Problems of Economic Growth in Developed Countries

Dimitar Sabev
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Dimitar Sabev: University of National and World Economy, Sofia, Bulgaria

Ikonomiceski i Sotsialni Alternativi, 2018, issue 4, 126-132

Abstract: Political discourse nowadays takes by default that economic growth is a positive feature. This article discerns five common situations when lasting negative economic performance accom­panies GDP growth. Growth has been fetishized for a long time, due to a set of factors, includ­ing class interests, psychology, history and math­ematics. However, it becomes evident that the incessant and rapid growth of GDP is not only needless and/or negative but also impossible. The fundaments that propelled the exponential growth of modern economy are already used up. While the rich world confronts the challenge of de-growth, a high return on financial capital is still possible with a comprehensive global develop­ment policy. The middle echelon of countries like Bulgaria has to quickly abandon the catching-up attitude while aiming at a higher level of welfare perception beyond material increments.

Keywords: economic growth; development; economic saturation; international relations (search for similar items in EconPapers)
JEL-codes: F54 O29 O44 Q50 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:nwe:iisabg:y:2018:i:4:p:126-132

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