The Oxford Dictionary of Economics

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growth

growth
An increase in an economic variable, normally persisting over successive periods. The variable concerned may be real or nominal, and may be measured in absolute or in per capita terms. Growth in real economic variables such as GDP for short periods or at low rates may occur by simply having similar activities conducted on a larger scale. Rapid or persistent growth is likely to involve changes in the nature of economic activity, with new products or processes, and new types of labour skills, capital goods and economic institutions. Every innovation gives rise to problems in devising satisfactory measures of economic aggregates: the more rapid and persistent a growth process, the more difficulty there is in measuring it reliably. Growth models seek to simulate the growth processes of economic aggregates. Unlimited growth poses problems over limited natural resources, pollution and congestion. Only experience will reveal how long it is sustainable. See...

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