Final answer:
A negative aspect of economic growth could be increased pollution, as more production can lead to environmental degradation. Factors such as a dirtier environment would cause GDP to overstate the standard of living, while a decline in crime rate or increased availability of goods, which raise the standard of living, would not be fully captured by GDP and thus could cause it to understate the improvement.
Step-by-step explanation:
A possible negative aspect of economic growth is increased pollution. When economies grow, often there is an increase in the production of goods and services which can lead to more waste and emissions, potentially harming the environment if not managed properly.
This growth can drive industrialization and consumerism, resulting in more pollutants and greenhouse gases entering the atmosphere.
Regarding the impact on GDP and the standard of living:
- If the environment becomes dirtier, though GDP may increase, this would overstate the improvement in the broad standard of living, as environmental degradation has negative impacts on health and quality of life.
- A decline in the crime rate would understate the rise in the standard of living in GDP calculations, as improved safety contributes positively to the quality of life but is not reflected in GDP.
- The availability of a greater variety of goods would likely raise the standard of living but may not be adequately reflected in GDP calculations, thereby understating the improvement in living standards.