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Economic Growth Policy

10277 Words42 Pages

How Policies affect Economic Growth? A comparative Analysis of Advanced and Emerging Economies.

Prof.Dr.Abdul Ghafoor Awan,
Dean, Faculty of Management and Social Sciences,
Institute of Southern Punjab, Multan-Pakistan. ghafoor70@yahoo.com. Cell # 0313-6015051.

Prof. Dr.Rana Ejaz Ali Khan, Chairman, Department of Economics,
Islamia University of Bahawalpur-Pakistan. ranaejazalikhan@yahoo.com Abstract- In this paper we have critically analyzed previous literature on economic growth with special reference to advanced and emerging economies in order to understand what research so far has been made by different researchers on various determinants and what they have opinion about future growth of these …show more content…

Aging is a multi-faced, multi-caused, and multi-causal phenomenon. Population ageing persons can be viewed from a number of perspectives in this context. Demographically, it means that there are more old or elderly people around than there were before, relative to the size or some or all other age groups in the population. It is associated with declining personal autonomy and increasing states of dependency on other. Economically the elderly may be ‘forced to be burden’ to the extent they are obliged to retire at a stipulated age from fulltime employment; though the extent to which this may give rise to actual states of economic hardship and dependency will of course depend on the precise nature of pension arrangement as well as on the earnings patterns which preceded them. Improved standards of living, coupled with improvements in health and hygiene (especially at childbirth), and are seen as having contributed to increased life expectancy, among infants and women (e.g.Minois, 1989). Modern population ageing is regarded as having been an” an invention” of northern and western Europe like industrial revolution. The share of ageing population in the advanced countries was around 10 percent in 1950, which has increased to about 17 percent in 2010.Population ageing has been a consequence of post-industrialism rather than of industrialization per se (Hugman,1994). After second world war, the European countries introduced a dynamic pension entitlements on “Pay As You Go” basis (Wilson, 1974).This system later on, threw the European welfare states in crisis to maintain the levels of public and especially social expenditure in relation to national earning power and international competitiveness, then the accumulated commitment to old age/retirement pensions was in a sense the biggest single cause of problem of advanced economies- Finer

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