Economic growth in the context of Solow Growth Model

The exploitation of natural resources describes using natural resources, often non-renewable or limited, for economic growth or development. Environmental degradation, human insecurity, and social conflict frequently accompany natural resource exploitation. The impacts of the depletion of natural resources include the decline of economic growth in local areas; however, the abundance of natural resources does not always correlate with a country's material prosperity. Many resource-rich countries, especially in the Global South, face distributional conflicts, where local bureaucracies mismanage or disagree on how resources should be used. Foreign industries also contribute to resource exploitation, where raw materials are outsourced from developing countries, with the local communities receiving little profit from the exchange. This is often accompanied by negative effects of economic growth around the affected areas such as inequality and pollution.

The exploitation of natural resources started to emerge on an industrial scale in the 19th century as the extraction and processing of raw materials (such as in mining, steam power, and machinery) expanded much further than it had in pre-industrial areas. During the 20th century, energy consumption rapidly increased. As of 2012, about 78.3% of the world's energy consumption is sustained by the extraction of fossil fuels, which consists of oil, coal and natural gas.

Human impact on the environment (or anthropogenic environmental impact) refers to changes to biophysical environments and to ecosystems, biodiversity, and natural resources caused directly or indirectly by humans. Modifying the environment to fit the needs of society (as in the built environment) is causing severe effects including global warming, environmental degradation (such as ocean acidification), mass extinction and biodiversity loss, ecological crisis, and ecological collapse. Some human activities that cause damage (either directly or indirectly) to the environment on a global scale include population growth, neoliberal economic policies and rapid economic growth, overconsumption, overexploitation, pollution, and deforestation. Some of the problems, including global warming and biodiversity loss, have been proposed as representing catastrophic risks to the survival of the human species.

The term anthropogenic designates an effect or object resulting from human activity. The term was first used in the technical sense by Russian geologist Alexey Pavlov, and it was first used in English by British ecologist Arthur Tansley in reference to human influences on climax plant communities. The atmospheric scientist Paul Crutzen introduced the term "Anthropocene" in the mid-1970s. The term is sometimes used in the context of pollution produced from human activity since the start of the Agricultural Revolution but also applies broadly to all major human impacts on the environment. Many of the actions taken by humans that contribute to a heated environment stem from the burning of fossil fuel from a variety of sources, such as electricity, cars, planes, space heating, manufacturing, or the destruction of forests.

A jobless recovery or jobless growth is an economic phenomenon in which a macroeconomy experiences growth while maintaining or decreasing its level of employment. The term was coined by the economist Nick Perna in the early 1990s.

Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is a social science that studies the production, distribution, and consumption of goods and services.

Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy.

Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word weal, which is from an Indo-European word stem. The modern concept of wealth is of significance in all areas of economics, and clearly so for growth economics and development economics, yet the meaning of wealth is context-dependent. A person possessing a substantial net worth is known as wealthy. Net worth is defined as the current value of one's assets less liabilities (excluding the principal in trust accounts).

At the most general level, economists may define wealth as "the total of anything of value" that captures both the subjective nature of the idea and the idea that it is not a fixed or static concept. Various definitions and concepts of wealth have been asserted by various people in different contexts. Defining wealth can be a normative process with various ethical implications, since often wealth maximization is seen as a goal or is thought to be a normative principle of its own. A community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy.

The Mexican miracle (Spanish: Milagro mexicano) is a term used to refer to the country's inward-looking development strategy that produced sustained economic growth. It is considered to be a golden age in Mexico's economy in which the Mexican economy grew 6.8% each year. It was a stabilizing economic plan which caused an average growth of 6.8% and industrial production to increase by 8% with inflation staying at only 2.5%. Beginning roughly in the 1940s, the Mexican government would begin to roll out the economic plan that they would call "the Mexican miracle," which would spark an economic boom beginning in 1954 spanning some 15 years and would last until 1970. In Mexico, the Spanish economic term used is "Desarrollo estabilizador" or "Stabilizing Development."

The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. The key element of value is the greater dependence on human capital and intellectual property as the source of innovative ideas, information, and practices. Organisations are required to capitalise on this "knowledge" in their production to stimulate and deepen the business development process. There is less reliance on physical input and natural resources. A knowledge-based economy relies on the crucial role of intangible assets within the organisations' settings in facilitating modern economic growth.

The Edo period, also known as the Tokugawa period, is the period between 1600 or 1603 and 1868 in the history of Japan, when the country was under the rule of the Tokugawa shogunate and some 300 regional daimyo, or feudal lords. Emerging from the chaos of the Sengoku period, the Edo period was characterized by prolonged peace and stability, urbanization and economic growth, strict social order, isolationist foreign policies, and popular enjoyment of arts and culture.

In 1600, Tokugawa Ieyasu prevailed at the Battle of Sekigahara and established hegemony over most of Japan, and in 1603 was given the title shogun by Emperor Go-Yōzei. Ieyasu resigned two years later in favor of his son Hidetada, but maintained power, and defeated the primary rival to his authority, Toyotomi Hideyori, at the Siege of Osaka in 1615 before his death the next year. Peace generally prevailed from this point on, making samurai largely redundant. Tokugawa shoguns continued Ieyasu's policies of conformity, including a formalization of social classes in a strict hierarchy. By 1639, all foreigners were expelled under the policy of sakoku, with the exception of Dutch traders on the island of Dejima in Nagasaki, beginning a period of isolation. From 1635, daimyō had to spend alternating years in the capital Edo, where their family was required to reside permanently, in a system of "alternate attendance" in order to keep them in check.

Capitalism is an economic system based on the private ownership of the means of production and their use for the purpose of obtaining profit. This socioeconomic system has developed historically through several stages and is defined by a number of basic constituent elements: private property, profit motive, capital accumulation, competitive markets, commodification, wage labor, and an emphasis on innovation and economic growth. Capitalist economies tend to experience business cycles of economic growth followed by recessions.

Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism, state capitalism, and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. The degree of competition in markets and the role of intervention and regulation, as well as the scope of state ownership, vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning.

Industrialisation (UK) or industrialization (US) is "the period of social and economic change that transforms a human group from an agrarian and feudal society into an industrial society. This involves an extensive reorganisation of an economy for the purpose of manufacturing." Industrialisation is associated with an increase in polluting industries heavily dependent on fossil fuels. With the increasing focus on sustainable development and green industrial policy practices, industrialisation increasingly includes technological leapfrogging, with direct investment in more advanced, cleaner technologies.

The reorganisation of the economy has many unintended consequences both economically and socially. As industrial workers' incomes rise, markets for consumer goods and services of all kinds tend to expand and provide a further stimulus to industrial investment and economic growth. Moreover, family structures tend to shift as extended families tend to no longer live together in one household, location or place.

Political economy—sometimes referred to as comparative economy—is a branch of political science and economics that studies economic systems (such as markets and national economies) and how they are governed by political systems, including laws, institutions, and governments.

The discipline analyzes phenomena such as labour markets, international trade, growth, the distribution of wealth, and economic inequality, as well as the ways in which these are shaped by political institutions, legal frameworks, and public policy. Emerging in the 18th century, political economy is regarded as the precursor to the modern discipline of economics.

Waste management industry, or waste industry for short, subsumes all industrial branches concerned with waste management, waste dumping, waste recycling and - to a lesser degree - waste prevention.

Within Germany, waste management has evolved into a large economic sector. There are more than 270,000 people working in some 11,000 companies with an annual turnover of around 70 billion euros (~$78 billion). More than 15,500 waste management facilities help to conserve resources through recycling and other recovery operations. On a global scale, the market size is expected to reach $530.0 billion by 2025 from $330.6 billion in 2017, with a compound annual growth rate of 6.0%. The growth might even continue when, according to a World Bank report, global waste production will grow by 70% from 2018 to 2050, unless severe measures are taken.

In economic and environmental fields, decoupling refers to an economy that would be able to grow without corresponding increases in environmental pressure. In many economies, increasing production (GDP) raises pressure on the environment. An economy that would be able to sustain economic growth while reducing the amount of resources such as water or fossil fuels used and delink environmental deterioration at the same time would be said to be decoupled. Environmental pressure is often measured using emissions of pollutants, and decoupling is often measured by the emission intensity of economic output.

Studies have found that absolute decoupling was rare and that only a few industrialised countries had weak decoupling of GDP from "consumption-based" CO₂ production. No evidence was found of national or international economy-wide decoupling in a study in 2020. In cases where evidence of decoupling exists, one proposed explanation is the transition to a service economy. The environmental Kuznets curve is a proposed model for eco-economic decoupling.

The concept of human development expands upon the notion of economic development to include social, political and even ethical dimensions. Since the mid-twentieth century, international organisations such as the United Nations and the World Bank have adopted human development as a holistic approach to evaluating a country’s progress that considers living conditions, social relations, individual freedoms and political institutions that contribute to freedom and well-being, in addition to standard measures of income growth.

The United Nations Development Programme defines human development as "the process of enlarging people's choices", such choices allowing people to "lead a long and healthy life, to be educated, to enjoy a decent standard of living", as well as "political freedom, other guaranteed human rights and various ingredients of self-respect". Thus, human development is about much more than economic growth, which is only a means of enlarging people's choices. Some organizations, such as the Catholic Church and the Organization of American States, use the term "integral development" to reflect something wider than "economic" development.

Sustainable Development Goal 8 (SDG 8 or Global Goal 8) is about "decent work and economic growth" and is one of the 17 Sustainable Development Goals which were established by the United Nations General Assembly in 2015. The full title is to "Foster sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all." Progress towards targets will be measured, monitored and evaluated by 17 indicators.

SDG 8 has twelve targets in total to be achieved by 2030. Some targets are for 2030; others are for 2020. The first ten are outcome targets. These are; "sustainable economic growth; diversify, innovate and upgrade for economic productivity", "promote policies to support job creation and growing enterprises", "improve resource efficiency in consumption and production", 'full employment and decent work with equal pay', 'promote youth employment, education and training', 'end modern slavery, trafficking, and child labour', 'protect labour rights and promote safe working environments', 'promote beneficial and sustainable tourism', universal access to banking, insurance and financial services. In addition, there are also two targets for means of implementation, which are: Increase aid for trade support; develop a global youth employment strategy.

The economy of Romania is a developing mixed economy, with a high degree of complexity. It ranks 12th in the European Union by total nominal GDP and 7th largest when adjusted by purchasing power (PPP). The World Bank notes that Romania's efforts are focused on accelerating structural reforms and strengthening institutions in order to further converge with the European Union. The country's economic growth has been one of the highest in the EU since 2010, with 2022 seeing a better-than-expected 4.8% increase.

In recent years, it witnessed growth rates such as: 4.8% in 2016, 7.1% in 2017, 4.4% in 2018 and 4.1% in 2019. In 2024, its GDP per capita in purchasing power standards reached 78% of the European Union average, up from 44% in 2007, the highest growth rate in the EU27. Romania's economy ranks 35th in the world by its total GDP (PPP), with a Int$784 billion annual output (2023 est.).

Uthman ibn Affan (Arabic: عُثْمَان بْن عَفَّان, romanized: ʿUthmān ibn ʿAffān) (c. 573 or 576 – 17 June 656) was the third caliph of the Rashidun Caliphate, ruling from 644 until his assassination in 656. Uthman, a second cousin, son-in-law, and senior companion of the Islamic prophet Muhammad, played a major role in early Islamic history. During his reign as caliph, he was known for ordering the official compilation of the standardized version of the Quran, known as Uthman's Quran, that is still being used today.

Before his predecessor, caliph Umar (r. 634–644) died in office, he appointed a committee of trustees to elect a successor. Uthman, who was then aged 68–71 years, was elected to succeed him and became the oldest person to hold such a high position. During his premiership, the Caliphate expanded further into Persia and reached as far as the provinces of Khorasan and Transoxiana in the East as well as Ifriqiya and the Iberian Peninsula in the West. Uthman instituted centralized reforms in order to create a more cohesive administrative structure and fostered rapid economic growth.