Economic Growth

"Economic growth refers to the rate of growth over a set period, of goods and services, or a sustained increase in the real value of production. It can also be seen as the rate of growth per head in output, so, growth occurs when output is increasing faster than the population. If population growth is the soul reason of an increase in the output in the economy, then a real income per head can not be achieved. The rate of growth is not sufficient to improve the material well-being of the population. Growth is essential if economic welfare is to be increased; not in all cases will growth be sufficient to ensure this, as growth can be accompanied by deterioration in the environment and an increase in anxiety, violence, lawlessness, and welfare benefits may decline."

"Economic growth refers to the rate of growth over a set period, of goods and services, or a sustained increase in the real value of production. It can also be seen as the rate of growth per head in output, so, growth occurs when output is increasing faster than the population. If population growth is the soul reason of an increase in the output in the economy, then a real income per head can not be achieved. The rate of growth is not sufficient to improve the material well-being of the population. Growth is essential if economic welfare is to be increased; not in all cases will growth be sufficient to ensure this, as growth can be accompanied by deterioration in the environment and an increase in anxiety, violence, lawlessness, and welfare benefits may decline."