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living with luxuries such as indoor plumbing, electricity, etc.; better educational opportunities; improved transportation and communication infrastructure (Stapleford, 2009, p.88-89). Five major costs of economic growth are: increased work hours and reduced family time; increased materialism and idolatry; decreased time for God and prayer; job displacement for older and less educated workers; and environmental dilapidation (Stapleford, 2009, p.89-90). 3. Is it mercantilist thinking to want to have a positive trade balance? How can countries such as the United States have steady economic growth and a high standard of living with negative trade balances year after year? Though mercantilists believed successful economic policy meant having a positive trade balance and more exports than imports, it does not necessarily mean you are mercantilist to desire to have a positive trade balance (Stapleford, 2009, p.84).
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ECON 214 D05 201320 Lisa A. Wilson Liberty University Keynesians also desire to have positive trade balances. A country, such as the United States, having a continuous negative trade balance each year, yet having economic growth and a high standard of living, is only able to finance itself by accumulating debt. The growing debt will eventually have to be paid; therefore, this economic growth and high standard of living will not be permanent. The country will eventually be bankrupt. 4. Do the winners in the economic growth process share their gains with the losers? Yes. Ideally, the winners share a portion of their gains with the losers in an attempt at remedying the harm inflicted on some of the people who suffered economically due to higher competition sparked by loosened trade. The winners are morally obligated to share some of their gains. It was common practice, in biblical times, for the more stable to give aid to those less fortunate than them. (Stapleford, 2009). Works Cited Stapleford, J. (2009). Bulls, bears and golden calves . (2 ed.). Downers Grove, IL: InterVarsity Press.
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