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What is Economic Growth and Ratio Scales about?

This chapter provides an overview of long-run economic growth. It discusses how growth has dramatically improved living standards worldwide but is a relatively recent phenomenon. Some key tools for studying growth are introduced, including calculating growth rates and using a ratio scale. The chapter also notes that a 1% annual growth difference can lead to large GDP differences over time. Modern economic growth began around 1870 in many countries. While growth rates and levels of income vary widely globall

Author

meuang68

Language

EN