Economic growth – econote
Economic growth is usually taken to mean the increase over time of a country’s GDP.
Some argue that GDP is not the sole measure of economic “happiness.” They argue that growth has many dimensions, such as the quality of life and health (as reflected in levels of education and mortality), the state of the natural environment, the quality of the educational system, or even the extent of political freedom.
Some interchange “growth economics” with “development economics” (or the economics of development).
A major criticism of modern growth models is the limited extent to which they can incorporate institutions or institutional change as explanations of economic growth (see Helpman).
Advertisement
