I know that just about everyone in their lives has had to learn about Pythagoras’ theorem. Although the theorem is an interesting thing to discuss in and of itself, I also enjoy learning about the people who derived these equations, and in this case, Pythagoras.
If we jump back in time to approximately 569 BC, a legend was born by the name of Pythagoras, in Samos, Greece. Little was known of Pythagoras’ early life and, therefore, I will focus on the more important milestones in his life. Around the year 518BC, he settled down in the Greek town of Cortona, in southern Italy. During his time in Cortona, he set up a religion and philosophy school, where he mainly taught his students the wonders of mathematics.
Sustainability in terms of the economy is the ability of an economy to support a defined level of economic production indefinitely. Economic development is a wider concept than economic growth. Development reflects social and economic progress and requires economic growth. Growth is a vital and necessary condition for development, but it is not a sufficient condition as it cannot guarantee development. This is a key factor to consider in evaluating economic conditions in China, as it can be seen to have one but not the other.
China’s growth could be seen as unsustainable as many state monopolies are currently sustained by state support through heavy subsidisation. These companies are not necessarily the most efficient in production, and may also abuse their monopoly power. In fact, due to the power they receive from such heavy subsidies, they are not even incentivised to increase their efficiency, hence productivity is reduced.