What is "Economic Growth"?
Economic Growth is the increase in the value of goods and services produced by an economy.Most often economic growth is measured as in increase in real Gross Domestic Product(GDP).GDP and similar measures include the market values of goods and services,but only if they are purchased on a market.This means that goods and services that are produced and consumed in houesholds are not included in GDP.
Furthermore.GDP makes no distiction between"weapons"and "education"and does not consider income distribution.The GDP per capita of an economiy is often uesd as an indicator of the average standard of living of individuals in that country,and economic growth is therefore often seen as indicating an increase in the average standard of living.However the average does not say anything about the distribution of wealth.
It is essential to understand that GDP only measures the benefit side of economic activities.There are,of instance,no deductions for environmental degradation.
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