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:

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 internal and external balance ... 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 ...
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% ... India's GDP, less than half the levels of major Asian economic powers such as China and Japan ...
Societal Views On Intellectual Property - Objectives - Economic Growth
... intellectual property rights are essential to maintaining economic growth ... reasons for intellectual property laws One is to give statutory expression to the moral and economic rights of creators in their creations and the rights of the public in access ... encourage fair trading which would contribute to economic and social development ...
Recent Work That Tests The Skyscraper Index Hypothesis
... to see if there is, in fact, a correlation between skyscraper height and economic growth ... the peaks and troughs of the United States business cycle, as measured by the National Bureau of Economic Research ... the authors investigate height and economic growth using the times series techniques of vector autoregression and cointegration tests ...
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 ... 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 ...

Famous quotes containing the words growth and/or economic:

    The windy springs and the blazing summers, one after another, had enriched and mellowed that flat tableland; all the human effort that had gone into it was coming back in long, sweeping lines of fertility. The changes seemed beautiful and harmonious to me; it was like watching the growth of a great man or of a great idea. I recognized every tree and sandbank and rugged draw. I found that I remembered the conformation of the land as one remembers the modelling of human faces.
    Willa Cather (1873–1947)

    A different world can be created or re-created—but not until we stop enshrining the economic values of invisible labor, infinite and obsessive growth, and a slow environmental suicide.
    Gloria Steinem (b. 1934)