Virtuous Circle and Vicious Circle

Virtuous Circle and Vicious Circle

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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Economic growth can be seen as a virtuous circle. It might start with an exogenous, or outside factor such as technological innovation. As people get familiar with the new technology, there could be learning curve effects and economies of scale. This could lead to reduced costs and improved production efficiencies. In a competitive market structure, this will probably result in lower average prices. As prices decrease, consumption could increase and aggregate output also. Increased levels of output lead to more learning and scale effects and a new cycle starts. However, factors such as pollution, natural resource depletion and other externalities associated with uncontrolled economic growth can turn the virtuous cycle into a vicious more

Product details

  • Paperback | 52 pages
  • 152 x 229 x 3mm | 91g
  • Vent
  • United States
  • English
  • black & white illustrations
  • 6136257270
  • 9786136257273