Sources Of Economic Growth And Social Justice Essay

3.1 Sources of Economic Growth and Social-Justice Egyptian per-capita income has been significantly improved in the second half of the first decade of 21st century, as it recorded, in average, $1984 (standard deviation $167), compared to $1312 (standard deviation $597), in average, during the first half of the decade. Figure (1) illustrates the development of per-capita income through the first decade of 21th century and it shows that per-capita income growth rates were, in most, negative during the first half of the first decade of 21st century; and then, these negative rates turn to be positive during the second half, which indicates improvement in the level of economic activity during this half of the decade. Figure 1: Per-Capita Income Growth Rates Source: World Bank, World Development Indicators database on the internet. The improvement in the level of economic activity did not support the status of income equality. In contrast, the process of income distribution was in favor of the elites and upper class people in the society, which increases the gap between poor and rich categories in the Egyptian economy (El Mghazy , 2013). In this context, identifying the sources of economic growth will be useful to know something about the effect of economic growth on the issue of social-justice. The Cobb-Douglas production function states that aggregate output is based on three main variables: physical capital, human capital and productivity; and it represented as followsShow MoreRelatedIndustrial Areas From Centralization And Neoliberal Globalisation1684 Words   |  7 Pagessignificant part for various industry sectors. By 2000, more than 500 cities had more than one million inhabitants. According to the United Nations, 54% of the world’s population currently live in urban areas. 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