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This is a discussion assignment. please provide an answer in a discussion format In general, economists promote GDP growth as one of the most important

This is a discussion assignment. please provide an answer in a discussion format

In general, economists promote GDP growth as one of the most important objectives of macroeconomic policy. The benefits from growth can be very significant, since more wealth is associated with higher well-being. However, GDP growth also has costs, and because some of those costs are only visible in the long-run (while some benefits are, in general, observable in the short-run), it can be quite tricky to capture the real costs of GDP growth for a given society, and how some people experience those costs more than others.

In this sort piece(Links: http://www.dollarsandsense.org/archives/2020/0520macewan.html ) written by the Dr. Arthur McEwan, he approaches this debate by claiming that the environmental costs of GDP growth can be too high, and that such growth does not make people a lot happier after all. Happiness, he argues, is more associated with equality than with growth itself. What are the three aspects of economic growth that Professor McEwan points out as the most significant? Do you agree that they are problematic? Classical economists believed that our needs and wants are based on what other people have; neoclassical economists, on the other hand, assume that there are no limits for humans wants, and more is always better. Which of those schools of economic thought (if any) do you believe that describes contemporary consumption habits more accurately? Finally, professor McEwan advocates for more strict regulation, so that we can internalize the costs of growth to the people/companies generating those costs, instead of making the whole society pay. Can you think of other possible solutions for that problem, or do you agree with his suggestion?

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