What is economic growth?

  • (noun): Steady growth in the productive capacity of the economy (and so a growth of national income).

Economic Growth

Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to obviate the distorting effect of inflation on the price of the goods produced. In economics, "economic growth" or "economic growth theory" typically refers to growth of potential output, i.e., production at "full employment", which is caused by growth in aggregate demand or observed output.

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Some articles on economic growth:

Societal Views On Intellectual Property - Objectives - Economic Growth
... that the protection of intellectual property rights are essential to maintaining economic growth ... statutory expression to the moral and economic rights of creators in their creations and the rights of the public in access to those creations ... and application of its results and to encourage fair trading which would contribute to economic and social development ...
Recent Work That Tests The Skyscraper Index Hypothesis
... is, in fact, a correlation between skyscraper height and economic growth ... cycle, as measured by the National Bureau of Economic Research ... Second, the authors investigate height and economic growth using the times series techniques of vector autoregression and cointegration tests ...
Late-2000s Recession In Asia - South Asia - India
... India's economy benefited from recent high economic growth which declined greatly due to the global economic crisis ... Economic growth in India during FY2008-09 stood at 6.7% ... for only 15% of India's GDP, less than half the levels of major Asian economic powers such as China and Japan ...
Gerald L. Gordon
... is the president and chief executive officer of the Fairfax County Economic Development Authority (FCEDA) in Fairfax County, Virginia, a position he has held since late 1983 ... degree from George Washington University, and a doctorate in International Economics from the Catholic University of America ... He is the author of numerous articles on strategic planning, economic development, leadership styles, and other management topics ...
Trevor Swan
... He is best known for his work on the neoclassical model of economic growth, published simultaneously with that of Robert Solow, for his work on integrating ... He is widely regarded as the greatest economic theorist that Australia has produced, and as one of the finest economists not to receive a Nobel Prize ... "There were two independent pioneers of Neoclassical Growth Theory Robert Solow and Trevor Swan ...

Famous quotes containing the words growth and/or economic:

    For the time of towns is tolled from the world by funereal chimes, but in nature the universal hours are counted by succeeding tribes of animals and plants, and by growth of joy on joy.
    Ralph Waldo Emerson (1803–1882)

    The great dialectic in our time is not, as anciently and by some still supposed, between capital and labor; it is between economic enterprise and the state.
    John Kenneth Galbraith (b. 1908)