someone is giving up on something for it – this can either be the person themselves or society more broadly. Free goods, in contrast, are provided with zero opportunity cost to society.

It is also the case that the international statistics on these measures often have very low cutoffs for what it means ‘to have access’; this is, for example, the case for what it means to have access to energy.

10 years ago, Google counted there were 129,864,880 different books, and since then, the number has increased further by many thousands of new books every day.

This chart is from Jeremiah Dittmar and Skipper Seabold (2019) – New Media New Knowledge – How the printing press led to a transformation of European thought . I was unfortunately not able to find the raw data anywhere and could not redraw this chart; if someone knows where this (or comparable) data can be found, please let me know.

In the language of economists, the nominal value is measured in terms of money, whereas the real value is measured against goods or services. This means that the real income is the income adjusted for inflation (it is adjusted for the changes in prices of goods and services). Thereby, it allows comparisons that tell us the quantity and quality of the goods and services that people were able to purchase at different points in time.

I learned this way of thinking about it from Twitter user @Kirsten3531, who responded with this idea to a tweet of mine here https://twitter.com/Kirsten3531/status/1389553625308045317

We’ve discussed one such consideration that is crucial for comparability when we consider how to take into account the value of owner-occupied housing.

Whether economic growth translates into the reduction of poverty depends not only on the growth itself but also on how the distribution of income changes. The poverty metrics shown in this chart and in previous charts take both of these aspects – the average level of production/income and its distribution – into account.

Jutta Bolt and Jan Luiten van Zanden (2021) – The GDP data in the chart is taken from The Long View on Economic Growth: New Estimates of GDP, How Was Life? Volume II: New Perspectives on Well-being and Global Inequality since 1820 , OECD Publishing, Paris, https://doi.org/10.1787/3d96efc5-en .

The latest data point for the poverty data refers to 2018, while the latest data point for GDP per capita refers to 2016. In the chart, I have chosen the middle year (2017) as the reference year.

The ‘cost of basic needs’-approach was recommended by the ‘World Bank Commission on Global Poverty’, headed by Tony Atkinson, as a complementary method in measuring poverty.

The report for the ‘World Bank Commission on Global Poverty’ can be found here .

Tony Atkinson – and, after his death, his colleagues – turned this report into a book that was published as Anthony B. Atkinson (2019) – Measuring Poverty Around the World. You find more information on Atkinson’s website .

The CBN-approach Moatsos’ work is based on what was suggested by Allen in Robert Allen (2017) – Absolute poverty: When necessity displaces desire. In American Economic Review, Vol. 107/12, pp. 3690-3721, https://doi.org/10.1257/aer.20161080 .

Moatsos describes the methodology as follows: “In this approach, poverty lines are calculated for every year and country separately, rather than using a single global line. The second step is to gather the necessary data to operationalize this approach alongside imputation methods in cases where not all the necessary data are available. The third step is to devise a method for aggregating countries’ poverty estimates on a global scale to account for countries that lack some of the relevant data.” In his publication – linked above – you find much more detail on all of the shown poverty data. The speed at which extreme poverty declined increased over time, as the chart shows. Moatsos writes, “It took 136 years from 1820 for our global poverty rate to fall under 50%, then another 45 years to cut this rate in half again by 2001. In the early 21st century, global poverty reduction accelerated, and in 13 years, our global measure of extreme poverty was halved again by 2014.”

These are the same global poverty estimates – based on household surveys – we discussed above.

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Economics Essay Examples

Ace Your Essay With Our Economics Essay Examples

Published on: Jun 6, 2023

Last updated on: Jan 31, 2024

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Are you struggling to understand economics essays and how to write your own?

It can be challenging to grasp the complexities of economic concepts without practical examples.

But don’t worry! 

We’ve got the solution you've been looking for. Explore quality examples that bridge the gap between theory and real-world applications. In addition, get insightful tips for writing economics essays.

So, if you're a student aiming for academic success, this blog is your go-to resource for mastering economics essays.

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What is an Economics Essay?

An economics essay is a written piece that explores economic theories, concepts, and their real-world applications. It involves analyzing economic issues, presenting arguments, and providing evidence to support ideas. 

The goal of an economics essay is to demonstrate an understanding of economic principles and the ability to critically evaluate economic topics.

Why Write an Economics Essay?

Writing an economics essay serves multiple purposes:

• Demonstrate Understanding: Showcasing your comprehension of economic concepts and their practical applications.
• Develop Critical Thinking: Cultivating analytical skills to evaluate economic issues from different perspectives.
• Apply Theory to Real-World Contexts: Bridging the gap between economic theory and real-life scenarios.
• Enhance Research and Analysis Skills: Improving abilities to gather and interpret economic data.
• Prepare for Academic and Professional Pursuits: Building a foundation for success in future economics-related endeavors.

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If you’re wondering, ‘how do I write an economics essay?’, consulting an example essay might be a good option for you. Here are some economics essay examples:

Short Essay About Economics

A Level Economics Essay Examples

Here is an essay on economics a level structure:

Band 6 Economics Essay Examples

Here are some downloadable economics essays:

Economics essay pdf

Economics essay introduction

Economics Extended Essay Examples

In an economics extended essay, students have the opportunity to delve into a specific economic topic of interest. They are required to conduct an in-depth analysis of this topic and compile a lengthy essay. 

Here are some potential economics extended essay question examples:

• How does foreign direct investment impact economic growth in developing countries?
• What are the factors influencing consumer behavior and their effects on market demand for sustainable products?
• To what extent does government intervention in the form of minimum wage policies affect employment levels and income inequality?
• What are the economic consequences of implementing a carbon tax to combat climate change?
• How does globalization influence income distribution and the wage gap in developed economies?

IB Economics Extended Essay Examples 

IB Economics Extended Essay Examples

Economics Extended Essay Topic Examples

Extended Essay Research Question Examples Economics

Tips for Writing an Economics Essay

Writing an economics essay requires specific expertise and skills. So, it's important to have some tips up your sleeve to make sure your essay is of high quality:

• Start with a Clear Thesis Statement: It defines your essay's focus and argument. This statement should be concise, to the point, and present the crux of your essay.
• Conduct Research and Gather Data: Collect facts and figures from reliable sources such as academic journals, government reports, and reputable news outlets. Use this data to support your arguments and analysis and compile a literature review.
• Use Economic Theories and Models: These help you to support your arguments and provide a framework for your analysis. Make sure to clearly explain these theories and models so that the reader can follow your reasoning.
• Analyze the Micro and Macro Aspects: Consider all angles of the topic. This means examining how the issue affects individuals, businesses, and the economy as a whole.
• Use Real-World Examples: Practical examples and case studies help to illustrate your points. This can make your arguments more relatable and understandable.
• Consider the Policy Implications: Take into account the impacts of your analysis. What are the potential solutions to the problem you're examining? How might different policies affect the outcomes you're discussing?
• Use Graphs and Charts: These help to illustrate your data and analysis. These visual aids can help make your arguments more compelling and easier to understand.
• Proofread and Edit: Make sure to proofread your essay carefully for grammar and spelling errors. In economics, precision and accuracy are essential, so errors can undermine the credibility of your analysis.

These tips can help make your essay writing journey a breeze. Tailor them to your topic to make sure you end with a well-researched and accurate economics essay.

To wrap it up , writing an economics essay requires a combination of solid research, analytical thinking, and effective communication. 

You can craft a compelling piece of work by taking our examples as a guide and following the tips.

However, if you are still questioning "how do I write an economics essay?", it's time to get professional help from the best essay writing service -  CollegeEssay.org.

Our economics essay writing service is always ready to help students like you. Our experienced economics essay writers are dedicated to delivering high-quality, custom-written essays that are 100% plagiarism free.

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Barbara is a highly educated and qualified author with a Ph.D. in public health from an Ivy League university. She has spent a significant amount of time working in the medical field, conducting a thorough study on a variety of health issues. Her work has been published in several major publications.

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How to Write a Good Economics Essay

Last Updated: March 7, 2023 References

This article was co-authored by Emily Listmann, MA . Emily Listmann is a private tutor in San Carlos, California. She has worked as a Social Studies Teacher, Curriculum Coordinator, and an SAT Prep Teacher. She received her MA in Education from the Stanford Graduate School of Education in 2014. This article has been viewed 127,592 times.

A good economics essay requires a clear argument that is well-supported by appropriately referenced evidence. Research your topic thoroughly and then carefully plan out your essay. A good structure is essential, as is sticking closely to the main essay question. Be sure to proofread your essay and try to write in formal and precise prose.

Preparing to Write Your Essay

• For example a question such as “Discuss the macroeconomic consequences of rising house prices, alongside falling interest rates” could be divided into 2 parts: 1 part could be on the effects of rising prices, and 1 on the effects of falling interest rates.
• In this example you could begin by discussing each separately and then bringing the 2 together and analysing how they influence each other.
• Be sure to keep the question at the forefront of your mind and don’t veer off topic. [1] X Research source

• Be sure that you understand all the key terms that you are being asked about.
• Try to keep your reading focussed closely to the essay question.
• Don’t forget to look at any lecture or class notes you have made.
• 3 Come up with a thesis statement . A thesis statement is the main argument you will make in your essay. It should be 1-2 sentences long and respond to the essential question that’s being asked. The thesis will help you structure the body of your essay, and each point you make should relate back to the thesis.

• Once you have put together a list of key points, then try to add in some more detail that brings in elements from your research.
• When you come to write out your essay, you can develop a paragraph based on each point.

• All of the evidence and explanation will be in the main body of the essay.
• Order the key points in the body of your essay in such a way that they flow logically.
• If you are writing a longer essay, you can break the main body into different sections. [2] X Research source
• If you have a word limit, be sure to take this into account when you are planning.
• Allocate yourself a rough number of words per section.
• The introduction and conclusion can be just a paragraph each.

Writing the Essay

• What your essay is about.
• What material you will cover in the essay.
• What your argument is. [3] X Research source

• Having this stated clearly at the start can help you to stay focussed on the question as you work your way through the essay.
• Try writing out this one or two sentence statement and sticking it up in front of you as you write, so it’s stays at the forefront of your mind.

• Try to begin each paragraph with a sentence that outlines what the paragraph will cover.
• Look at the opening sentence of each paragraph and ask yourself if it is addressing the essay question. [5] X Research source

• Try to engage with arguments that run counter to yours, and use the evidence you have found to show the flaws.
• It might help to imagine someone reading the essay, and anticipating the objections that he might raise.
• Showing that you have thought about potential problems, and you can make an argument that overcomes them, is a hallmark of an excellent essay. [6] X Research source
• If there is conflicting evidence, discuss it openly and try to show where the weight of the evidence lies. [7] X Research source
• Don’t just ignore the evidence that runs counter to your argument.

• In the conclusion you can add a few sentences that show how your essay could be developed and taken further.
• Here you can assert why the question is important and make some tentative suggestions for further analysis.

Proofreading and Making Revisions

• As you read through it, think about how closely you stick to main overarching question.
• If you notice paragraphs that drift off into other areas, you need to be tough and cut them out.
• You have a limited number of words so it’s essential to make every one count by keeping tightly focussed on the main question.

• Think about how you use the evidence too. Do you critically engage with it, or do you merely quote it to support your point?
• A good analytical essay such discuss evidence critically at all times.
• Even if the evidence supports your argument, you need to show that you have thought about the value of this particular piece of data.
• Try to avoid making any assumptions, or writing as if something were beyond dispute. [10] X Research source

• Remember an academic essay should be written in a formal style, so avoid colloquialisms.
• Avoid contractions, such as “don’t”, or “won’t”.
• Try to avoid paragraphs that are more than ten or fifteen lines long.
• Think about how it looks on the page. [12] X Research source

• Always include a bibliography, but don’t include references to things you haven’t read or didn’t inform your argument. [13] X Research source
• Your teacher will know if you just add a load of titles into your bibliography that are not evidenced in the body of your essay.
• Always follow the bibliography format used by your department or class.

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• ↑ http://www.economicshelp.org/help/tips-economic-essays/
• ↑ http://www.writing.utoronto.ca/advice/planning-and-organizing/organizing
• ↑ http://carleton.ca/economics/courses/writing-preliminaries/academic-essay-writing/
• ↑ https://www.economicsnetwork.ac.uk/archive/lse_writing/page_11.htm
• ↑ http://homes.chass.utoronto.ca/~mcmillan/writing.pdf
• ↑ https://www.royalholloway.ac.uk/economics/documents/pdf/essaywriting-departmentofeconomics.pdf

About This Article

Before you begin writing your economics essay, make sure to carefully read the prompt so that you have a clear sense of the paper's purpose and scope. Once you have read the prompt, conduct research using your textbook and relevant articles. If you cannot find research materials, ask your instructor for recommendations. After your research is done, construct a 1-2 sentence thesis statement and begin outlining your main ideas so that your essay will have a clear structure. Make sure to leave time to write a draft and revise your work before it is due. If you want to learn more, like how to cite the sources you used for your essay, keep reading the article! Did this summary help you? Yes No

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Economic Success in the 21st Century

Introduction.

In many modern societies, getting rich is the major goal pursued by every member. In spite of this, very few people understand the key steps that should be followed to achieve the objective. A number of factors must be brought together for one to become rich and successful (Dennis 40). They include luck, working intelligently, and patience.

However, it is important to note that good luck is not a guarantee for success in life. As a result, one should make informed and smart decisions to exploit the opportunities available to them. Generally, the road to triumph is not an easy one. In light of this, it is apparent that perseverance and gathering the right information are key requirements as far as wealth is concerned.

In this paper, the author will analyze a number of issues related to economic success in the 21 st century. The review will be conducted from the perspective of 3 books in this field. The 3 are Gregory Zuckerman’s “The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters”, Michael Lewis’ “The Big Short: Inside the Doomsday Machine”, and Richard McGregor’s “The Party: The Secret World of China’s Communist Rulers”.

The paper is divided into 4 sections. In the first section, a discussion of 3 ways of getting rich in a free market economy is provided. In section 2, a review of how the characters in “The Frackers” and “The Big Short” got rich is carried out. In part 3, the author will analyze some of the alternatives available to them with regards to becoming rich in the modern society. In the final section, the possibilities of economic success in Communist China are reviewed.

Three Ways of Creating Wealth in a Free Market Economy

There are several ways through which one may become rich in a liberalized economy. The first entails becoming a low cost producer in an increasing cost industry. The second one involves discovering a product that does not exist in the market. Thirdly, one may become wealthy by adjusting to the market (Trump and Mclver 34).

A low cost producer has high chances of becoming rich in today’s economy. The reason is that producing at low costs and selling at high prices leads to wide profit margins. Low cost investors must exploit economies of scale to implement their strategies of making money (Appleyard and Field 51).

They can achieve this by selling their products at low prices, but to the right market. In addition, they may opt to sell their products at the same price as their rivals. In spite of this, these producers will still sustain their profit margins. However, one requires sufficient capital to become a low cost producer (Appleyard and Field 53). +The capital is needed to attain significant economies of scale, which are needed to come up with a functional price advantage over competitors. Examples of low cost producers include the Canadian Natural Resources Limited and the Canadian Utilities Limited.

Discovering a new product is another strategy used by investors to create wealth. Coming up with an innovation that does not exist requires strategic and critical thinking (Trump and Mclver 43). One should look at all the dimensions related to the influence of the new product on the market.

The aim is to enhance its success and figure out how to deal with competitors who may arise in the future. The product should give customers something new and which they are craving for (Appleyard and Field 60).

When this happens, the invention is able to attract a large customer base. The clients may be drawn from the local or international market. In addition, an individual can buy stocks of a new company and start earning profits. Examples of people who have become rich as a result of coming up with inventions include Mark Zuckerberg and John Paul Dejoria. The latter is the creator of Paul Mitchell products.

The third way of becoming wealthy involves adjusting to the market conditions. One can attain this by taking advantage of market disequilibrium. The situation arises when the price of a given product fails to match the supply (Chiarella 45). The case may be experienced momentarily.

As a result, one should know when to capitalize on the opportunity. The success of this strategy depends on various factors. They include availability of information pertaining to an increase or a decrease in demand, improvements and change in technology, and a decline in cost of inputs (Rittenberg and Tregarthen 40).

Getting Rich in the U.S from the Perspective of “The Frackers” and “The Big Short”

The two books give accounts of how a number of people got rich in the U.S within the past ten years. In “The Frackers”, Zuckerman illustrates how the individuals became wealthy by use of ‘direct means’. Zuckerman talks of six energy tycoons. They include Harold Hamm and Aubrey McClendon. Hamm is an oil and gas mogul, while Aubrey is the former Chief of Chesapeake Energy Crop. Zuckerman explains how the individuals became billionaires by operating companies that provided something new to the market.

They were more than determined to tap into the huge oil and gas deposits considered as waste (Zuckerman 45). They did this through such companies as Exxon and Chevron. The ‘wildcatters’ revolutionized the energy market by carrying out hydraulic fracturing experiments (Zuckerman 35).

As a result, they were able to solve the problem of America’s over-reliance on imported energy. As illustrated in figures 1, 2, 3, and 4 below, the investors were able to identify the gap between the demand and supply of energy in the U.S. They filled the gap by coming up with a new product; fracking.

The book “The Big Short” explains how people became billionaires indirectly. The individuals took advantage of the 2007-2010 financial crises. They include Meredith Whitney, Steve Eisman, and Eugene Xu. The investors created the credit default swap market that opposed the Collateralized Debt Obligation bubble [CDO] (Lewis 32). They used logic to figure out that COD was going to collapse. They used the financial market to set themselves up.

Their strategy involved using a limited amount of money and taking advantage of leverage. A case in point is the founders of Cornwall Capital. They set up a hedge fund with $110,000 (Lewis 32). When the market crushed, they made over $120 million. Figure 5 below illustrates how the investors took advantage of the discrepancies between supply and demand in the money market.

The Frackers

An Ideal Way of Getting Rich in the U.S

There are various ways through which I can become wealthy in the U.S. As a 20 years old, the path to take is investing in new products. In today’s world, innovations are a significant way of generating wealth. The process involves coming up with creative ideas and building on them. To this end, I will come up with handmade prototypes.

Venturing into something new will allow me to explore all the possibilities of succeeding in the market (Dennis 69). I will come up with new software that can be used by both individuals and companies. With the proceeds, I will invest in a company that is developing a new product.

I will buy stocks before other investors when the merchandise is launched. When the new product hits the market, profits will grow. As a result, the price of the stocks will also rise. My course of action falls within the category of becoming rich by discovering a product that was not previously in the market.

Innovativeness and Wealth in Communist China

My course of action in part 3 above will have a high chance of succeeding in Communist China. Most people suggest that it is safer to invest in nations with democratic governments than in dictatorial regimes. The reason is that communist countries are a threat to foreign investors.

However, global money managers have a different opinion about China. The Chinese government promotes political order and stability (McGregor The Party: The Secret World 45). As a result, it provides investors with profit opportunities.

Another factor is that China has the fastest growing economy in the world. The main issue to consider is the new product’s effect on the Chinese community. The government has permitted foreign investors to produce and sell merchandise in the country (McGregor The Party: 1.3 Billion People 47).

Becoming wealthy involves making the right choices. The road to success is characterized by risks and phases of failure. However, an individual looking to invest as a way of achieving the intended goals should not be afraid of these setbacks. Success comes by working smart and capitalizing on the available opportunities. One should know when to make a move and implement the plans at hand.

Works Cited

Appleyard, Dennis, and Alfred Field. International Economics . 7th ed. 2010. New York: McGraw-Hill. Print.

Chiarella, Carl. Disequilibrium, Growth, and Labor Market Dynamics: Macro Perspectives, Berlin: Springer, 2000. Print.

Dennis, Felix. How to Get Rich, London: Ebury, 2006. Print.

Lewis, Michael. The Big Short: Inside the Doomsday Machine, New York: W.W. Norton, 2010. Print.

McGregor, Richard. The Party: 1.3 Billion People, 1 Secret Regime, London: Penguin, 2011. Print.

—. The Party: The Secret World of China’s Communist Rulers, London: Allen Lane, 2010. Print.

Rittenberg, Libby, and Timothy Tregarthen. Principles of Microeconomics, V. 2.0, London: Free Press, 2009. Print.

Trump, Donald, and Meredith McIver. Trump: How to Get Rich, New York: Random House, 2004. Print.

Zuckerman, Gregory. The Frackers: The Outrageous inside Story of the New Billionaire Wildcatters, London: Portfolio Penguin, 2013. Print.

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How can we measure success in economics?

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Like any other group of professionals, academic economists are extremely competitive and are very concerned with measuring their success—with professional navel-gazing. They are focused, and in a few cases even obsessed, with measuring the impact of their work on scholarship, on the wider world and on their standing compared to others in their profession.1 Rankings and measures of success serve a broader purpose than mere within-group competition—they indicate the extent to which a scholar’s achievements as a researcher affect other scholars and thus in the end affect public debate and public policy. The issue they face is how to compare achievements, and for that reason it is particularly important to have some agreed-upon measures of individual and group achievement.

Most academic economists (and other researchers) judge their own and their peers’ achievements by numbers of publications, with special emphasis given to publications in journals that are considered to be more prestigious. The reason is simple: these signals of achievement require very little effort in gathering information and necessitate almost no thought. While a select group of economics journals is commonly referred to as the “Top Five,” judging quality based simply on where an article appears is an extremely poor way of assessing quality.2 At the very least the extent to which journals affect other research—the citations received by articles in a journal—merits attention. A tree may fall in a very popular forest, but if nobody hears its fall, does it matter?

Within this select group of journals there is tremendous heterogeneity among published articles. Taking each article appearing in these journals in 2007 and 2008, Figure 1 graphs the distribution of the number of citations received from its publication date up to January 2015, as measured in the Web of Science.3 While the average paper had been cited 50 times, the median paper had received only 35 citations by scholars and other authors who might read the journal. Moreover, only 21% had received more than 100 citations. The prestige of the top journals in economics arises primarily because a few of the articles they publish attract very wide attention. While others are not entirely ignored, their impact is small.4

Figure 1. Distribution of Web of Science citations to Top Five publications, 2007-08

Much scholarly research published in other journals has an impact that exceeds that of research published in the most prestigious outlets. Taking the two general economics journals that are viewed as the next steps down the publishing “food chain” in economics, Figure 2 graphs where citations to articles in these lesser outlets would place them had they been published in one of the Top Five outlets.5 While it is true that the majority of these articles attract less attention than articles in the top journals, even the median-cited article in these “lesser” journals receives more attention than 30% of the publications in the top journals. Academic output is heterogeneous, so in judging it one must consider individual cases and not simply evaluate research based on where it is published.

Figure 2. Centile of citations to articles in the Economic Journal and Review of Economics and Statistics in the distribution of citations to Top Five publications, 2007-08

Research in economics is increasingly characterised by co-authorship—today the overwhelming majority of scholarly articles have two or more authors, with substantial fractions having three or more (see Hamermesh 2013). In judging individuals’ contributions to research, how can potential employers, students and outsiders evaluate the contributions to what are typically the results of joint production? This is especially true when senior contributors, whose reputation is established, have incentives to hype the contributions of their junior co-authors who may be seeking jobs or promotions.

There is no way to know the ex ante impact of a scholarly article, but we can relate the subsequent citations received by an economics article to the number of its authors. This production function for scholarly impact indicates the average attention received by research distinguished by the number of researchers who produce it, and it implicitly measures the marginal scholarly productivity of an additional co-author.

Figure 3 presents the average number of subsequent Web of Science citations received by articles published in the “Top Five” journals in 2007 and 2008 as a function of the number of authors. Additional co-authors are indeed on average productive of additional citations, but the marginal effect on scholarly impact of adding another co-author is far less than proportional. Going from sole- to two-authored works increases citations by barely 20%, and going from one to four authors does not even double the scholarly impact of an article. The marginal productivity of an additional co-author is, as economic theory would suggest, diminishing in the number of co-authors.

Figure 3. Mean Web of Science Citations to Top Five publications, 2007-08, by number of authors

The diminishing marginal productivity of additional co-authors suggests that in evaluating the success of economics researchers one cannot simply count articles, or articles adjusted by journal quality, or even, as would be better, the citations an individual article receives. In judging newly published research one must reduce an estimate of the measured impact of each individual author by dividing perhaps by the number of authors, N, but at the very least by some number greater than 1. At the end of the day, many years after publication, when the eventual scholarly impact of research has been nearly fully revealed, dividing credit by the number of authors seems to be the only sensible approach to measuring an individual’s contributions and success.

The degree of heterogeneity in the achievements of individual economists is also huge. Even taking elite senior scholars—those who received their doctorates over 15 years ago and who are located in schools ranked in the top 20 in the US—a superstar (i.e. a scholar who is among the top 1% of researchers in this group) is cited 14 times as frequently as the median scholar in the group; and the median scholar is cited 6 times as often as someone in the lowest decile of researchers ranked by citations in this elite group. A few individuals account for the overwhelming attention paid to this group: 15% of these economists account for half of all the citations the group receives. There are a few superstar economists, more stars, even more planets, but the majority are scholarly asteroids.

In addition to judging individuals’ success, we also judge the achievements of groups of economic researchers—i.e. the faculties with which individuals are affiliated—as these judgments are important for students considering post-graduate study, young researchers seeking employment and outsiders seeking experts on economic issues. A wide variety of measures, based on publications or citations, looking at averages, medians, or the achievements of the best researchers at an institution yield remarkably similar rankings, with Harvard, Princeton, Chicago, Stanford, MIT and Berkeley being consistently ranked among the top ten economics faculties in the US. Top economics faculties in Europe generally rank well below this group by these usual measures.6

Here too, though, paying attention to heterogeneity—considering the achievements of individual faculty members—is at least as important as looking at summary statistics. At least 25% of the researchers in economics faculties that are ranked 6th to 10th have records that place them above the median-cited scholar in the at least one economics faculty that is ranked 1st to 5th, and researchers in schools ranked on average in the second 10 have records that would place them above the median-cited scholar in at least one of the faculties ranked in the top 10. The same is true for the very best European economics faculties. There is tremendous overlap in quality among elite institutions, so that judging faculties based on average achievements misses most of the variation in individual achievements.

The central message from examining the achievements of economists is that one cannot rank individual scholars’ achievements—their careers or their individual research contributions—by summary measures, such as where the research is published or the institution with which a scholar is affiliated. Top schools have some mediocre scholars, while lower-ranked schools have some stars. Top journals publish more of the very best scholarly research than other journals, but they also publish a lot of research that is mostly ignored. Properly judging success in economics requires paying attention to individual outcomes, not to aggregates that are poor signals of the individual results of which they are comprised.

Author’s note: This column is based on NBER Working Paper No. 21754, “Citations in Economics: Measurement, Uses and Impacts”.

Cartter, A. (1966), An Assessment of Quality in Graduate Education, Washington, DC: American Council for Education.

Davis, P. and G. Papanek (1984), “Faculty Ratings of Major Economics Departments by Citations”,American Economic Review 74, pp. 225-250.

Dusansky, R. and C. Vernon (1998), “Rankings of U.S. Economics Departments”, Journal of Economic Perspectives 12, pp. 157-170.

Ellison, G. (2013), “How Does the Market Use Citation Data? The Hirsch Index in Economics”,American Economic Journal: Applied Economics 5, pp. 63-90.

Hamermesh, D. (2013), “Six Decades of Top Economics Publishing”, Journal of Economic Literature 51, pp. 162-172.

[1] Numerous rankings of individuals and groups of economists have been produced for over four decades, with a few the examples being Davis and Papanek (1984), Dusansky and Vernon (1998) and Ellison (2013).

[2] These are the American Economic Review, Econometrica, Journal of Political Economy, Quarterly Journal of Economics and Review of Economic Studies.

[3] These and subsequent results in this article are essentially unchanged if one uses the other main source of citations to scholarly articles, Google Scholar.

[4] The same conclusion is produced if we take a longer perspective and examine subsequent citations to articles published in these journals in 1974 and 1975.

[5] These are the Economic Journal and the Review of Economics and Statistics.

[6] These six schools ranked in the top seven in 1964 in the first comprehensive ranking of economics programmes in the US; see Cartter (1966).

Publication does not imply endorsement of views by the World Economic Forum.

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Author: Daniel S. Hamermesh is Professor of Economics, Royal Holloway University of London, and Sue Killam Professor Emeritus, University of Texas at Austin.

Image: A man walks past buildings at the central business district of Singapore. REUTERS/Nicky Loh.

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Tips for writing economics essays

Some tips for writing economics essays  Includes how to answer the question, including right diagrams and evaluation – primarily designed for A Level students.

1. Understand the question

Make sure you understand the essential point of the question. If appropriate, you could try and rephrase the question into a simpler version.

For example:

Q. Examine the macroeconomic implications of a significant fall in UK House prices, combined with a simultaneous loosening of Monetary Policy.

In plain English.

• Discuss the effect of falling house prices on the economy
• Discuss the effect of falling interest rates (loose monetary policy) on economy

In effect, there are two distinct parts to this question. It is a valid response, to deal with each separately, before considering both together.

It helps to keep reminding yourself of the question as you answer. Sometimes candidates start off well, but towards the end forget what the question was. Bear in mind, failure to answer the question can lead to a very low mark.

2. Write in simple sentences

For clarity of thought, it is usually best for students to write short sentences. The main thing is to avoid combining too many ideas into one sentence. If you write in short sentences, it may sound a little stilted; but it is worth remembering that there are no extra marks for a Shakespearian grasp of English. (at least in Economics Exams)

Look at this response to a question:

Q. What is the impact of higher interest rates?

Higher interest rates increase the cost of borrowing. As a result, those with mortgages will have lower disposable income. Also, consumers have less incentive to borrow and spend on credit cards. Therefore consumption will be lower. This fall in consumption will cause a fall in Aggregate Demand and therefore lead to lower economic growth. A fall in AD will also reduce inflation.

I could have combined 1 or 2 sentences together, but here I wanted to show that short sentences can aid clarity of thought. Nothing is wasted in the above example.

Simple sentences help you to focus on one thing at once, which is another important tip.

3. Answer the question

Quite frequently, when marking economic essays, you see a candidate who has a reasonable knowledge of economics, but unfortunately does not answer the question. Therefore, as a result, they can get zero for a question. It may seem harsh, but if you don’t answer the question, the examiner can’t give any marks.

At the end of each paragraph you can ask yourself; how does this paragraph answer the question? If necessary, you can write a one-sentence summary, which directly answers the question. Don’t wait until the end of the essay to realise you have answered a different question.

Discuss the impact of Euro membership on UK fiscal and monetary policy?

Most students will have revised a question on: “The benefits and costs of the Euro. Therefore, as soon as they see the Euro in the title, they put down all their notes on the benefits and costs of the Euro. However, this question is quite specific; it only wishes to know the impact on fiscal and monetary policy.

The “joke” goes, put 10 economists in a room and you will get 11 different answers. Why? you may ask. The nature of economics is that quite often there is no “right” answer. It is important that we always consider other points of view, and discuss various different, potential outcomes. This is what we mean by evaluation.

Macro-evaluation

• Depends on the state of the economy – full capacity or recession?
• Time lags – it may take 18 months for interest rates to have an effect
• Depends on other variables in the economy . Higher investment could be offset by fall in consumer spending.
• The significance of factors . A fall in exports to the US is only a small proportion of UK AD. However, a recession in Europe is more significant because 50% of UK exports go to EU.
• Consider the impact on all macroeconomic objectives . For example, higher interest rates may reduce inflation, but what about economic growth, unemployment, current account and balance of payments?
• Consider both the supply and demand side . For example, expansionary fiscal policy can help to reduce demand-deficient unemployment, however, it will be ineffective in solving demand-side unemployment (e.g. structural unemployment)

Example question :

The effect of raising interest rates will reduce consumer spending.

• However , if confidence is high, higher interest rates may not actually discourage consumer spending.

If the economy is close to full capacity a rise in interest rates may reduce inflation but not reduce growth. (AD falls from AD1 to AD2)

• However , if there is already a slowdown in the economy, rising interest rates may cause a recession. (AD3 to AD3)

Micro-evaluation

1. The impact depends on elasticity of demand

In both diagrams, we place the same tax on the good, causing supply to shift to the left.

• When demand is price inelastic, the tax causes only a small fall in demand.
• If demand is price elastic, the tax causes a bigger percentage fall in demand.

2. Time lag

In the short term, demand for petrol is likely to be price inelastic. However, over time, consumers may find alternatives, e.g. they buy electric cars. In the short-term, investment will not increase capacity, but over time, it may help to increase a firms profitability. Time lags.

3. Depends on market structure

If markets are competitive, then we can expect prices to remain low. However, if a firm has monopoly power, then we can expect higher prices.

4. Depends on business objectives

If a firm is seeking to maximise profits, we can expect prices to rise. However, if a firm is seeking to maximise market share, it may seek to cut prices – even if it means less profit.

5. Behavioural economics

In economics, we usually assume individuals are rational and seeking to maximise their utility. However, in the real world, people are subject to bias and may not meet expectations of classical economic theory. For example, the present-bias suggest consumers will give much higher weighting to present levels of happiness and ignore future costs. This may explain over-consumption of demerit goods and under-consumption of merit goods. See: behavioural economics

Exam tips for economics – Comprehensive e-book guide for just £5

8 thoughts on “Tips for writing economics essays”

I really want to know the difference between discussion questions and analysis questions and how to answer them in a correct way to get good credit in Economics

Analysis just involves one sided answers while Discussion questions involve using two points of view

This is a great lesson learnd by me

how can I actually manage my time

The evaluation points in this article are really useful! The thing I struggle with is analysis and application. I have all the knowledge and I have learnt the evaluation points like J-curve analysis and marshall learner condition, but my chains of reasoning are not good enough. I will try the shorter sentences recommended in this article.

What kind of method for costing analysis is most suitable for a craft brewery, in order to analyze the cost of production of different types of beer_

Really useful!Especially for the CIE exam papers

Does anyone know how to evaluate in those advantages/disadvantages essay questions where you would basically analyse the benefits of something and then evaluate? Struggling because wouldn’t the evaluation just be the disadvantages ?? Like how would you evaluate without just stating the disadvantage?

Leave a comment Cancel reply

Essay on Economic Growth: Top 13 Essays | Economics

Here is a compilation of essays on ‘Economic Growth’ for class 9, 10, 11 and 12. Find paragraphs, long and short essays on ‘Economic Growth’ especially written for school and college students.

Essay on Economic Growth

Essay Contents:

• The New (Endogenous) Economic Growth Theory

Essay # 1. Introduction to Economic Growth:

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Various theories, viewpoints and models have been presented from time to time to account for the sources of economic growth and the determinants of economic development. To most peo­ple, a theory is a contention that is impractical and has no factual support.

For the economist, however, a theory is a systematic explanation of interrelationships among economic variables and its purpose is to explain causal relationships among these variables. Usually a theory is used not only to understand the world better but also to provide a basis for policy. This essay discusses a few of the major theories of economic development, from which emerged alterna­tive approaches to economic development.

The earliest students of development economics were the mercantilists. Mercantilists were a group of traders. They believed that exports were always good for a country because exports implied inflow of precious metals (such as gold and silver). By contrast, imports were harmful for a country because imports implied outflow of precious metals. So, in their view, growth and development of a nation depended on its accumulation of precious metals.

Essay # 2. Adam Smith and Economic Growth :

The mercantilist view was challenged by Adam Smith (1723-1790), the Father of Economics, in 1776. Smith, in his Wealth of Nations, pointed out that the mercantilist view contained a major fallacy. International trade is just like a two-person zero-sum game in which one coun­try’s gains is the other country’s loss. So two trading nations cannot have trade surplus (or favourable balance of trade) at the same time. In the late 18th century Smith argued that the true wealth of a nation is not its accumulated gold and silver hut its labour power— the human factor of production.

And the wealth of nation depended on two main factors:

(i) The productivity of labour, and

(ii) The proportion of productive labour in the total labour force (i.e., the labour force participation rate).

Smith believed that division of labour, specialisation, and exchange were the true springs of economic growth.

Smith argued that in a market-based (competitive) economy, with no collusion, cartel or monopoly, each individual, by acting in his (her) own interest, promoted the public interest. A producer who charges more than others will not find buyers, a worker who asks more than the going wages will not get job, and an employer who pays less than the market wage (i.e., the wages competitors pay) will not find anyone to work.

It was as if an invisible hand were behind the self-interest of capitalists, merchants, landlords and workers, directing their actions toward maximum economic growth. So Smith advocated a laissez-faire (non-interference of govern­ment in economic matters) and free trade policy as two growth-promoting measures.

Essay # 3. The Classical Theory of Economic Stagnation :

The classical theory, based on the work of David Ricardo (1772-1823), had a pessimistic view about the possibility of sustained economic growth. For Ricardo, who assumed little continu­ing technical progress, growth was limited by scarcity of land. A major tenet of Ricardo was the law of diminishing returns.

For him, diminishing returns due to population growth and a fixed supply of land threatened economic growth. Since Ricardo believed that technical change or improved production techniques could only temporarily avert the operation of the law of di­minishing returns, increasing capital was seen as the only way to offset this long-run threat.

However, any fall in the rate of capital accumulation would lead to eventual stagnation. Ricardian stagnation might result in a Marxian scenario, in which wages and investment would be maintained only if property were confiscated by society and payments to private capitalists and landlords stopped.

Essay # 4. Marx’s Theory of Economic Development :

Marx (1818-83) predicted that the capitalist system would in the initial stage grow due to increased profit (surplus value which was the result of exploitation of labour) and would pro­vide funds for accumulation. But since wages were pegged at the subsistence level, due to the existence of a huge reserve army of unemployed, the capitalists would suffer from a realisation crisis. They would not be able to realise the profits embodied in already produced goods. And, according to Marx, the under consumption of the masses is the root cause of all crises.

Marx, in fact, made certain predictions about the growth, maturity and stagnation of capital­ism. He predicted that the capitalist system would ultimately collapse for want of markets and would yield place to socialism.

Unfortunately, history has not obliged Marx. The year 1989 saw the collapse of socialism (especially in erstwhile USSR and its satellite countries) and with it the abandonment of the centralised planning system and the emergence of newborn post-socialist countries.

All these countries have embraced the market system which is now thought to be a more efficient mecha­nism for solving society’s economic problems, promoting faster economic growth and improv­ing the living standards of the people.

Essay # 5. Rostow’s Stages of Economic Grow th:

By criticizing Marx’s stages of growth, viz, feudalism, capitalism and socialism, Walter W. Rostow sets forth a new historical synthesis about the beginnings of modern economic growth on six continents.

His economic stages are:

(i) The traditional society,

(ii) The preconditions for takeoff,

(iii) The takeoff,

(iv) The drive to maturity, and

(v) The age of high mass consumption.

The most important stage is the third one, i.e., the takeoff stage. In order to reach that stage a country must save and invest at least 10 -12% of its national income. Many Western countries had already reached the stage when Rostow’s book appeared. Many underdeveloped countries reached the stage later (mainly under the influence of planning).

Essay # 6. Vicious Circle Theory of Economic Growth :

The vicious circle theory presented by Ragnar Nurkse in his book- The Problems of Capital Formation in Underdeveloped Countries, 1953) indicates that poverty perpetuates itself in mutually reinforcing vicious circles on both the supply and demand sides. In fact, low per capita income is both the cause and the effect of poverty.

A. Supply Side :

At low levels of income, people cannot save much. Shortage of capital leads to low productiv­ity of labour, which perpetuates low levels of income. Thus the circle is complete, as shown in Fig. 1. A country is poor because it was previously so poor that it could not save and invest. Or, as Jeffrey Sachs (2005) explains the poverty trap: ‘Poverty itself is the cause of economic stagnation.’

In short, various obstacles to development are self-enforcing. Low levels of income prevent saving, retard capital growth, hinder productivity growth and keep income low. Successful development may require taking steps to break the chain at various points. By contrast, as countries get richer they save more, creating a virtuous circle in which high sayings rates lead to faster growth. A country is rich because it was rich in the past. Or a rich country is likely to become richer in the future.

B. Demand Side:

In addition, due to the narrow size of the domestic market for light consumer goods (such as shoes, textiles, radio, etc.) there is hardly any incentives for potential entrepreneurs to investment. Lack of invest means low factor productivity and continued low income. A country is poor because it was so poor in the past that it could not provide the market to spur investment.

Essay # 7. Balanced Vs. Unbalanced Economic Growth :

A major debate in the areas of development economics from the 1940s through the 1960s concerned balanced growth versus unbalanced growth. The term balanced growth has been used in different senses. The meaning of the term may vary from the absurd requirement that all sectors grow at the same rate to the more sensible plan that a minimum attention has to be given to all major sectors—industry, agriculture, and services.

Balanced Growth :

The main advocate of the doctrine of balanced growth was Nurkse. To him, balanced growth means the synchronized application of capital to a wide range of different industries. Nurkse considers this strategy as the only escape route from the vicious circle of poverty (under­development).

Big Push Thesis :

The advocates of the Nurkseian doctrine support the big push thesis, arguing that a strategy of gradualism is bound to fail. A substantial effort is needed to overcome the inertia inherent in a stagnant economy. According to Paul N. Rosenstein-Rodan (1943), the factors that contribute to economic growth—such as demand and investment in infrastructure—do not increase smoothly but are subject to sizable jumps or indivisibilities. These indivisibilies result from flows created in the investment market by external economies (positive externalities), that is, cost advantages en­joyed by one firm due to output expansion by another firm.

These benefits spillover to society as a whole, or to some members of it, rather than to the investor concerned. This means that the social profitability of this investment exceeds its private profitability. Furthermore, unless the government intervenes, total private investment will be grossly inadequate compared to soci­ety’s needs.

Indivisibility in Infrastructure :

For Rosenstein-Rodan, a major indivisibility is in infrastructure, such as power, transport and communications. This basic social capital reduces costs to other industries.

Indivisibility in Demand :

The indivisibility arises from the interdependence of investment decisions; that is, a prospec­tive investor is uncertain whether the output from his investment projects will find a market. This problem can be solved if a number of industries are set up so that new producers become each other’s customers and create additional markets through increased incomes. Complemen­tary demand reduces the risk of not finding a market. Reducing interdependent risks increases the incentive to invest.

Hirschman’s Strategy of Unbalanced Growth:

A. O. Hirschman develops (1958) the idea of unbalanced investment to complement existing imbalances. In his view, deliberately unbalancing the economy, in line with a predesigned strategy, is the best path for economic growth. He argues that the big push theory cannot be applied to less developed countries (LDCs) because they do not have the skills needed to launch such a massive effort. The scarcest resource in LDCs is the decision-making input, i.e., entrepreneurship, not capital. Economic development is held in check not by shortage of savings, but by that of risk-takers and decision-makers.

In Hischman’s view, low-income countries need a development strategy that spurs invest­ment decisions. He suggests that since physical resources and managerial skills and abilities are scarce in LDCs, a big push is sensible only in strategically selected industries within the economy. Growth is then likely to spread from one sector to another (similar to Rostow’s concept of leading and lagging sectors).

However, it is not in the Tightness of things to leave investment decisions solely to indi­vidual entrepreneurs in the market. The reason is that the profitability of different investment projects may depend on the order in which they are undertaken. For example, the return from a car factory may be 12%, and that from a steel plant 10%. However, if the car factory is set up first, its return is likely to be low due to shortage of steel.

However, if the steel plant is set up, the returns to the car factory may increase in the next period from 12 to 15%. This means that society would be better off investing in the steel plant first and the car factory next, rather than making independent decisions based on the market. So planners and policy-makers need to consider the interdependence of one investment project with another so that they maximise overall social profitability.

They need to make that investment which promotes the maximum investment. Investment should be concentrated in those industries which have the strongest linkages—both backward (to enterprises that sell inputs to the industry) and forward (to units that buy output from the industry).

The steel industry, for instance, may be accorded the maxi­mum priority by the planners because it has backward linkages with coal and iron ore indus­tries, and forward linkages with car and engineering industries. So there is need for making public investment in steel industry which has a strong investment potential in the sense that it is likely to spur private investment. Similarly, public investment in power and transport will in­crease productivity and thus encourage investment in various other industries.

Critique of Unbalanced Growth :

One main drawback of unbalanced growth approach is that it fails to stress the importance of agricultural investments. According to Hirschman, agriculture does not stimulate linkage for­mation so directly as other industries.

However, empirical studies indicate that agriculture has substantial linkages to other sectors. Moreover, as Johnston and Mellor have pointed out, agri­cultural growth makes vital contributions to the non-agricultural sector through increased food supplies, added foreign exchange, labour supply, capital transfer and wider markets.

The truth is that there is no conflict between these two strategies of development. An opti­mum strategy must combine some elements of balance as well as imbalance. As E. Wayne Nafziger has opined- ‘What constitutes the proper investment balance among sectors requires careful analysis. In some instances, imbalances may be essential for compensating for existing imbalances. By contrast, Hirschman’s unbalanced growth should have some kind of balance as an ultimate aim.’

Essay # 8. Underdevelopment as Coordination Failure :

To some modern economists underdevelopment is result of coordination failure. This is why the theory of big push or critical minimum effort or balanced growth has been put forward. The coordination failure problem leads to multiple equilibria, as has been suggested by M. P. Todaro.

The basic point is that benefits an economic agent receives from taking an action depends positively on how many other agents are expected to take the same action or the extent of these actions. For example, price a farmer can expect to receive for his output depends on the number of intermediaries who are active in channel of distribution which, in turn, depends on number of other farmers who specialise in the same product.

Likewise, fertility decision need in effect to be coordinated across families. All are better if average fertility rate declines. But any one family may be worse off by being only one to have fewer children. The reason is that in rural areas children are a source of labour power for agricultural families. So if only one family adopts the small family norm it will have to hire workers from the external labour market by paying higher wages.

In Fig. 2 the S-shaped privately rational decision function YY first increase at a increasing rate and the at a decreasing rate.

This shape reflects typical nature of complementariness. For example, some economic agents may take complementary action such investing even if others in the economy do not, particu­larly when interactions are expected through foreigners, say, through exporting. If in this case one or a few agents take action, each agent may be isolated from others. So spillovers may be minimum.

Thus the curve YY does not rise quickly at first as more agents take the decision to invest. But after enough invest there may be a cumulative effect, in which most agents begin to provide external benefits to neighbouring agents and the curve rises at a much faster rate. Finally, after most potential investors have been seriously affected and most important gains have been realised the curve starts to rise at a decreasing rate.

In Fig. 2 function YY cuts the 45° line three times. Thus there is possibility of multiple equilibria. Of these D 1 and D 3 are stable equilibria. The reason is that if expectations were slightly changed to a little above or below these-levels economic agents (investors) would adjust their behaviour in such a way as to bring the economy back to equilibrium levels. In each case YY function cuts 45° line from above. This is the hallmark of a stable equilibrium.

The intermediate equilibrium at D 2 cuts YY function from below. So it is unstable. This is because if a few less entrepreneurs were expected to invest equilibrium would be D 1 and if a few more, equilibrium would shift to D 3 .

Therefore, D 2 may be treated as chance equilibrium, i.e., it could be an equilibrium only by chance. Thus in practice we can think of an unstable equilibrium such as a D 2 as ways of dividing ranges of expectations over which a higher or lower stable equilibrium will hold sway.

Thus there is need for coordinating investment decisions when the value (rate of relation) of one investment depends on the presence or the extent of other investments. All are better off with more investors or higher rate of investment.

But this cannot be achieved only through market system. So there is need for government intervention. It is possible to achieve the de­sired outcome only under the influence of certain types of government policies. Difficulties of investment coordination give rise to government-led strategies for industrialisation.

Technology Spillover :

The investment coordination perspective explains the nature and extent of problems posed when technology has spread effects, i.e., development of technology by one firm has favour­able effects on other firms, i.e., positive externality.

Now suppose we show average rate of investment expected of other key firms or in the economy as a whole on the horizontal axis or profitable rate of investment for a particular firm on the vertical axis, given what other firms are expected to invest on average. In this case points where the YY the curve crosses 45° line in Fig. 2 depict equilibrium investment rates.

Then due to direct relation between investment and growth, the economy may get struck in a low growth rate largely because its expected rate of investment is likely to be low. Changing expectations may not be sufficient if it is more profitable for a firm to wait for others to invest rather than to take the lead and become a ‘pioneer’ investor. In that case there is need for government policy in addition to a change of expectation of investors.

This is why attention to the presence of multiple equilibria is so important. Market forces can bring us to one of these equilibria but they are not sufficient to ensure that no equilibrium will be achieved and they offer no mechanism to move from a bad equilibrium to a good one.

In general when jointly profitable investment may not be made without coordination multi­ple equilibria may exist in which the same individuals with access to same resources and tech­nologies could find themselves in either a good or bad situation. For example, the extent of effort of each firm in a developing region puts to increase the rate of technological transfer depends on effort put by other firms.

No doubt bring in modern technology from abroad often has spillover effects for other firms. But the presence of multiple equilibria subject to making better technology available is a necessary but not a sufficient condition to achieve faster economic growth and consequent improvement in the living standards of the people.

Essay # 9. The Lewis Model of Economic Growth :

In the Lewis model, economic growth occurs due to an increase in the size of the industrial sector, which accumulates capital, relative to the subsistence agricultural sector, which does not accumulate any capital. The source of capital in the industrial sector is profits from the low wages paid in unlimited supply of surplus labour from traditional agriculture. An unlimited supply of labour available to the industrial sector facilitates capital accumulation and economic growth.

Urban industrialists increase their labour supply by attracting workers from agriculture who migrate to urban areas when wages there exceed rural wages. Lewis elaborates this point while explaining labour transfer from agricultural to industry in a newly industrializing country. Industrial expansion would come to a halt when labour shortages develop in rural areas.

The significance of the Lewis model is that growth takes place as a result of structural change. An economy consisting mainly of a subsistence agricultural sector (which does not save) is transformed into one predominantly in the modern capitalist sector (which alone saves). As the relative size of the capitalist sector grows, the ratio of profits and other surplus to na­tional income grows.

Essay # 10. The Fei-Ranis Modification of Lewis Model of Economic Growth :

In John Fei and Gustav Ranis, in their modification of the Lewis model, contend that the agri­cultural sector must grow, through technical progress, for output to grow as fast as population; technical change increases output per hectare to compensate for the growing pressure of labour on land, which is a fixed resource. As with the Lewis model, the advent of fully commercialized agriculture and industry ends industrial growth (or what Fei-Ranis calls the take-off into self-sustained growth).

Essay # 11. Baran’s Neo-Marxist Thesis :

Paul A. Baran incorporated Lenin’s concepts of imperialism and international class conflict into his theory of economic growth and stagnation. For Baran LDCs were unlikely to achieve growth and development because of Western economic and political domination, especially in the colonial period.

Capitalism arose not through the growth of small competitive firms at home but through the transfer from abroad of advanced monopolistic business. Baran felt that as capitalism took hold, the bourgeoisie (business and middle classes) in LDCs, lacking the strength to spearhead thorough institutional change for major capital accumulation, would have to seek allies among other classes.

From Marxian perspective Baran writes:

What is decisive is that economic development in underdeveloped countries is profoundly inimical to the dominant interests in the advanced capitalist countries. The backward world has always represented the indispensable hinterland of the highly developed capitalist West.

The only way out of the impasse may be worker and peasant revolution, expropriating land and capital, and establishing a new regime based on collective effort and the creed of the pre­dominance of interests of society over the interests of a selected few.

Essay # 12. Dependency Theory of Economic Growth :

According to A. G. Frank, a major dependency theorist, underdevelopment is not simply non-development, but is a unique type of socioeconomic structure that results from the depend­ency of the underdeveloped country on advanced capitalist countries.

This results from foreign capital removing a surplus from the dependent economy to the advanced country by structur­ing the underdeveloped economy in an ‘external orientation’ that includes the export of pri­mary products, the import of manufactures, and dependent industrialisation. As Frank states- ‘It is capitalism, world and national, which produced under development in the past and still generates underdevelopment in the present.’

Frank’s dependency approach maintains that countries become underdeveloped through integration into, not isolation from, the international capitalist system. However, despite some evidence supporting Frank, he does not give adequately demonstration that withdrawing from the capitalist system results in faster economic development.

Unequal Exchange :

According to dependency theorists, the same process of capitalism that brought development to the presently advanced capitalists countries resulted in the underdevelopment of the depend­ent periphery. The global system is such that the development of part of the system occurs at the expense of other parts. Underdevelopment of the periphery is the Siamese twin of develop­ment of the centre.

Centre-periphery trade is characterised by unequal exchange. This may refer to deteriora­tion in the peripheral country’s terms of trade. It may also refer to unequal bargaining power in investment, transfer of technology, taxation, and relations with multinational corporations. According to S. Amin, unequal exchange means the exchange of products whose production involves wage differentials greater than those of productivity.

The Neoclassical Counterrevolution :

The neoclassical counterrevolution to Marxian and dependency theory emphasised reliance on the market, private initiative, and deregulation in LDCs. Neoclassical growth theory empha­sised the importance of increased saving and capital formation for economic development and for empirical measures of sources of growth. The neoclassical model predicts that incomes per capita between rich and poor countries will converge. But empirical studies do not support this prediction.

This is why N. G. Mankiw and others propose an augmented Solow neoclassical model which includes human capital as an additional explanatory variable to physical capital and labour. The Washington institutions of the World Bank, IMF, and US Government have applied neoclassical analysis in their policy-based lending to LDCs.

Essay # 13. The New (Endogenous) Economic Growth Theory :

The new (endogenous) growth theory developed by Paul Romer arose from concerns that neo­classical economists neglected the explanations of technical change and accepted the unrealis­tic assumption of perfect competition. For Mankiw, Romer, and Weil, human capital and for Romer, endogenous (originating internally) technology, when added to physical capital and labour in neoclassical growth theory, are important factors contributing to economic growth.

One reason is that although there are diminishing returns to physical capital, there are constant returns to all (human and physical) capital. The new growth theory, however, does no better than an enhanced neoclassical model in measuring the sources of economic growth.

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Weather a Country’s Progress Is Completely Dependent On Its Economic Success, Or If Other Factors Are Also Important - IELTS Essay

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Model Essay 1

The debate over whether a country's progress hinges solely on its economic prowess or if other factors play a crucial role too is multifaceted. I posit that while economic success is a significant component, it is the synergy of social, cultural, and political elements that propels a nation forward. This essay will explore the importance of holistic development, including educational excellence and social cohesion, alongside economic achievements.

Economically prosperous countries are often seen as beacons of success, with their ability to provide for citizens' needs and maintain global competitiveness. However, this perspective is somewhat narrow and overlooks the multifaceted nature of true progress. For instance, education serves as the backbone of innovation and progress, underpinning economic achievements with intellectual capital. Nations like Finland and South Korea, despite not ranking as the wealthiest globally, have leveraged their world-class education systems to foster innovation and critical thinking, thereby contributing significantly to their societal advancement and economic stability. This approach has turned them into hubs of technological and educational excellence, illustrating that economic success cannot be isolated from the educational foundation of a society.

Furthermore, social cohesion and cultural richness are indispensable for sustained progress, adding layers of complexity and resilience to a country's development. A harmonious society, characterized by low crime rates, high levels of trust, and mutual respect among diverse cultural groups, creates a conducive environment for both economic activities and personal fulfillment. This ethos is evident in countries such as Denmark and New Zealand, which exemplify how societal well-being and inclusivity enhance their global standing and internal progress, far beyond mere economic metrics. These nations demonstrate that the fabric of society is strengthened not just by wealth but by the quality of interpersonal relationships and cultural diversity, highlighting the intricate interplay between economic prosperity, social harmony, and cultural inclusivity in achieving comprehensive national progress.

In conclusion, while economic success is undeniably important, it is the integration of education, social cohesion, and cultural inclusivity that truly marks a country's progress. This holistic approach ensures not just material wealth but fosters innovation, unity, and a higher quality of life for all citizens. Therefore, it is the confluence of these factors, rather than a singular focus on economic achievement, that should be the yardstick for measuring a nation's advancement.

Model Essay 2

The debate on whether a nation's progress hinges solely on its economic prosperity or encompasses a broader spectrum of elements is multi-faceted. I contend that while economic success is vital, other factors like social well-being, education, and political stability are equally critical to a country's comprehensive advancement. These elements, in conjunction, shape a nation's true progress.

Economic success is undoubtedly a cornerstone for a country's overall development, providing essential funding for infrastructure, healthcare, and education. However, viewing a nation's advancement through the narrow lens of economic growth alone neglects the multifaceted nature of national development. For example, countries boasting high Gross Domestic Product (GDP) figures can still face significant challenges, such as stark social inequalities or subpar healthcare systems, undermining the very fabric of societal cohesion. Therefore, it's imperative that economic prosperity be complemented with efforts to enhance social well-being. Ensuring equitable access to opportunities and fostering a higher quality of life for all citizens are crucial. Social well-being, marked by diminished inequality and access to comprehensive healthcare, is the glue that binds a society together, propelling it towards sustainable progress and nurturing a sense of belonging among its members.

Moreover, education and political stability stand as critical supports for a thriving nation. An educated populace is the engine of innovation, economic diversification, and social unity. Take Finland as a case in point; this nation, renowned for its emphasis on educational excellence, not only boasts a strong economy but also ranks high in global happiness and innovation indices. This illustrates how investment in education pays dividends in economic resilience and societal well-being. Political stability, conversely, acts as the framework within which policies promoting economic and social advancement can be consistently applied. The absence of political stability often leads to erratic policy implementation, causing potential economic growth to falter. Countries caught in the whirlwind of political discord see their progress impeded, as instability becomes a barrier to implementing long-term developmental strategies effectively. This underscores the necessity of a stable political environment for the enactment and maintenance of policies that support both economic growth and the well-being of citizens.

In conclusion, a nation's progress is not a monolithic construct anchored solely in economic achievement. It is a multi-dimensional process that necessitates the harmonious advancement of economic prosperity, social well-being, education, and political stability. Emphasizing any one aspect to the exclusion of others offers a skewed perspective on development.

• Task 2 Essays

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Great Economics Essay Topics for Deeper Insight and Understanding

Table of contents

• 1 Economic History Topics
• 2 Macro and Microeconomics Essay Topics
• 3 Healthcare Economics Essay Topics
• 4 Socio-Economic Analysis Essay Topics
• 5 Consumerism-Related Topics for Research Papers
• 6 Public Economic Development Essay Topics
• 7 Topics for Finance Economic Paper
• 8 Essay Topics about Taxes
• 9 Economic Analysis on Human Development Paper Topic Ideas
• 10 Labor and Economic Growth Essay Topics
• 11 Essay Topics on the Economic Theory of Employment
• 12 Conclusion

If you have difficulties coming up with a topic for your writing – paper writing service is here for you. In the process of studying, you will often encounter the need to write an economics essay in various fields. Among the variety of economics research directions and a wide range of problems to study, it is sometimes difficult to formulate the research topic when writing essays. In this article, we will consider the most relevant and interesting essay topics for study.

Economic History Topics

The study of economic history implies a detailed consideration of the very phenomenon of science. With the help of historical and statistical methods, you have to study the links between modern economies and historical events, the economic marvel that affected the course of global economic development.

• The Industrial Revolution: Analyzing the Economic and Social Transformations of the 19th Century.
• The Great Depression: Understanding the Causes and Consequences of the Economic Crisis of the 1930s.
• Examining the Costs and Benefits of Military Conflict on National Economies.
• The Rise and Fall of Communism: Analyzing the Economic and Political Implications of Socialist Systems.
• Understanding the Economic Impacts of Increasing International Trade and Investment.
• Examining the Impacts of Imperialism on Economic Development.
• Evolution of Currency and Monetary Systems.
• The Origins of Capitalism: Understanding the Economic and Social Forces that Shaped Modern Markets.
• Economic and Agricultural Impacts of Technological Innovations in Farming.

Macro and Microeconomics Essay Topics

Let’s look at the broadest scientific field for economics research. The subject of studies of Macroeconomics is the global economy. It examines the economic data of entire countries and unions, studying international economics. While Microeconomics explores the individual level in the context of an enterprise, small and medium businesses. It also discovers such components of the market as international trade, stock market, microeconomics of migration industrial organization microeconomics.

• Fiscal and Monetary Policy: The Role of Government in Influencing the Economy through Tax Policies and Monetary Policy.
• International Trade: The Impact of Globalization on the Economy, Including the Effects of Tariffs, Trade Agreements, and Currency Exchange Rates.
• Business Cycles: The Natural Fluctuations of the Economy and the Causes and Consequences of Booms and Busts.
• Inflation and Deflation: The Impact of Changes in the Price Level of Goods and Services on the Economy and Its Consumers.
• The Factors That Contribute to the Long-Term Growth of an Economy and the Importance of Investment, Innovation, and Productivity.
• The Distribution of Wealth and Income in an Economy and the Impact of Policies Aimed At Reducing Income Inequality.
• The Role of Banks, Stock Markets, and Other Financial Institutions in the Economy and the Impact of Financial Crises.
• The Impact of Government Debt on Economic Growth.
• Exploring the Functions and Policies of Central Banks and Their Impact on the Economy.
• Primary Economic Endeavors of the Geographic Area Colonies Lumber
• Macroeconomic Effects of International Capital Flows.
• Theories of Economic Growth: Analyzing Different Theories of Economic Growth, Including Endogenous Growth Theory and Neoclassical Growth Theory.
• Exploring Methods and Techniques for Forecasting Key Economic Variables Such as GDP, Inflation, and Employment.
• Examining the Different Types of Market Failures, Including Externalities, Public Goods, and Monopolies, and Exploring Different Policy Approaches for Addressing Market Failures.
• Investigating How Firms Produce Goods and Services and Exploring How Production Costs Impact Market Outcomes.
• Analyzing the Conditions Necessary for Perfect Competition and Exploring the Implications for Market Outcomes.
• The Economics of Oligopoly: Examining the Behavior of Firms in Oligopoly Markets and Exploring the Impact on Market Outcomes.
• The Future of Work: Microeconomic Impacts of Automation and Artificial Intelligence.
• The Economics of Education: Analyzing the Costs and Benefits of Higher Learning.
• The Effects of Macroeconomics on the Housing Market.

Healthcare Economics Essay Topics

Healthcare economics is based on the study of factors affecting the cost of the industry as well as pricing policy depending on the current spending. This implies the economic research of complicated healthcare systems with the aim of financial analysis. You can choose to analyze patient satisfaction economics, international criminal justice, sports economics, and talent economics as important healthcare issues.

• The Rising Cost of Healthcare: Analyzing the Impact of Inflation and Technology.
• Examining the Economic Benefits and Challenges of Single-Payer Systems.
• Understanding the Economics Behind the Cost of Prescription Drugs.
• Health Insurance Markets: Analyzing the Role of Competition and Regulation.
• Healthcare Workforce: Examining the Economics of Physician Shortages and Nurse Staffing.
• The Economics of Medical Innovation: Balancing Costs and Benefits.
• The Role of Prevention in Healthcare Economics: Cost Savings and Quality of Life.
• Examining the Costs and Benefits of Investing in Behavioral Health Services.
• The Economics of Happiness: Measuring the Relationship Between Income and Well-Being.

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Socio-Economic Analysis Essay Topics

Socio economic essay topics revolve around the analysis of key economic features, the causes and consequences of financial decisions, and their significance for society. The ultimate goal of economics research is to evaluate the social and economic impact and to detect malicious features that can undermine a nation’s economic stability.

• Social and Economic Impacts of Unequal Distribution of Wealth.
• Socio-Economic Implications of Independent Work and Flexible Labor Arrangements.
• Analyzing the Impacts of Migration on Social and Economic Outcomes.
• The Sociology of Poverty: Understanding the Causes and Consequences of Economic Deprivation.
• Social Entrepreneurship: Examining the Role of Business in Addressing Societal Challenges and Inequalities.
• Understanding the Social and Economic Implications of an Aging Population.
• Examining the Socio-Economic Differences Between Rural and Urban Areas.
• The Impact of Migrant Remittance on Economic Development .

Consumerism-Related Topics for Research Papers

This branch of economics research studies consumer behavior trends, namely the impact of personal economics on the common good. For example, some scientists believe that increased consumption has a positive effect on production trends. While other experts believe that such inequalities are unacceptable and adhere to the economic policy of sustainable development. A sustainable economy has recently become the center of scientific concern and a vast amount of economic essay topics.

• The Psychology of Consumerism: Understanding the Emotional Drivers Behind Shopping Habits.
• Sustainable Consumerism: Examining the Economic and Environmental Impacts of Ethical Consumption.
• Analyzing the Influence of Marketing on Purchasing Decisions.
• Examining the Economic Costs and Social Consequences of Overconsumption.
• The Economics of Branding: Understanding the Value of Brand Names and Logos.
• The Sharing Economy: Analyzing the Economic Impacts of Collaborative Consumption.
• The Rise of E-commerce: Examining the Advantages and Disadvantages of Online Shopping.
• The Consumer Society: Analyzing the Role of Materialism in Modern Culture.
• The Future of Consumerism: Exploring Emerging Trends and Their Economic Implications.

Public Economic Development Essay Topics

If you’re choosing public development as your economics essay subject, you should include an economic evaluation of basic concepts that are related to social welfare. This area may include the city’s economy comparative analysis as a part of urban economics, law enforcement studies, and many other social domains.

• Fiscal Policy and Economic Growth: Analyzing the Role of Government Spending and Taxation.
• Public Debt and Deficits: Examining the Economic Impacts of Government Borrowing.
• Taxation and Social Welfare: Balancing Economic Efficiency and Equity.
• The Economics of Government Procurement: Analyzing the Costs and Benefits of Public Contracting.
• The Economics of Healthcare Financing: Understanding the Costs and Benefits of Different Payment Systems.
• Municipal Finance: Analyzing the Economics of Local Government Budgeting and Expenditure.
• Sovereign Debt Crises: Analyzing the Economic Implications of Debt Defaults and Restructurings.

Topics for Finance Economic Paper

Your economics essay in financial management is going to revolve around the system of planning and apportionment of funds in markets. You can choose anything from urban finance and aggregate economics to critical analysis of foreign direct investment in inter international economy.

• The Future of Fintech: Exploring Emerging Trends and their Financial Implications.
• Examining the Economic Impacts of Government Oversight and Policy.
• Investment Banking: Analyzing the Economics of Securities Underwriting and Capital Raising.
• The Economics of Real Estate Investment: Understanding Property Markets and Valuations.
• Risk Management: Examining the Economics of Hedging Strategies and Portfolio Diversification.
• Financial Markets and Globalization: Analyzing the Economic Implications of International Capital Flows.
• The Economics of Venture Capital: Understanding the Role of Risk Capital in Entrepreneurship and Innovation.

Essay Topics about Taxes

Economic essay topics about taxes imply a comparative analysis of different taxation systems. Research on this topic will concern not only the tax system itself but also the study of bypass schemes, offshore zones, and other tricks. One example of intriguing economics topics is the study of the detrimental effects of taxes on ecology, as the problems of environmental protection remain unresolved.

• Examining the Relationship between Government Revenue and Entrepreneurship.
• The Costs and Benefits of Different Tax Systems.
• The Ethics of Taxation: Analyzing the Social and Economic Implications of Taxation on Income Distribution.
• Understanding the Economics of Offshore Tax Evasion and Avoidance.
• The History of Taxation: Examining the Evolution of Taxation Systems from Ancient Times to the Present.
• The Economic Impacts of Taxes on Carbon Emissions and Pollution.
• Impacts of Sales Tax and Value-Added Tax on Consumer Behavior.

Economic Analysis on Human Development Paper Topic Ideas

Human development centers on the role of the public in economic convergence. You are supposed to concentrate on critical analysis of the progress of humanity, the level of life in developed and developing countries, track of economic behavior that leads to rapid economic growth, as well as the correct usage of scarce resources for general well-being.

• The Role of Gender Equality in Economic and Social Progress.
• Analyzing the Measurement and Evolution of Global Human Development.
• Understanding the Cognitive and Emotional Factors that Shape Human Growth.
• Analyzing the Role of Government Policies in Promoting Human Well-being.
• Supporting Women’s Economic Empowerment in Fragile States .
• The Relationship between Health Outcomes and Economic and Social Progress.
• Positive and Negative Impacts of Technological Advances on Human Progress.
• Exploring Emerging Trends and Challenges in Promoting Sustainable Human Development.

Labor and Economic Growth Essay Topics

Labor economics essay topics involve analysis of the labor force as an integral part of production. Among the topic ideas, you can study such economic problems as the correlation between population growth and surplus labor force in developing nations.

• Economic Impacts of Freelance Work and Contingent Labor.
• Impacts of Immigration on Labor Markets and Economic Growth.
• Understanding the Factors that Contribute to Pay Disparities between Men and Women.
• The Role of Unions in the Labor Market.
• Examining the Economic Impacts of Minimum Wage Laws on Employment and Wages.
• Labor Mobility: Understanding the Impacts of Labor Migration on Regional and National Labor Markets.
• The Economics of Discrimination: Impacts of Race, Ethnicity, and Gender on Labor Market Outcomes.
• Technological and Demographic Change on the Labor Market.

Essay Topics on the Economic Theory of Employment

Economics topics that consider the theory of employment study the decisions in the field of the labor force. In the coursework of research, you may study the services that individuals provide, the benefits of a cashless economy and its payment methods, and which role statistical data play in fulfilling the labor market needs.

• Analyzing the Impacts of Technological and Demographic Changes on Employment.
• Factors that Contribute to Employment Growth.
• Economic Benefits in Attracting and Retaining Employees.
• Examining the Economic Impacts of Employment Policies and Programs.
• Understanding the Impacts of Workplace Environment and Culture on Employee Performance.
• Impacts of Aging Populations and Retirement Trends on the Labor Market.
• Capitalism and the Use of Disaster to Increase Economic Power .

Whatever topic you choose for your economics research, make sure it is within your field of interest. Scientific work always goes smoothly when you are motivated to bring newness to the underlying concepts. We wish you good luck with this difficult choice, as all economics essay topics are fascinating, and your task as a research paper writer is to bring your individual perspective to science.

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Can We Have Prosperity Without Growth?

By John Cassidy

In 1930, the English economist John Maynard Keynes took a break from writing about the problems of the interwar economy and indulged in a bit of futurology. In an essay entitled “Economic Possibilities for Our Grandchildren,” he speculated that by the year 2030 capital investment and technological progress would have raised living standards as much as eightfold, creating a society so rich that people would work as little as fifteen hours a week, devoting the rest of their time to leisure and other “non-economic purposes.” As striving for greater affluence faded, he predicted, “the love of money as a possession . . . will be recognized for what it is, a somewhat disgusting morbidity.”

This transformation hasn’t taken place yet, and most economic policymakers remain committed to maximizing the rate of economic growth. But Keynes’s predictions weren’t entirely off base. After a century in which G.D.P. per person has gone up more than sixfold in the United States, a vigorous debate has arisen about the feasibility and wisdom of creating and consuming ever more stuff, year after year. On the left, increasing alarm about climate change and other environmental threats has given birth to the “degrowth” movement, which calls on advanced countries to embrace zero or even negative G.D.P. growth. “The faster we produce and consume goods, the more we damage the environment,” Giorgos Kallis, an ecological economist at the Autonomous University of Barcelona, writes in his manifesto, “ Degrowth .” “There is no way to both have your cake and eat it, here. If humanity is not to destroy the planet’s life support systems, the global economy should slow down.” In “ Growth: From Microorganisms to Megacities ,” Vaclav Smil, a Czech-Canadian environmental scientist, complains that economists haven’t grasped “the synergistic functioning of civilization and the biosphere,” yet they “maintain a monopoly on supplying their physically impossible narratives of continuing growth that guide decisions made by national governments and companies.”

Once confined to the margins, the ecological critique of economic growth has gained widespread attention. At a United Nations climate-change summit in September, the teen-age Swedish environmental activist Greta Thunberg declared, “We are in the beginning of a mass extinction, and all you can talk about is money and fairy tales of eternal economic growth. How dare you!” The degrowth movement has its own academic journals and conferences. Some of its adherents favor dismantling the entirety of global capitalism, not just the fossil-fuel industry. Others envisage “post-growth capitalism,” in which production for profit would continue, but the economy would be reorganized along very different lines. In the influential book “ Prosperity Without Growth: Foundations for the Economy of Tomorrow ,” Tim Jackson, a professor of sustainable development at the University of Surrey, in England, calls on Western countries to shift their economies from mass-market production to local services—such as nursing, teaching, and handicrafts—that could be less resource-intensive. Jackson doesn’t underestimate the scale of the changes, in social values as well as in production patterns, that such a transformation would entail, but he sounds an optimistic note: “People can flourish without endlessly accumulating more stuff. Another world is possible.”

Even within mainstream economics, the growth orthodoxy is being challenged, and not merely because of a heightened awareness of environmental perils. In “ Good Economics for Hard Times ,” two winners of the 2019 Nobel Prize in Economics, Abhijit Banerjee and Esther Duflo, point out that a larger G.D.P. doesn’t necessarily mean a rise in human well-being—especially if it isn’t distributed equitably—and the pursuit of it can sometimes be counterproductive. “Nothing in either our theory or the data proves the highest G.D.P. per capita is generally desirable,” Banerjee and Duflo, a husband-and-wife team who teach at M.I.T., write.

The two made their reputations by applying rigorous experimental methods to investigate what types of policy interventions work in poor communities; they conducted randomized controlled trials, in which one group of people was subjected to a given policy intervention—paying parents to keep their children in school, say—and a control group wasn’t. Drawing on their findings, Banerjee and Duflo argue that, rather than chase “the growth mirage,” governments should concentrate on specific measures with proven benefits, such as helping the poorest members of society get access to health care, education, and social advancement.

Banerjee and Duflo also maintain that in advanced countries like the United States the misguided pursuit of economic growth since the Reagan-Thatcher revolution has contributed to a rise in inequality, mortality rates, and political polarization. When the benefits of growth are mainly captured by an élite, they warn, social disaster can result.

That’s not to say that Banerjee and Duflo are opposed to economic growth. In a recent essay for Foreign Affairs , they noted that, since 1990, the number of people living on less than $1.90 a day—the World Bank’s definition of extreme poverty—fell from nearly two billion to around seven hundred million. “In addition to increasing people’s income, steadily expanding G.D.P.s have allowed governments (and others) to spend more on schools, hospitals, medicines, and income transfers to the poor,” they wrote. Yet for advanced countries, in particular, they think policies that slow G.D.P. growth may prove to be beneficial, especially if the result is that the fruits of growth are shared more widely. In this sense, Banerjee and Duflo might be termed “slowthers”—a label that certainly applies to Dietrich Vollrath, an economist at the University of Houston and the author of “ Fully Grown: Why a Stagnant Economy Is a Sign of Success .”

As his subtitle suggests, he thinks that slower rates of economic growth in advanced countries are nothing to worry about. Between 1950 and 2000, G.D.P. per person in the U.S. rose at an annual rate of more than three per cent. Since 2000, the growth rate has slowed to about two per cent. (Donald Trump has not, as he promised, boosted over-all G.D.P. growth to four or five per cent.) The phenomenon of slow growth is often bemoaned as “secular stagnation,” a term popularized by Lawrence Summers, the Harvard economist and former Treasury Secretary. Yet Vollrath argues that slower growth is appropriate for a society as rich and industrially developed as ours. Unlike other growth skeptics, he doesn’t base his case on environmental concerns or rising inequality or the shortcomings of G.D.P. as a measurement. Rather, he explains this phenomenon as the result of personal choices—the core of economic orthodoxy.

Vollrath offers a detailed decomposition of the sources of economic growth, which uses a mathematical technique that the eminent M.I.T. economist Robert Solow pioneered in the nineteen-fifties. The movement of women into the workplace provided a onetime boost to the labor supply; in its aftermath, other trends dragged down the growth curve. As countries like the United States have become richer and richer, Vollrath points out, their inhabitants have chosen to spend less time at work and to have smaller families—the result of higher wages and the advent of contraceptive pills. G.D.P. growth slows when the growth of the labor force declines. But this isn’t any sort of failure, in Vollrath’s view: it reflects “the advance of women’s rights and economic success.”

Vollrath estimates that about two-thirds of the recent slowdown in G.D.P. growth can be accounted for by the decline in the growth of labor inputs. He also cites a switch in spending patterns from tangible goods—such as clothes, cars, and furniture—to services, such as child care, health care, and spa treatments. In 1950, spending on services accounted for forty per cent of G.D.P.; today, the proportion is more than seventy per cent. And service industries, which tend to be labor-intensive, exhibit lower rates of productivity growth than goods-producing industries, which are often factory-based. (The person who cuts your hair isn’t getting more efficient; the plant that makes his or her scissors probably is.) Since rising productivity is a key component of G.D.P. growth, that growth will be further constrained by the expansion of the service sector. But, again, this isn’t necessarily a failure. “In the end, that reallocation of economic activity away from goods and into services comes down to our success,” Vollrath writes. “We’ve gotten so productive at making goods that this has freed up our money to spend on services.”

Taken together, slower growth in the labor force and the shift to services can explain almost all the recent slowdown, according to Vollrath. He’s unimpressed by many other explanations that have been offered, such as sluggish rates of capital investment, rising trade pressures, soaring inequality, shrinking technological possibilities, or an increase in monopoly power. In his account, it all flows from the choices we’ve made: “Slow growth, it turns out, is the optimal response to massive economic success.”

Vollrath’s analysis implies that all the major economies are likely to see slower growth rates as their populations age—a pattern first established in Japan during the nineteen-nineties. But two-per-cent growth isn’t negligible. If the U.S. economy continues to expand at this rate, it will have doubled in size by 2055, and a century from now it will be almost eight times its current size. If you think about growth-compounding in other rich countries, and developing economies growing at somewhat faster rates, you can readily summon up scenarios in which, by the end of the next century, global G.D.P. has risen fiftyfold, or even a hundredfold.

Is such a scenario environmentally sustainable? Proponents of “green growth,” who now include many European governments, the World Bank, the Organization for Economic Co-operation and Development, and all the remaining U.S. Democratic Presidential candidates, insist that it is. They say that, given the right policy measures and continued technological progress, we can enjoy perpetual growth and prosperity while also reducing carbon emissions and our consumption of natural resources. A 2018 report by the Global Commission on the Economy and Climate, an international group of economists, government officials, and business leaders, declared, “We are on the cusp of a new economic era: one where growth is driven by the interaction between rapid technological innovation, sustainable infrastructure investment, and increased resource productivity. We can have growth that is strong, sustainable, balanced, and inclusive.”

This judgment reflected a belief in what’s sometimes termed “absolute decoupling”—a prospect in which G.D.P. can grow while carbon emissions decline. The environmental economists Alex Bowen and Cameron Hepburn have conjectured that, by 2050, absolute decoupling may appear “to have been a relatively easy challenge,” as renewables become significantly cheaper than fossil fuels. They endorse scientific research into green technology, and hefty taxes on fossil fuels, but oppose the idea of stopping economic growth. From an environmental perspective, they write, “it would be counterproductive; recessions have slowed and in some cases derailed efforts to adopt cleaner modes of production.”

For a time, official carbon-emissions figures seemed to support this argument. Between 2000 and 2013, Britain’s G.D.P. grew by twenty-seven per cent while emissions fell by nine per cent, Kate Raworth, an English economist and author, noted in her thought-provoking book, “ Doughnut Economics: Seven Ways to Think Like a 21st Century Economist ,” published in 2017. The pattern was similar in the United States: G.D.P. up, emissions down. Globally, carbon emissions were flat between 2014 and 2016, according to figures from the International Energy Agency. Unfortunately, this trend didn’t last. According to a recent report from the Global Carbon Project, carbon emissions worldwide have been edging up in each of the past three years.

The pause in the rise of emissions may well have been the temporary product of a depressed economy—the Great Recession and its aftermath—and the shift from coal to natural gas, which can’t be repeated. According to a recent report by the United Nations and a number of climate-research institutes, “Governments are planning to produce about 50% more fossil fuels by 2030 than would be consistent with a 2°C pathway and 120% more than would be consistent with a 1.5°C pathway.” (Those were the targets established in the 2016 Paris Agreement.) In a recent review of the literature about green growth, Giorgos Kallis and Jason Hickel, an anthropologist at Goldsmiths, University of London, concluded that “green growth is likely to be a misguided objective, and that policymakers need to look toward alternative strategies.”

Can such “alternative strategies” be implemented without huge ruptures? For decades, economists have cautioned that they can’t. “If growth were to be abandoned as an objective of policy, democracy too would have to be abandoned,” Wilfred Beckerman, an Oxford economist, wrote in “ In Defense of Economic Growth ,” which appeared in 1974. “The costs of deliberate non-growth, in terms of the political and social transformation that would be required in society, are astronomical.” Beckerman was responding to the publication of “The Limits to Growth,” a widely read report by an international team of environmental scientists and other experts who warned that unrestrained G.D.P. growth would lead to disaster, as natural resources such as fossil fuels and industrial metals ran out. Beckerman said that the authors of “The Limits to Growth” had greatly underestimated the capacity of technology and the market system to produce a cleaner and less resource-intensive type of economic growth—the same argument that proponents of green growth make today.

Whether or not you share this optimism about technology, it’s clear that any comprehensive degrowth strategy would have to deal with distributional conflicts in the developed world and poverty in the developing world. As long as G.D.P. is steadily rising, all groups in society can, in theory, see their living standards rise at the same time. Beckerman argued that this was the key to avoiding such conflict. But, if growth were abandoned, helping the worst off would pit winners against losers. The fact that, in many Western countries over the past couple of decades, slower growth has been accompanied by rising political polarization suggests that Beckerman may have been on to something.

Some degrowth proponents say that distributional conflicts could be resolved through work-sharing and income transfers. A decade ago, Peter A. Victor, an emeritus professor of environmental economics at York University, in Toronto, built a computer model, since updated, to see what would happen to the Canadian economy under various scenarios. In a degrowth scenario, G.D.P. per person was gradually reduced by roughly fifty per cent over thirty years, but offsetting policies—such as work-sharing, redistributive-income transfers, and adult-education programs—were also introduced. Reporting his results in a 2011 paper, Victor wrote, “There are very substantial reductions in unemployment, the human poverty index and the debt to GDP ratio. Greenhouse gas emissions are reduced by nearly 80%. This reduction results from the decline in GDP and a very substantial carbon tax.”

More recently, Kallis and other degrowthers have called for the introduction of a universal basic income, which would guarantee people some level of subsistence. Last year, when progressive Democrats unveiled their plan for a Green New Deal, aiming to create a zero-emission economy by 2050, it included a federal job guarantee; some backers also advocate a universal basic income. Yet Green New Deal proponents appear to be in favor of green growth rather than degrowth. Some sponsors of the plan have even argued that it would eventually pay for itself through economic growth.

There’s another challenge for growth skeptics: how would they reduce global poverty? China and India lifted millions out of extreme deprivation by integrating their countries into the global capitalist economy, supplying low-cost goods and services to more advanced countries. The process involved mass rural-to-urban migration, the proliferation of sweatshops, and environmental degradation. But the eventual result was higher incomes and, in some places, the emergence of a new middle class that is loath to give up its gains. If major industrialized economies were to cut back their consumption and reorganize along more communal lines, who would buy all the components and gadgets and clothes that developing countries like Bangladesh, Indonesia, and Vietnam produce? What would happen to the economies of African countries such as Ethiopia, Ghana, and Rwanda, which have seen rapid G.D.P. growth in recent years, as they, too, have started to join the world economy? Degrowthers have yet to provide a convincing answer to these questions.

Given the scale of the environmental threat and the need to lift up poor countries, some sort of green-growth policy would seem to be the only option, but it may involve emphasizing “green” over “growth.” Kate Raworth has proposed that we adopt environmentally sound policies even when we’re uncertain how they will affect the long-term rate of growth. There are plenty of such policies available. To begin with, all major countries could take more definitive steps to meet their Paris Agreement commitments by investing heavily in renewable sources of energy, shutting down any remaining coal-fired power plants, and introducing a carbon tax to discourage the use of fossil fuels. According to Ian Parry, an economist at the World Bank, a carbon tax of thirty-five dollars per ton, which would raise the price of gasoline by about ten per cent and the cost of electricity by roughly twenty-five per cent, would be sufficient for many countries, including China, India, and the United Kingdom, to meet their emissions pledges. A carbon tax of this kind would raise a lot of money, which could be used to finance green investments or reduce other taxes, or even be handed out to the public as a carbon dividend.

Taking energy efficiency seriously is also vital. In a 2018 piece for the New Left Review , Robert Pollin, an economist at the University of Massachusetts, Amherst, who has helped design Green New Deal plans for a number of states, listed several measures that can be taken, including insulating old buildings to reduce heat loss, requiring cars to be more fuel efficient, expanding public transportation, and reducing energy use in the industrial sector. “Expanding energy-efficiency investment,” he pointed out, “supports rising living standards because, by definition, it saves money for energy consumers.”

To ameliorate the effects of slower G.D.P. growth, policies such as work-sharing and universal basic income could also be considered—especially if the warnings about artificial intelligence eliminating huge numbers of jobs turn out to be true. In the United Kingdom, the New Economics Foundation has called for the standard workweek to be shortened from thirty-five to twenty-one hours, a proposal that harks back to Victor’s modelling and Keynes’s 1930 essay. Proposals like these would have to be financed by higher taxes, particularly on the wealthy, but that redistributive aspect is a feature, not a bug. In a low-growth world, it is essential to share what growth there is more equitably. Otherwise, as Beckerman argued many years ago, the consequences could be catastrophic.

Finally, rethinking economic growth may well require loosening the grip on modern life exercised by competitive consumption, which undergirds the incessant demand for expansion. Keynes, a Cambridge aesthete, believed that people whose basic economic needs had been satisfied would naturally gravitate to other, non-economic pursuits, perhaps embracing the arts and nature. A century of experience suggests that this was wishful thinking. As Raworth writes, “Reversing consumerism’s financial and cultural dominance in public and private life is set to be one of the twenty-first century’s most gripping psychological dramas.” ♦

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Economic Success Essays

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Economic Success and Environmental Consequences – IELTS Writing Task 2

Posted by David S. Wills | Jan 31, 2022 | Model Essays | 0

In IELTS writing task 2, it is quite common to be asked about issues relating to the environment, the economy, and nations. Whilst you do not need to be an expert on any of this, you should be able to present coherent and well-considered views in clear English.

Today, I want to show you a task 2 question and then discuss how to answer it effectively. I will cover issues such as generating ideas , formatting the essay , and picking the right language to use. I will also include my own sample band 9 answer.

Analysing the Question

Here is the question for today:

Some people believe that it is possible for a country to be economically successful and have a clean environment. Others argue that these two aims are not compatible. Discuss both views and give your opinion.

First of all, let’s note the question type: “ Discuss both views and give your opinion .” It is essential to understand that so that we can begin to formulate a good answer.

Next, we should consider this question: What are “both views”? Well, they are simply:

• A country can be economically successful and have a clean environment.
• A country cannot be economically successful and have a clean environment.

We need to discuss both of these (ie don’t ignore one) and then give our own opinion. Here, you need to strike a balance: your opinion should be consistent throughout the essay, yet it should not stop you from talking about both sides of the issue.

Let’s discuss how to do that in the next section.

Planning a Good Answer

Now that we understand the question, we can begin to plan our answer. I strongly recommend that you do this before writing any IELTS essay or else you may quickly go off-topic.

I like to keep my structures simple and straightforward so that they are as effective as possible. As such, my essay would be structured in this way:

That is a very basic overview of my essay, but you can definitely go into more detail. For example, I might expand the planning phase for my body paragraphs:

The best thing about planning your essay in this way is that you can begin writing and then expand logically upon each idea without going off-topic. This is important because it is natural for the human brain to follow a stream-of-consciousness process that often takes it to places that are not very logical. This can be a big problem in your IELTS essays.

Here’s a video about logically developing your paragraphs.

Another Note on Structure

It is worth highlighting here the fact that I started with the viewpoint that I did not support. I did this because it allows me to raise those ideas in one paragraph (fully explaining them in order to fulfil that requirement) but then refute them in the next paragraph.

I find that this is both more logical for the reader and also easier for the writer, so it’s a win-win situation! When it comes to maintaining a consistent position throughout, it can often seem like a tough challenge, but with the right structure and language it is actually not very hard.

This question ties together three broad IELTS topics: countries, economies, and the environment. Actually, countries and economies are not really full topics but they are certainly areas that often arise in IELTS.

As such, I would advise being familiar with vocabulary relating to these topics. You can easily learn that by reading articles and watching videos about these things. (Example: Here’s an article about climate change and the British economy.) However, for now I will include some vocabulary that I will use in my own sample answer (below).

You can learn specific environment vocabulary here .

Now let’s see how these words and phrases were used in my model essay.

Sample Band 9 Answer

Around the world, economic progress has often come at the expense of the environment, and many people believe that this is inevitable. It is, for sure, a complex issue, and avoiding environmental damage is exceedingly difficult. This essay will look at both sides but argue that it is possible.

Looking at the world, it sometimes appears unavoidable that countries grow rich by sacrificing their environment. After all, the easiest way to make money or develop infrastructure is to utilise your natural resources, and this often means logging or mining. Countries like China, whose economy is growing at a staggering rate, have also annihilated their landscape at unprecedented rates, creating wealthy societies but very unhealthy environments. Beijing may now be a rich city, but it often enveloped in thick smog, and the natural landscape has been utterly devastated.

Yet one can look at developed countries like Australia, Canada, and New Zealand to see that success does not have to come at the price of the environment. It is possible to become successful without destroying the natural world and poisoning your air. What it takes is for a value to be placed upon such matters, so that they are not simply commodified or destroyed in the pursuit of more money. Some developing countries, too, are now realising that their country’s natural beauty can even attract tourism and thus generate income, which is one more reason to avoid polluting and logging. Thailand has made efforts to protect its coral reefs and forests by turning away tourists and exchanging a small financial sacrifice for long-term gains.

In conclusion, the easiest way to develop is to abuse your natural resources and pollute the environment, but there are better ways to do it. If a country places a value upon its cleanliness and pledges to respect the health and happiness of its people, it should be able to avoid destroying its environment.

Further Reading

I have more sample essays about the environment here and there are some speaking questions here .

About The Author

David S. Wills

David S. Wills is the author of Scientologist! William S. Burroughs and the 'Weird Cult' and the founder/editor of Beatdom literary journal. He lives and works in rural Cambodia and loves to travel. He has worked as an IELTS tutor since 2010, has completed both TEFL and CELTA courses, and has a certificate from Cambridge for Teaching Writing. David has worked in many different countries, and for several years designed a writing course for the University of Worcester. In 2018, he wrote the popular IELTS handbook, Grammar for IELTS Writing and he has since written two other books about IELTS. His other IELTS website is called IELTS Teaching.

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551 Success Essay Topic Ideas & Examples

Looking for exciting success topics for an essay? Success is a concept that is definitely worth exploring!

🔝 Top 10 Success Topics to Write About

📑 aspects to cover in a success essay, 🏆 best success topic ideas & essay examples, 👍 good essay topics on success, 🎓 simple & easy success essay titles, 🥇 most interesting success topics to write about, 📌 writing prompts about success, 💡 easy success essay topics, ❓ questions about success.

There is a range of topics to focus on here. You might want to tell your readers about the life of a successful person, study the role of education in a successful career, elaborate on the most colorful examples of success and failure, etc. In this article, we’ve gathered a list of top success topic ideas to write about. You’ll also find here a collection of success essay examples to inspire you even more.

• Natural selection as a form of biological success
• Adaptiveness as the key to biological and social success
• Success in education: is the grading system fair?
• How to measure success in life?
• How to define “a successful company”?
• The American Dream: is the ideal of success realistic?
• Does success bring happiness?
• Self-made man: is it a myth?
• Compare and contrast the life trajectories of two successful people
• Success in education and in career: is there a correlation?

What do we perceive as success? Why are some people more successful than others? These are some of the questions you can answer in your essay on success.

Success essays are engaging assignments that allow you to analyze personal stories and define qualifications for success. The purpose of these papers is to find the true meaning of success.

Before starting to work on an essay, think of the topic you want to discuss. Here are some examples of success essay topics and ideas we can suggest:

• How one’s personal philosophy allows them to succeed
• Do you need to work hard to succeed?
• Self-confidence as a significant factor of success
• Can success be harmful?
• Overcoming personal challenges in life to achieve success
• The differences between individuals’ perspectives on success
• The link between success and wealth
• Education is the key for success

Remember that you can choose from many other successful essay titles, as the topic is broad. You can also ask your professor or peers about possible success essay ideas. Once you have selected one of the topics and titles for your essay, you can start working on your paper. Here are some important aspects you need to cover:

• Think of the arguments you will present and develop an outline for your paper. Remember to include an introductory paragraph, several body paragraphs (at least three), and a summary of your work. When working on an outline, think about the purpose of your paper. Do you want to motivate the reader to achieve success? Do you want to show the possible disadvantages of being successful?
• Hint: If you are not sure about the issue you have selected, find success essay examples online. It will help you to see whether the problem is relevant.
• A thesis is a very important part of your essay. You should state it at the end of the introductory paragraph. A thesis statement can look like this:

Money and wealth do not define success. / Hard work is the most important contributor to one’s success.

• Define success. This point is especially important if you are writing an opinion piece. State what success means to you and provide a dictionary definition. Provide a comprehensive perspective on success and analyze it from different viewpoints (wealth, social status, education level, etc.).
• Discuss possible parameters of success. They can include wealth, good health, or academic knowledge.
• Discuss the factors that can contribute to one’s success. You can share success stories or biographies of famous people to prove your points.
• You can talk about the significance of motivation and dedication in achieving success. Address the value of hard work and patience. This way, your reader can get inspiration from your paper.
• Keep your reader engaged by asking questions or providing interesting facts about the issue. At the same time, stick to the formal language if your professor did not say otherwise.
• It is always good to support your claims with evidence. Although success can be a subjective concept, refer to outside sources in your arguments. Ask your professor about the types of sources you can use for your paper.
• Provide examples throughout your paper. This step is crucial to help the reader understand your point better.
• Discuss opposing perspectives on the issue if you are working on a persuasive essay. Remember to prove that your opinion is more reliable than the alternative one.

Don’t hesitate to check out some of our essay samples on the website!

• Importance of Marketing in an Organization It is through marketing that everyone in the organization gets to learn about the nature of the customers and the market that they are dealing with.
• Why Is Tesco Successful: Tescos Success Factors Essay Tesco depends on the presence and dominance in the U.K.to expand its operations, as well as generate revenues. Price wars and the presence of other strong retail brands are a treat to Tesco’s dominance in […]
• Perseverance Is the Mother of Success in Learning The purpose of this essay is to describe the challenges I encountered in my life in the learning process of the English language and how I overcame the challenges with my persistence and the results […]
• Role of Education for Successful Careers There are also questions touching on the role of education in determining the level of success in the business world and in improving the quality of life in general.
• Academic Success for Student Critical thinking is one of the major factors that one should put into consideration as a student in order to achieve academic success.
• The Valve Corporation’s Success To be more precise, the company is looking to expand to the new niches of the gaming industry and add the gaming hardware and the supportive software to its line of products.
• Being Rich Means Better Education and More Success This is because they managed to shake off the notion that the rich are the only ones who will have the chances of acquiring better education and being successful in life.
• Qualities of Successful Marriages Faith makes great differences in marriage and this is why it is very important to share your individual beliefs and values with the partner prior to marriage in order to understand each other and plan […]
• Netcare Company’s Success One of the key competencies is organizational growth that has seen Netcare utilize the expertise in the market to break through both the private and the public health markets.
• IKEA: Its’ Success in the Internationalisation Process Globalization is generally understood today as the easy international movement of goods, services and information facilitated by the advances in information and communication technologies and transportation.
• Is University Education Necessary for Success? One of the greatest limitations of university education, which is also the main defense for critics of university education, is the fact that university education equips graduates with problem solving skills.
• The Bulgari Brand’s Diversification Success While the majority of data used to analyse the success of Bulgari’s use of diversification will be collected from secondary sources, primary research will be collected through an interview with the CEO of Bulgari, which […]
• EBay’s Success Factors, Fee Structure, and Future That is how eBay manages to attract high-volume sellers, who can contribute to the company’s success and increase its revenue. If the organization needs more buyers and sellers, that is evident that it has to […]
• The Role of Management in Organizational Success The first section of the report outlines the significance of management in an organizations success. Moreover, the future success and performance of organizations is subject to the competence of the organizational leaders.
• The Success of Cirque du Soleil The success of this show led to the creation of other performances in a number of hotels and casinos in the region.
• Netflix Company’s Global Success and Opportunities Also, there is the need to repurchase the right to distribute some products, and the costs of content production tend to increase globally.
• The Impact of Goal Setting on Motivation and Success Correct goal setting is needed not only to determine the endpoint accurately but more importantly, it is to motivate and encourage an even faster and more efficient achievement of the goal by minimizing certainty and […]
• Home Depot Failure and IKEA Success in China Some people regard a “do-it-yourself” character of products to be the main reason for the low popularity of The Home Depot in China.
• The Grameen Bank’s Success The way the Grameen bank raised and the way it is currently operating is one of the biggest success stories to date of the micro-credit financial institute.
• Airbnb Company Internationalization: Success and Challenges The paper will review case studies on Airbnb and relevant streams of literature with the aim of analysing the firm’s success as well as the challenges facing the company.
• Ryanair Company: Success Factors and Strategies The purpose of this report is to analyze the case of the low-fares airline “Ryanair” and find out the answer to six specific questions from the case.
• Management as a Success Factor: Hewlett-Packard Case Study Example The name and the market structure of the company is strengthened by its effective management team who are able to make intervention on products, services and the general approach of the company.
• Emirates Airline: The Secrets of the Legends Success Young is of the view that one of the secrets of Emirates explosive growth in the region and in the world in general is the ability to manage both growth and service provision.
• The Uber Company’s Financial Success Insights Uber’s ability to provide the desired choice to consumers at any time and meet the expectations of 10 minutes and lower has been key to its success.
• Psychology: Factors of Success in Life and Career One of the most researched elements about success is the factors that drive people to pursue it. Success is often associated with a positive mental attitude, which triggers the desire to be successful in whatever […]
• Starbucks’ Success: Mission and Stakeholders Lastly, although Starbucks has been accused of tax evasion in the past, the company has ensured it adheres to the regulations of the governments in the countries in which it operates.
• How Companies Can Successfully Enter The French Fashion Industry Currently, the fashion industry is one of the economic sectors that are experiencing an increment in the rate of competition. This means that there is a high probability of the firms becoming established in the […]
• Etisalat’s Success in the UAE In order to understand the reasons for the success of the firm, the researcher sought to conduct a comprehensive analysis of Etisalat UAE by considering a number of issues.
• Success or Failure of Democracy In terms of equality in democracy, Tocpeuville observes that this becomes the form of government in a democracy since no one becomes right than the other.
• Carlos Ghosn and Renault-Nissan: Leading for Global Success Nissan being the second largest company in the automobile industry in Japan recorded a significant increment in their sales profit in the year 2006.
• IBM’s Success Factors, Competitors, SWOT Analysis Kotler shows that the CEO, who took up the management in the 21 century, modified IBM’s vision and strategy to correspond to the current situation by shifting it towards software rather than hardware and focusing […]
• Personal Philosophy of Success In this essay, I shall define the success strategies that I have discovered and which I intend to use in the coming years to achieve success.
• Factors Affecting Academic Success Self-motivation and discipline are evaluated by determining the amount of time students devote to schoolwork, levels of commitment and engagement, and their willingness to learn new things in and out of class.
• Manchester United FC: Continuing Success but at What Cost? The support of Manchester United across the globe is also incredible and a contributing factor to the success of the club.
• Pringles’ Successful Strategy If the previous experiences of the consumer on a flavor were unfavorable, then the possibility of buying a different flavor would be high.
• Project Management: Masdar City Project Success To determine whether the Masdar City site was a success it is important to evaluate what the goals of the project were, if it succeeded at them and if it met the criteria above.
• Emotional Intelligence and Its Impact on Success As for me, I would define emotional intelligence as the ability to react to the situation in a proper way, to find the appropriate way out of a situation, and to make a decision successful […]
• The Success of Carrefour Hypermarkets The locations include in shopping malls, shopping centres, airports and in emerging towns, depending with the location, the products that the company stocks varies.
• Blockbuster and Netflix Firms’ Failure and Success It is due to the presence of many employees of different cultures and the influx of young people into the ranks of the company’s employees.
• The Success of Women’s Rights Movement They sought the equal treatment of women and men by law and fought for voting rights. The women’s rights movement was successful because they were united, had a strong ideological foundation, and organized campaigns on […]
• Virgin Group’s Strategic Development and Success It identifies that a strong brand name and high quality of products and services provide the company with an opportunity to remain one of the international leaders.
• Hollywood Success in the Film “Sunset Boulevard” In addition to that, the protagonists of this movie illustrate the canons of this genre. This is one of the details that can be distinguished.
• Competitive Advantage and Business Success: McDonalds and Burger King The company values quality and embraces a wide variety of fast foods that are available in many outlets across the world. To do this, the company ensures that the costs of operations are at the […]
• Student Empowerment Program and Its Success The main goal of the empowerment program is to inspire and educate students to be better prepared for the challenges of globalization.
• Maersk Line Company’s Social Media Success Factors The company selected and communicated the most desirable message to the targeted stakeholders. The head of social media encouraged the employees at the company to support the agenda.
• Google’s Corporate Culture and its Success The culture at Google fits all the needs and demands of the marketplace and the corporation itself. Through Google’s corporate architectural culture, the company has been capable of instituting individuality before the public and its […]
• Success Factors and Leadership Strategies: Southwest Airlines and Emirates Airlines The comparison of Southwest Airlines and Emirates Airlines is a chance to comprehend how cultural and regional diversities may define the quality of services, improve the airline industry, and provide people with appropriate working conditions […]
• Success and Money Correlation The development of the information technologies and the ongoing progress led to the reconsideration of the values and beliefs. It is significant to understand that there is no right or wrong answer for the question […]
• HR Management Skills and Organisational Survival & Success A manager’s knowledge of HRM is significant to the attainment of the organisation’s goals and objectives. It is created to promote and pursue the aims and objectives of an organisation.
• The Example of Success in Life If we have a successful career that allows us to make more money, we will be happier. Being successful in our career also allows us to have more opportunities because we have more choices, as […]
• Success: What Is Its True Meaning? It is perhaps far simpler to explain that success is the opposite of failure a word that means unsuccessful attempts to do things in life.
• Key Factors of Competitive Success in the Water Bottling Industry The introduction of enhanced or functional water products, by a number of major bottling firms such as Coca-Cola and PepsiCo, has provided further competition, threatening to squeeze profitability for them.
• Success of Amazon These areas are all related to the design of the website and how intuitive it was to respond quickly to the needs of the customers.
• The Success Behind the Coca-Cola Company The third element of the business strategy the Coca-Cola Company is revenue maximization built on the understanding that financial soundness is the measure of a good and enduring business.
• Lush’s Success: Background and Distribution Channels of Lush Apart from getting products from the chain of stores, Lush made it possible for the customers to make orders and buy products online.
• Success: How Do You Define It? Often we consider the word success as the binary opposite of failure, and success of a person is measured largely based on the failure of someone else.
• Golden Age of Islam: Inventions and Success in Science The achievements of the Muslim technology and science contributed to the development of the Western society and helped Europe come out of the Dark Ages.
• AirAsia Company and Its Success The local advertisements made people aware of the company and its pricing, and this led to acknowledgment and popularity. Factors on the macro level are the locations and length of the flights that other airlines […]
• Money, Success, and Relation Between Them In particular, the modern generation attaches so much importance to money in the sense that success and money are presumed to be one and the same thing.
• Management Theories and Success in Business Considering the expenses involved in scientific methods and other technical operations as well as the reluctance on the part of the workers, this theory was developed to control these two situations. Through provision of quality […]
• The Idea of Critical Success Factors (CSFs) for the Maritime Logistics Sector To demonstrate that IT is a CSF that is currently driving the maritime logistics sector a comparison is drawn between COSCO Group TNC and Wilh.
• Hedge Fund Success Story: Renaissance Technologies LLC Whereas hedge funds have a similarity in regard to mutual funds since they both involve the collective investments of funds pooled by the investors, the two forms of funds differ because the market regulation authorities […]
• Failure and Success in Human Life Success if one of the major concerns of modern society, Nowadays, it serves as the main determiner of the significance of an individual and his/her position in society.
• Types of Speech Used in Everyday Life and Their Role for Achieving Academic Success As a college student with experience in making presentations and participating in various workshops, I consider the development of informative and professional speaking especially vital for my future career. In an academic setting, the most […]
• Achieving Success in a Counseling Session I have experienced that the most favored solutions pertain to situations where the client is open to resourcefulness and motivation, which further depends on the competence level of the counselor or therapist and whether there […]
• The Success of the Underground Railroad The establishment of this clandestine movement was not initiated only by the slaves themselves but also through the help of sympathizers and other citizens who have the capacity to help.
• Persuasion, Manipulation, Survival, Success at Work in Shakespeare’s “Julius Caesar” Since the beginning of the play edited by Roma Gill, Brutus is presented as a character who is very close to Caesar and is a “great friend” of his.
• College Success Skills: Prioritizing and Flexibility Since only a fraction of individuals is able to stay organized in the long run without guidance, a written plan is recommended to maximize the efficiency and keep track of the progress.
• Failure and Success in Teacher Career The utilization of these old ideas and resources in the current academic environment has also contributed to the failing of schools.
• Community Policing, Its Success and Failure Factors Usually, the police officers in communities may not necessarily be members of those localities, the concept of community policing injects into the system people with hands on experience of the concerns of the immediate community.
• Extent of Gazprom Company’s Success The entity has expanded the company’s markets reach from European markets to other parts of the world. The entity has also helped the company to monitor and respond to the ever-changing dynamic markets in energy […]
• Spanish Conquest on Americas: Success Factors The first viewpoint regarding the Spaniards conquest of the Americas on the Aztec Empire is the idea of Jared Diamond that environmental and geographical differences made the Americas lose the battle.
• The Keys to the Success of Dell Dell’s strategy of making sales directly to its clients has enabled it to acquire the position of the market leader in the US computer industry.
• Chanel and the Way to Success The start of the business was very usual; the recognizable brand had grown from a small shop in the downtown of Paris which introduced Chanel to the market which was not very hard to capture […]
• Successful Management in Business By doing this, one is able to do the right thing at the right time. Also one should consider the opportunities and threats he is likely to face.
• Success of Nike Products As a matter of fact, this outstanding success of Nike in the global markets can be attributed to the quality of its footwear products and apparel for sports.
• People’s Potential and Success Hard work implies the sacrifice of time and the associated rest and recreation, and many people will choose to avoid it.
• Critical Success Factors for Entrepreneurs Consequently, the issue of entrepreneurial success factors is a significant problem because identification of these factors and their implementation by entrepreneurs is likely to increase the performance of the entrepreneurial activity and thus provide a […]
• Easyjet’s Success and Challenges The company had to do things differently by eliminating the services that customers dislike; after all, the low-income earners are not interested in the unnecessary services. This is because the airline has to make many […]
• International Success and Failures of Canada Goose Inc The recent agreement between Canada and the European Free Trade association is an example of how the company is succeeding in international markets. In recent years, the Japanese market has been flooded by products of […]
• Delayed Gratification is a Major Factor in Professional Success Resisting the lure of an immediate pleasure in expectation of a better payoff later is the definition of delayed gratification.
• Digital Technology and My Career Success The author has a positive view of the Digital Generation, as she believes that the Internet enables individuals to be “the actor, the collaborator, the initiator, the rememberer, the organizer”.
• Merger & Acquisition: Critical Success Factors The importance of mergers and acquisitions in the corporate world stems from their variable advantages, which include increased economies of scale, expansion of the economy of scope, increased revenues, increased market share, development of synergy, […]
• Festival of Britain, Its History and Success The rationale behind it was to point to the reconstruction of London and the incorporation of futuristic buildings in the architecture of the city.
• “The Fallacy of Success” by G. K. Chesterton Chesterton, in his work The Fallacy of Success, also cogitates about this very issue, underlining the fact of uselessness of these books and outlining his own ideas connected with the issue of success.
• Philosophy Ideology of Success and Failure The right to success is personal and largely depends on the determination of the individual these are the views of Alain.
• Success factors in business These factors comprise of the leader, the team, the nature of the project being undertaken, the organization involved, and the external surrounding, including the administrative and socioeconomic conditions influencing their activities.
• Xerox: Innovation and Success One of the ways Xerox has been able to serve a large amount of customers is by creating business partners and offering comprehensive packages that include a number of services.
• Personal Responsibility as a Students Success Strategy One of the distinct characteristics of personal responsibility is the consciousness to fulfil personal promises. Students have to learn the art of personal responsibility in order to remain purposeful and focused.
• Success of Zappos in National and International Markets One year down the line, the company merged with Venture Frogs, which added an additional capital to the growing capital base of the company and jointly they adopted the name Zappos.
• Factors Influencing the Growth and Success of an Enterprise Although many experts indicate that as the firm ages the likelihood of it learning form its mistakes and thus succeeding are high, the multiplier effect of large business is low and this is a major […]
• The Success of the Cheesecake Factory The factory provides services both to be consumed in the many outlets of the factory and take away services for customers who wish to enjoy the factory’s products at their homes.
• The Concept of Leadership in Organizational Success From the definition provided it is evident that leadership is of importance not only to the individual workers but the entire organization and ultimately to all other stakeholders.
• Flight Centre Success Factors However, the company was greatly affected in 1991 as a result of the Gulf War leading to the closure of the UK and US offices.
• Chick-Fil-A and Its Market Success The needs of the restaurant’s customers include the need for quality food, as well as relaxation, as the company positions itself as a family-type restaurant.
• Distinct Lower Class Culture: An Impediment to Success A distinct lower-class culture is the set of cultural values and prospects transmitted to the children raised in the low class and social status within the society; that further acts as an impediment to their […]
• Key Success Factors of the Global Online Fashion Business This research proposal will seek to attain the following objectives at the end of the study: Identify both external and internal factors that influence fashion industry Identify ethical issues affecting the industry and its sustainability […]
• The Road to Financial Success: “Rich Dad Poor Dad” by Robert Kiyosaki They learnt the important lesson that, the rich do not work for money; no, money works for them by employing other people to work for them In Chapter 2, the author explains the importance of […]
• Einstein’s Success in “Einstein’s Dreams” by Alan Lightman The notion of the end of the world is synonymous to the notion of the end of time. The subtleties of time can be visualized: “In this world, time is a visible dimension”.
• The Aspects of the Zappos’ Company Success Meanwhile, Zappos was a private company, which made its most important decision to offer free shipping in spite of the data and costs.
• Marvel Entertainment’s Success Journey The purchase itself and the amount that Disney was ready to contribute indicates that its representatives recognized both the “financial viability and cultural power of the Marvel brand”.
• Music Museums: Role and Success The success of the Music Museum depends on its organization. It attracts many people and makes them come several times in regard to the customer-oriented strategy.
• The Arab Spring: Between Success and Failure The purpose of the proposed study is to analyze and identify the factors and approaches that explain the failure and success recorded in some of the affected countries.
• Business Networking for Graduate Career Success According to Moore, networking serves as the hidden job market, considering that meaningful relationships before launching a career can provide oneself with a valuable asset for the workplace in the future.
• Phenomenon of Creativity and Success This essay aims to discuss the two positions on creativity and argue that being creative is vital to achieving success in the 21st-century workplace, as creativity contributes to problem solving and effective leadership and helps […]
• Assessing the Linkage Between the Success of H&M’s Organizational Performance Digital marketing strategies have gained massive popularity over the recent past. Large, mid-sized, and small firms are all using these platforms to promote their brands and products.
• Happiness and Success as a Life Meaning I find meaning in my life when I help people that I encounter in my life. This means that life, when a person follows the Christian rules, is full of spirituality and thus meaning.
• Tourism Business and Its Success Factors The tourism business is one of the fast-developing fields of the world economy. The way of organizing the tourism business presented in this chart corresponds to the main specifics of the company interested in becoming […]
• Zara Company’s Business Model and Success Factors Zara will be able to continue expanding all over the world with an equal level of speed and fast fashion by preserving the existing business model, keeping the industrial facilities in Spain, and actively using […]
• Literature Review & Critique on Project Success In his theorising on project success, Andersen rejects the self-interest of the project as the domineering viewpoint and focuses attention to the interplay between the project and the parent organisation, with the view to clarifying […]
• F1 Team’s Success: Management and Strategy Main causes of the problems experienced by the Ferrari in the early 1970 and how they overcome them The company had taken motor sport as a sporting activities and had invested minimal in the research […]
• Generation of Unique Idea as a Success of the New Product Development Process The success of the new product development process hinges upon the uniqueness of the ideas generated. This method focuses on the inadequacies of the organization’s product to come up with ideas for developing improved products.
• Success of Socrates’ Defense Fist, he does not appear to be apologetic and to the contrary confirms the general opinion held by majority of his jury that he thinks he is the wisest.
• Success Behind the Southwest Airlines Co. Integration One of the key factors that have enhanced the success of the Southwest Airline is the way the airline integrates its activities.
• Human Resources Management: The Key to Strategic Success Human resource management entails the recruitment, selection, training, and development of the body of people that make up an organization in any sector of the economy.
• Dynamic Designs Company’s Success Threats The meeting with the COO of the Dynamic Designs company indicated that four main problems threaten the company’s success in the market.
• Procurement Function’s Role in Company’s Success It is possible to define procurement as the process of purchasing goods and services which are needed in order for the business to function; it should be pointed out that this term describes the full […]
• American Values: The Pursuit of Success Nevertheless, the American mentality exists and is very different from the mentality of other countries. One of the key values of the American people is individuality: they are very proud of being self-sufficient.
• Leading and Lagging Indicators of Success The primary distinction between leading and lagging indicators is that although lagging indicators will disclose performance trends, leading indicators may be utilized to monitor if specific actions really affect an organization’s performance.
• Technology Strategy for Business Success In conclusion, while technology strategy can be a challenging and uncertain field, the key takeaways from the success stories of companies like Genentech, Amazon, Microsoft, Google, and Facebook show that it is possible to navigate […]
• Alibaba’s Success: A Window Into the Future of Strategy Innovative companies also prioritize innovation and are not afraid to take chances to stay ahead of the competition. Fourth, innovative companies prioritize it and are prepared to take chances to stay ahead of the competition.
• Alibaba’s Success and the Future of Strategy This trust has allowed the organization to securely occupy a major portion of the e-commerce market and further diversify into other realms, such as cloud computing and digital payments. To conclude, Alibaba’s success reveals that […]
• Graduate Study Success in Nursing Self-discipline in the nursing field will provide me with the strength to remain professional with my clients, even when one is ready to give up in life.
• Debenhams and ASOS Companies’ Success and Failure Following the failure of large British retailers, the obstacles that contributed to the downfall of Debenhams and the chances that Asos used to become successful should be of great interest to every investor.
• The Success of Pfizer in the Context of the Intrasystem Approach The success of Pfizer in the context of the intrasystem approach shows that the business decided to establish specialized departments with distinct leaders, allowing each team to have more defined objectives and outcomes.
• Elon Musk: Leadership, Financial Success, and the Future of Tesla Musk’s ability to increase Tesla’s product offerings and raise consumer expectations for the company’s goods was perhaps his biggest achievement. Financial situation of Tesla was eccentric and explosive akin to the character of its leader.
• Optimization of Supply Chain Levers for Global Success When the transport and logistics system is optimized, it increases volume and the ease of movement of raw materials and finished products to and from the warehouse; this will cause inconvenience to the storage services.
• Amazon’s Success: Online Shopping Psychology One of the many factors contributing to Amazon’s success is its thorough understanding of its consumers, which is shown in the layout of its website and the numerous innovations it has brought to online retail.
• SIA’s Main Ingredients of Success SIA’s success in the airline industry is owed to the various unique and quality services offered by the company. Therefore, dedication to quality and excellent services and adoption of a continuous service improvement strategy are […]
• How Has SIA’s Success Become Vulnerable? SIA’s success is becoming vulnerable due to the increasing customer demand, worsening business and competition environment, and internal organizational pressure. The employees lacked shared values and dedication to SIA’s quality service.
• The Secret Behind Rihanna’s Brand Success Therefore, the brand mainly targets meeting women’s needs and wants first.”Fenty sells lingerie with the idea that a woman is in charge of her body, and her personal life and has the right to choose.
• Social Darwinism and the Success or Failures of Individuals in the Society According to Darwin, while the fittest survive in nature, in human society such fitness is determined by the ability of people to adjust to the changing circumstances.
• Unveiling Nordstrom’s Success: The Power of Customer Experience Customers on their smart phones and associates behind sales counters see the same thing the entire inventory of Nordstrom’s stores is presented as one selection, which the company refers to as perpetual inventory.”Customer service is […]
• Strategies for Success in the Handbag Industry The more competitors there are and the number of similar commodities they offer, the less powerful a firm becomes. Generally, how valuable a company’s products are in the marketplace determines its ability to place a […]
• A Significant Decline in Children’s Academic Success The problem to be solved in this research project is that students’ math skills in the ninth grade are inadequate for passing the minimum requirements of the FSA exam.
• Scaling and Success of DevOps for Military HQDA Army G-4 is a special unit involved in the development and evaluation of logistics processes, programs, and policies for the national military sector.
• Japan’s Economy Success Factors The Prime Minister of Japan is in charge of most of the government. Japan’s economy is one of the biggest and fastest in the world.
• What is a Support System and How it is Integral to Success as a Nursing Student? Proper support and guidance from my classroom professor will enable me to have enough rest. In the course of my education, various support systems would help me reduce mental anguish and improve my ability to […]
• Content Area Reading: Preparing America’s Students for Success The reading associated with a specific content area includes the ideas and concepts necessary for these subjects; its text is also structured according to the rules of the field practitioners.
• Success of the Canadian Economy The next stage, work design, it is required managers to ensure that the success of the team is in its diversity and inclusion.
• Success and Failure of South Korea In conclusion, South Korea’s remarkable rise as a prosperous economy sown the seeds of the challenges it faces because the system was primed for rapid growth without ensuring it is resilient to its current failures.
• Employer Recruitment’s Role in Organizational Success This paper discusses the strategies associated with the recruitment of employers, how training and development of activities contribute to the success of an organization.
• Project Management: Determining Key Success Factors The focus on contingency planning appears to be beneficial to the framework that requires making decisions under the spur of the moment for several reasons.
• The Uber Firm’s Marketing Success Analysis However, Uber has found a way to adapt to the passenger transport market and is still one of the best services around the world.
• Women’s Success in Late 19th-Century Europe In the early 16th century, Women in Europe engaged in private and public activities associated with the theaters. Through the years, they have proven to be some of the most progressive personalities in the film, […]
• Prime Chocolate’s External Factors of Success In addition, the restrictions imposed due to the pandemic have significantly weakened precisely this positive feature of the influence of external factors on business. The inclusion of the company in the Fair Trade program reflects […]
• Prime Chocolate’s Internal Factors of Success In advancing and conquering the market, a company can focus on its strengths, including a complex pattern of personnel management and the use of hired labor.
• Importance of Success in Teams for Organizations With six months of operation, we look forward to seeing what the future holds for the business through shared exchanges with team members.
• What Are Metrics of Company Success? One of the best ways to save excessive costs when transporting goods within the company’s activities is to optimize routes, that is, adjust them to calculations that correspond to the logic of the supply chain.
• Zambia’s 2021 Elections: The Success of Opposition In the article for the Journal of Democracy titled “How Zambia’s Opposition Won,” Danielle Resnick explores the path that the population of the country had completed before the opposition finally won, symbolizing the drastic turn […]
• Zoom’s Success and Washington Prime Group’s Failure: Impact of the COVID-19 By the beginning of the second quarter of 2020, the internal operations of many business organizations changed due to the coronavirus pandemic and its consequences.
• Paul Tasner’s Success as an Entrepreneur This man’s example shows that regardless of an entrepreneur’s age, a successful business can be built based on a desire to change the world for the better and contribute to society.
• Analysis of Aretha Franklin’s Success She was born on March 25, 1942, and succumbed on August 16, 2018; the artist was a songwriter, a pianist, and the first to introduce soul music. Franklin’s father managed the artist’s work and supported […]
• Purdy Chocolatier: Reasons for Success For Purdy Chocolatier, it may be even more challenging as the company has been operating for a long period of time in Western Canada and decided to serve the customers of Eastern Canada as well. […]
• Role of Causal Research in Success of ConFundrum Communication with people, online surveys, and interaction with regular customers are the elements of causal research to understand what ideas can be beneficial for new rooms.
• The Relationships Between Parents and Children and Keys to Their Success The key points, which people frequently neglect, are the need for parents to be nurturers, never-ending personal development, and the risks with which the prevalence of emotional motives for parenthood is associated.
• Evidence of the Success of Alcohol Prohibition in the United States in 1920 Consumption of alcoholic beverages considerably declined as a result of the enactment of prohibition in the United States. As a result, there was a considerable decrease in the number of alcohol-related diseases.
• Amazon’s Success Online and Its Main Reasons The second reason for the company’s online success is its competitive advantage in terms of price and service. For example, Amazon has developed a creative solution to promoting online shopping in India, where only 35% […]
• Techniques and Methods of Achieving Success A purpose is extremely important because it affords me the appropriate sense of direction, exactly where to direct my efforts and thoughts. Thus, action is a key strategy that encourages me to learn from my […]
• ROI as a Tool to Understand the Success of a Particular Investment In business, the process of investing money and resources into potential marketing, advertising efforts and specific products with the expectation of increased returns is one of the primary ways of increasing revenues and growing one’s […]
• The Success of the US COVID-19 Vaccine Campaign
• Serial Crowdfunding, Social Capital and Project Success
• Kapiolani Community College: The Factors of Success
• Financial Strategies and Success of Organizational Mission
• Critical Thinking. Start-Up Success and Growth
• M-PESA: Critical Success Factors
• The Reality TV Programs and Their Success
• ViaBela: Online Business and Website Success
• “Mindset: The New Psychology of Success” by C. Dweck
• The Delayed Gratification: Fundamentals and Impact on Professional Success
• Patience as a Major Factor of Professional Success
• Student Success Strategies: Clinical Lesson Plan
• Organizational Health and Firm’s Success
• Monitoring Success of Kindergarten Students
• Google’s Success: Contributions to Google’s Success
• The United Arab Emirates Success in Yemen
• Success in Major and Career
• Does Spanish Hotel Need Intermediaries for Success?
• Project Initiation Document and Measuring Project Success
• Doing Business Internationally: Change and Success
• The Amazon Company’s Success Reasons
• Success: How to Parent?
• Relative Moral Theories vs. Universal Moral Theories in Team Success
• Predicting Medium-Term Success Among Alcohol and Opiate Dependents
• The Success of Saudi Arabian Airlines
• XCEL Study Program’s Impact on Student Success
• Aspects of Success of the Healthcare Team
• The American Dream and Success
• Meta-Analysis: The Critical Links of Success
• Employee Sharing: Problems Inhibiting Business Success
• Healthcare in Cuba: Reasons for Success
• A Road Map for Managed Care Success
• The Critical Success Factors for IPv6 Uptake and Likely Future
• Long Term Financial Success for Clubs
• Trails to Success: Bank of America
• Critical Success Factors for Health IT Professionals
• Managing Oneself: The Key to Success
• Windows vs Google. New Operating System as the Key to Success
• Phenomenal Success of August Wilson’s Fences Play
• 7 Steps to Success in Dual Language Immersion
• The Success of Homeschooling and How the Program Can Be Increased
• Success and Mistakes of Barack Obama’s Foreign Policy
• Success of Egypt in Yom Kippur War
• Logistics: The Dell Company’s Concept of Success
• The Triple Constraints: A Valid Set of Criteria to Measure IS-Project Success?” by Koen Milis
• Success Sales of Playstation 4 Consoles
• Learning Communities and Student Success
• SharePoint: Enhancing Practices & Student’s Success
• The Key Factors of Success in the Revolutionary War
• Achieving Success in America: Characteristics of Options
• Organizational Success: Effective Employee Engagement
• Learning Environment and Student Success
• Factors Influencing the Success of Insurgencies
• Reasons of Success of Amateur Detective Fiction Authors
• The Success of Cheesecake Factory
• Supervision Change and School Success
• Key to Success in Life
• Fast Food Industry: Five Forces of Success
• Leadership Development Plan: Challenges & Success
• Company Success Due to the Organizational Concept
• The Extent of GATT’s Success
• How Close Is the Success of Suborbital Commercial Space Shuttles?
• “Assessing E-Commerce Systems Success” by Yi-Shun Wang
• Dimensions of National Culture and Formula for Business Success
• Success Secrets in “They Did You Can” by Finnigan
• Empires’ Success in Ancient World History
• Small Business Success Survey
• The RIAA Success in Filing Lawsuits Against Illegal Downloading of Music
• Strategic Leadership: Ensuring Your Organization Success
• Parameters of Methadone Maintenance Treatment: Usability, Success and Limitations
• Cyrus and Dairus the Great’s Contribution to Persia’s Success
• The Contributions of Dwight Eisenhower to America’s Success in Their Space Exploration Efforts
• Costa Coffee: Quality as the Core of Success
• Firm’s Success and Ethical Behaviour Relations
• IKEA: People and Environment as Key Elements That Can Result Into Business Success in the Long Term
• The Role of Hospitability and Customer Relations in Business Success
• Success Rate of Movie Products: Product-Placement Planning
• Time Management: How Developing Professional Knowledge and Abilities Impact Career Success
• Issue of the Educational Success
• Right Leadership and Its Impact on the Company’s Success
• The Importance of Different Skills for Business Success
• Mercosur: A Road Towards Success or a Failed Attempt?
• Success of Vector Managed Inventory Programs
• Disney Corporation’s Success Evaluation
• Personal Definition of Success
• Organisational Effectiveness: Approaches to Measuring Success
• Toyota Motor Corp.: Reasons of Success
• IKEA’s Strategy Success Analysis
• E-Commerce: Analysis of Amazon Success
• The Success of AXE Cologne Commercial
• The Path to Success: Motivation, Business Structure
• Reasons for Success in International Management
• The Concept of Success From Different Aspects
• Optimistic Thinking Flues Success
• Success of Democracy in US: Comparative Approach for Explaining
• Issues of Tesla: Despite the Worldwide Success
• Individual Factors and Professional Success
• Personal Rules of Success
• Lifco and Spinneys Companies’ Success Histories
• Effective Group Work Counseling for Academic Success
• Communication Success in an Oil and Gas Company
• The Success of India’s Economy
• Martin Luther King and Malcolm X: Who Is Closer to Success?
• Oral and Written Communication as a Success Factor
• Cultural and Systemic Factors of Success
• Best Buy Co.’s Success and Circuit City Firm’s Failure
• Collaborative Success Plan in Nursing
• Video Games: Budget and Success
• Group-Think at the Workplace: Plan for Success
• Business Email Writing: Plan for Success
• Success Factors: Psychological Research Findings
• Employee’s Personality Traits and Success
• UAE Public-Private Partnerships: Success Factors
• John Wooden’s Pyramid of Success and Leadership
• Cognition, Motivation and Success
• Success in the ENG101 Course
• Culture and Characteristics of Success or Failure
• Psychology: Success Strategies in Education and Life
• Benefits Management Practices for Project Success
• King.com’s Candy Crush Game’s Business Success
• Arab Spring: Its Success and Failure Factors
• “Principles of Innovation and Measuring Success” by Clay Christensen
• Determination & Perseverance: Failing Before Success
• Stress Management: Personal Success Plan
• Vladimir Putin: President’s Success
• Banking Systems Success in Canada and Australia
• The Success of Taglit-Birthright Israel Program
• Blue Design Management: Construction Project Success
• Payday Lending Industry and Its Success Factors
• Oprah Winfrey’s Success as a Leader
• Project Evaluation and Program Success Measurement
• Poundland Retailing Company’s Success Factors
• Critical Success Factors: Boss, I Think Someone Stole Our Data
• “Outliers: The Story of Success” by Malcolm Gladwell
• Media: Economic Impact versus Event Success
• Professor Wangari Maathai: Life and Success
• Lean Supply Chains and Organisational Success
• Learning Success from Professional Perspectives
• Dividend as a Contribution the Business Success
• Emirates Airlines’ Cross-Cultural Cooperation and Success
• Tom Eyen’s “Dreamgirls”: Success and Failure
• Marketing Planning as an Essential Part of a Firm’s Success
• What Affects the Likelihood of Academic Success
• McDonald’s Company Analysis and Success
• Children’s Success Requirements in Parents’ Views
• Amy’s Ice Cream Company’s Success Factors
• Family Business: Success or Challenge?
• Tim Hortons vs. Starbucks: Companies Success
• The Role of Social Support in School’s Success
• Uber Technologies Inc.’s Way to Success
• LinkedIn Network’s Success and Functional Area
• Creative Strategy and Success in Business Enterprise
• Snapchat: Causes of Success
• Ads by National Society of Leadership and Success
• Student Success in Online, Mixed, Direct Courses
• Zillow Company’ Strategic Steps to Success
• Bill Gates’s Leadership and Success Factors
• “Outliers: The Story of Success” by M. Gladwell
• Jeff Bezos and Gladwell’s Success Principles
• Audrey Hepburn and Gladwell’s Principle of Success
• Male Mating Success and Courtship Modalities
• Trulia Company’s Competencies and Success Factors
• Juvenile Reentry Programs and Their Success Rate
• Du Company’s Internal and External Success Factors
• Entrepreneurship: Justina Bright’s Success Factors
• Black Lives Matter Movement’s History and Success
• National Society of Leadership and Success: Marketing
• Pulse Nightclub Attack: Events and Success Factors
• Emirates Airlines: Success and Highest Quality Services
• Principles of Innovation and Measuring Success
• Henry Kissinger’s Success in Diplomatic Negotiations
• Hoopla Project’s Short-Term Gains and Success
• Kiwi International Air Lines, Its Success and Failure
• Dhahran Ahliyya Schools and Their Success Factors
• Organisational Success and Its Elements
• Madonna’s Sustainable Success
• Reconstruction History: Success or Failure?
• Google Company’s Success
• Educational Organization’s Culture and Success
• Caterpillar Inc.’s Success Factors and Future
• Literary Success of “The Things They Carried” by Tim O’Brien
• What Drives Advertising Success on Facebook?
• Salesperson’s & Sales Manager’s Traits for Success
• BRL Hardy Company’s Post-Merger Success
• Grönefeld Company’s Economic Success Factors
• The Bill Shreeve Band and Its Success Factors
• Project Success and Interpersonal Conflicts
• Secrets for Japan’s Success
• Marketing Role in Success of Victoria’s Secret
• Disney California Company and Its Success
• Yahoos Company’s Strategic Management’ Success
• Michael Ignatieff: Success and Failure in Politics
• The One Company: Key to Success
• Strategic Management in the Business Organization Success
• Understanding the Obstacles to TQM Success
• Starbucks Company’s Reasons for Success
• Why Good Leaders Make You Feel Safe
• The War Finance Feature in Promoting Military Success
• Analysis of Giglamesh’ and Job’ Success and Suffering
• China’s Success in the Urbanization Process
• Newark Family Success Center
• Family Success Centre’s in Newark
• Emotional Intelligence as a Factor of Professional Success
• Project Planning and Project Success Relation
• Determinants of Success in the Swedish Food and Drink Industry
• WTO and Its Success in Jordan
• Importance of Marketing Functions in Organizational Success
• The Department of Homeland Security and its Impacts on the United States’ Emergency Preparedness: Success or Failure
• How Much Does the Success of E-Learning Depend on Changing Organizational Culture?
• Can Small Business Replicate Apple’s Success?
• Success in Interpersonal Communication
• Wal-Mart’s Extraordinary Success
• A Critical Debate on Key Management Success Factors for Various Sporting Events
• Success of the Chinese Economy
• Corporate Social Responsibility is Integral to the Long-Term Success of Five-Star Hotels
• James Dyson and His Success as an Entrepreneur
• THL Company Strategy Success
• The Success of Organizational Learning
• Organizational Learning in Western and Chinese Regions
• Critical Success Factors for the Implementation of System in the State of Qatar
• Professional Development for Strategic Managers: Up the Ladder to Complete Success
• Cross Cultural Negotiation and Business Success
• Reflections on Achieving Career Success and Personal Fulfillment
• How to Define Project Success?
• Enterprise Resource Planning Integration Success
• Schwarzkopf’ Leadership Style and Success as a Military General
• “Jaguar Land Rover and HSBC Using CSR to Ensure Brand Success in China” by Andy Rice
• Keys to Success in Cross-Border Marketing
• Preparation for Academic Success at the Graduate Level
• Criteria Used in Assessing the Relative Success of a Family Business
• “Success Criteria and Factors for International Development Projects: A Life-Cycle-Based Framework” Khang and Moe
• 3 Leadership Aspects for Successful Organizational Collaboration
• Successful project of the Android
• Managers Roles in Determining the Organizations Success
• The Reasons of Yahoo’s Success
• Land Rover Project Management: Failure and Success
• How do Religion, Culture and Ethnicity Affect the Success or Failure of a Global Enterprise in China?
• Importance of Quality Management System for Running a Successful Company
• Techniques Employed by Managers in Ensuring Success of Plans in their Firms
• Success of Canadian Economy
• The socioeconomic success of second generation immigrants
• Diamond Bank Plc Culture And Its Impact On The Success Of Set Strategies
• Phenomenon of Pixar’s Success
• Methods of Measuring Campaign Success
• The Balance Between Sustainable Construction and Project Success in the Current Economical Situation in the UK
• Business Transformation: Innovating New Strategies for the Success
• Construction Projects Success Factors
• Success in the Global Business Environment
• Successful Knowledge Worker Teams
• Success is an Individual’s Secret
• Managing Change for Competitive Success
• Change Management, BPR and successful ERP implementation
• Characteristics of Successful Teams
• Success Factors of Implementing E-Services Project
• What Makes a Successful Situation Comedy?
• On the Success of Tawuniya Insurance Company
• The Success International Company
• Why Knowledge Management is important to the Success of Organizations
• Path Towards Future Success
• Images of Success and the Prefernce for Luxury Brands
• How Schuman Accounts for the Success and Failures of the Asian Model of Development
• The Major Obstacles to Success for College Students
• The successes of Applebee’s Grill and Bar
• The Way to Success in “Fifth Discipline” by Peter Senge
• Book Critique: “The Intentional Church: Moving From Church Success to Community Transformation” by Randy Pope
• Project Marketing to Improve Project Success
• Critical Factors of Executive Success: Steve Jobs
• Astonishing Success of Zara in the Fast Fashion Industry
• Project Success – Leadership Management
• The Reasons behind the Success of the 1949 Communist Revolution in China
• Successful Strategic Human Resource Planning
• Family Business and Its Governance
• Factors influencing successful buyer–seller relationships
• What Entrepreneurs Should Do to Become Successful
• “5 Simple Tips for Successful Stock Trading” by Richard Band
• LensCrafters: Achieving Organizational Success
• Factors Affecting the Success of Mega-Events
• McDonald’s Success
• Project Success and Team Building
• Dyslexic Students: Success Factors for Support in a Learning Environment
• CRM Components and Success Factors
• Critical Success Factors for a CRM Program: A Discussion
• Corporate Branding Success
• Dollar General: Retail Outlet’s Success
• Intercultural Communication and Success at Work
• The Components of Restaurant Concept and the Unique Selling Points that Have Driven the Success of The Cheesecake Factory
• Successful Managers of Tomorrow Will Be the Ones Who Have a High Cultural Quotient
• Success Indicators for Hotel Managers
• EGoverment for Development: Success and Failure in eGoverment Projects
• HIMSS Organization Success
• The Role of Interactivity to the Success of Reality Television Shows
• Cultural Aspect as the Peculiarity of the Successful Business Strategy of Multinationals in Foreign Countries
• Google’s Growth Opportunities and Threats
• How Characteristics of Innovation Affect Success of a Product
• Making an Office Paperless: Project Progress
• Strategic Management: Planning and Organisational Success
• Reasons for the Success of the Jewish Yishuv in 1947
• Why do Successful Companies Fail
• Acts 29 Network: Small Group Success
• Gym Website Design and Monetization
• A Successful Step Forward in the Educational Process
• Virgin Blue: Sustaining Success in Australia
• Components of success business
• Major in Success: Make College Easier, Fire up Your Dreams, and Get a Great Job
• Human Resource Management’s Successful Strategies
• Specsavers Company Success
• Google Success Strategy
• Five Approaches to the Successful Team Building
• Wal-Mart’s Management: The Art of Resource Optimization
• Successes and the Failures of the “Drug War”
• Wal-Mart Company Success
• Examining the critical success factors in the adoption of enterprise resource planning
• The Success of Dell Company
• Organization Studies as a Part of Business Success
• The success of a marketing strategy
• Moral Considerations: Determining the Organization’s Success
• Critical success factors for a CRM program
• E-Commerce in Developing Economies: Impact and Success Factors in China
• Critical Success Factors in the Maritime Logistics Sector
• Why Were Some Countries More Successful in Responding to the Challenge of European Imperialism Than Others?
• The Malayan Emergency Counter Insurgency Success
• Leadership Concepts That Are Vital Too Successful Quality Management Implementation
• How Can You Explain John Quincy Adam’s Great Success as Secretary of State and His Relative Lack of Success as President?
• Higher Education an Element to Success
• The IBM Company’s International Success
• What Are Some of the Product and Industry Characteristics Affecting EC Success?
• The Success of the Second Generation Immigrants
• The Role of Sheikh Mohammed in Financial Success of Dubai
• Success Story of Walt Disney
• McFarlane: Toying With Success
• The Elements of the O’Jays’ Success
• Apple Inc.: Success in the Competitive Electronic Industry
• The Success of Flight Centre
• The African American Rights Movement Success
• The Early Success of Martha Stewart Living Omnimedia (MSLO)
• The “Success” Term Concept
• Developing Professional Knowledge to Create Professional Success
• Range of Strategies and Success of the Business
• The Reconstruction: Success and Failure
• Teamwork as the Primary Determinant of Success
• Achievement, Success and Individualism
• Social Responsibility Role in the Business Success
• Cultural Myth of Education as a Pathway to Success in America
• US Economic Success: Rise of Capitalism
• On the Success of Becwin Printing, Inc.
• Nordstrom’s Success
• Does the Adoption and Implementation of Strategy Guarantee an Organization’s Success?
• JetBlue Airways: The Story of Success
• Work-Related Stress: Impeding Organization’s Success
• ‘College-Ready for All: Preparing Students for Success’
• Profile of Mike’s Express Car Wash Success
• How Good Can Communication Skills Help a Person’s Success?
• Can Team Communication Alone Drive a Team to Success?
• What Factors Influence Success at Work?
• Are Inclusive Classrooms More Beneficial to Academic Success?
• Why Are the Arts Important for a Child’s Success?
• Why Are College Students Not Successful in College?
• What Explains the Success or Failure of Structural Adjustment Programmes?
• Can Women Achieve Success in the Workplace?
• How Does Marketing Effect the Success of a Company?
• How Can Gender Affect the Success of a Negotiation?
• How Can Hardship Help With Success in Life?
• Are High Grades Really Synonyms for Achieving Success?
• Why Are Good Communication Skills Vital for Career Success?
• Does Cultural Competence Affect the Success of International Strategies?
• Can Manufactured Bands Achieve Everlasting Success?
• Does Higher Education Lead to Financial Success?
• What Underpins Occupational Success?
• Why Can Branding Make a Difference in Local Small Business Success?
• Does Athletic Success Influence Persistence at Higher Education Institutions?
• Which Features Will Lead To Success in Life?
• Why Are Strong Writing Skills Essential to Your Success in Education?
• How Can Homework Help With Your Academic Success?
• Does Customer Interaction Enhance New Product Success?
• How Can Information Technology Improve Lifelong Business Success?
• Are Schools Pushing Students Towards Success or Distress?
• How Leadership and Management Skills Demonstrate Success?
• How Does Language Influence Success When Using Social Media?
• Can Failure Lead to Success?
• Why Are Employee Relations So Important for a Company’s Success?
• Are Managers the Key to Retention Success?
• Chicago (A-D)
• Chicago (N-B)

IvyPanda. (2024, February 29). 551 Success Essay Topic Ideas & Examples. https://ivypanda.com/essays/topic/success-essay-examples/

"551 Success Essay Topic Ideas & Examples." IvyPanda , 29 Feb. 2024, ivypanda.com/essays/topic/success-essay-examples/.

IvyPanda . (2024) '551 Success Essay Topic Ideas & Examples'. 29 February.

IvyPanda . 2024. "551 Success Essay Topic Ideas & Examples." February 29, 2024. https://ivypanda.com/essays/topic/success-essay-examples/.

1. IvyPanda . "551 Success Essay Topic Ideas & Examples." February 29, 2024. https://ivypanda.com/essays/topic/success-essay-examples/.

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IvyPanda . "551 Success Essay Topic Ideas & Examples." February 29, 2024. https://ivypanda.com/essays/topic/success-essay-examples/.

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• PTE Sample Essay 7 – Factors Measuring A Country’s Success

Economic progress is one way to measure the success of a country. Some people think other factors are also important. What other factors should be considered? Within these factors, do you think anyone is more important than the others?

It is true that economic growth is normally considered a strong indicator of a nation’s success. However, many people think, that other factors such as equality and freedom are no less significant. To my way of thinking, I tend to believe that how the disadvantaged are treated tells the most about a nation.

For a variety of reasons, the majority of us equate economic development with success. Perhaps chief among these is that a strong economy is mistakenly viewed as the prerequisite for any advancement in any other field. Although things like the quality of education and medical accessibility need to be backed up by a strong economy, prioritizing economic development often leads to neglecting the imminent needs in educational and medical sectors. Economic success is by no means the only index of success.

Conversely, a country’s success should be measured in other dimensions such as the quality of life of an average citizen, the success in reducing poverty. An overall economic success does not always guarantee that the wealth created is distributed fairly and equally among all residents.  In developing countries, corruption and exploitation means that the wealth is in the hands of the privileged minority. This leaves the poor struggling to put food on the table let alone live a decent life.

Importantly, any country’s attitude to its less advantaged citizens is the strongest implication of its success, as this requires not only economic well-being but a great deal of civilization. For example, in most of developed countries, building designs are being modified to allow access to disabled persons, and there are also laws for paid leaves for expecting mothers. Those sorts of things are missed out in developing countries, despite of the recent economic successes.

In conclusion, although economic success is critical, there are other key factors to consider when measuring a country’s success. Personally, I think the way the less privileged are looked after is the strongest indicator.

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One thought on “PTE Sample Essay 7 – Factors Measuring A Country’s Success”

Economic success measured by GDP has to be adjusted with the risk associated with GDP growth. Moreover GDP is a very poor measure of a country’s wealth as it is not sustainable in financial crisis situations.

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