Positive and Negative impacts of Economic Growth

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This essay discusses the positive and negative impacts of economic growth on society. Positive impacts include an increase in wealth/reduction in poverty, improved standards of living, health, education and infrastructure and technology. Negative impacts discussed include creative destruction, natural social tension, health challenges, increase in income inequality, increased pollution and a depletion of natural resources. Economic growth can also lead to a shift in the structure of production, with a move from agricultural and manufacturing to services. It is important to note that while economic growth can have positive effects on society, there are also some drawbacks which need to be addressed in order to minimise the negative effects and enhance the positive influence economic growth can have.