Discuss the main sources of economic growth. Discuss the main adverse repercussions on the economy that the process of economic growth can have

The sources are: 1. Human Resources 2. Natural Resources 3. Capital Formation 4. Technological Change and Innovation.

Source of Economic Growth

1. Human Resources:

Labour inputs consist of quantities of workers and of the skills of the work force.

Many economists believe that the quality of labour inputs—the skills, knowledge, and discipline of the labour force—is the single most important element in economic growth.

A country might buy the most modern telecommunications devices, computers, electricity-generating equipment, and fighter aircraft. However, these capital goods can be effectively used and maintained only by skilled and trained workers.

Improvements in literacy, health, and discipline, and most recently the ability to use computers, add greatly to the productivity of labour.

 2. Natural Resources:

The second classical factor of production is natural resources. The important resources here are arable land, oil and gas, forests, water, and mineral resources. Some high-income countries like Canada and Norway have grown primarily on the basis of their ample resource base, with large output in agriculture, fisheries, and forestry.

Similarly, the United States, with its temperate farmlands, is the world’s largest producer and exporter of grains. But the possession of natural resources is not necessary for economic success in the modern world. New York City prospers primarily on its high-density service industries.

Many countries that have virtually no natural resources, such as Japan, have thrived by concentrating on sectors that depend more on labour and capital than on indigenous resources. Indeed, tiny Hong Kong, with but a tiny fraction of the land area of resource-rich Russia, actually has a larger volume of international trade than does that giant country.

3. Capital Formation:

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