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The economic growth rate is typically calculated as real Gross domestic product (GDP) growth rate, real GDP per capita growth rate or GNI per capita growth. The "rate" of economic growth refers to the geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. This growth rate represents ...
The Solow–Swan model or exogenous growth model is an economic model of long-run economic growth. It attempts to explain long-run economic growth by looking at capital accumulation , labor or population growth , and increases in productivity largely driven by technological progress.
Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development".
According to Kaldor, “The purpose of a theory of economic growth is to show the nature of non-economic variables which ultimately determine the rate at which the general level of production of the economy is growing, and thereby contribute to an understanding of the question of why some societies grow so much faster than others.” [2] [1]
Eco-economic decoupling between GDP growth and greenhouse gas emissions decrease. Many environmentalists argue that GDP is a poor measure of social progress because it does not take into account harm to the environment. [54] [55] In the language of economics, everything comes down to its monetary value. [56]
Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development.
Every year, Fortune publishes the Future 50, a ranking of the world's largest public companies by their long-term growth prospects, co-developed with Boston Consulting Group (read more on the ...
Nicholas Kaldor summarized the statistical properties of long-term economic growth in an influential 1961 paper. [1] He pointed out the 6 following 'remarkable historical constancies revealed by recent empirical investigations': The shares of national income received by labor and capital are roughly constant over long periods of time