Assumptions:GDP is the best measure for economicThis is modelled for an open economy.Although this could be specific for a single country this is a model for the world as whole.
Assumptions:GDP is the best measure for economicThis is modelled for an open economy.Although this could be specific for a single country this is a model for the world as whole.
Living standard and GDP are a reinforcing loop (see source)
Increase in the population leads to GDP increases.We are experiencing a rising middle class in the world right now, which increases the purchasing power of a lot of people. Not only are people getting richer, but they are having the time and resources to self-fulfil. This leads to a never-ending demand for goods.See attached link.