Economic growth was the highlight of the 2019 Economics Conference. The goal of the major host, which was SDMIMD or Shri Dharmasthala Manjunatheshwara Institute for Management Development, was to provide quality management education for their country India and the rest of the nations around the world. Thus, the event was organized. Economists and policymakers from across the world came to attend the prestigious and relevant conference to exchange current information about economic growth and development. There were a lot of discussions, presentations, and Q and A sessions to come up with better solutions and improved measures in order to achieve a more successful and sustainable future.
Here are some of the ways to create economic growth.
Innovation And Startups. These two are fuels of economic growth. Young entrepreneurs are risk-takers who are helping create new companies and providing jobs for the American people. Encouraging them and the rest of the brave innovators in one’s country will help improve the economic downturn.
Stop The War On Drugs. The United States has spent billions on the war on drugs, yet the situation has not improved. Perhaps it is time to try Spain’s policies regarding drugs – treat the addicts and tax the marijuana users. Legalization has never shown to add to the ill effects of drug use. This can generate more revenue. According to economists, legalizing marijuana saves the American government more than $7 billion annually, just on enforcement.
Encourage The Jobless To Volunteer. The longer the unemployed are paid, the longer they stay jobless. The right solution would be to shorten the length of unemployment insurance and require those receiving these checks to do volunteer work in non-profit companies, for example. This way, they gain new skills and new references as well, which can help them become better in the next careers that they may attain in the future.
Reduce Healthcare Cost. Undeniably, not everyone can afford to pay for health care costs. We must stop encouraging doctors to prescribe expensive medications. A lot of doctors around the world get a percentage of the drugs they prescribe their patients. If the government works with the people and bans drug company rebates to these doctors, then we will surely be able to cut insurance spending, such as Medicare.