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What is Economic Growth: Key Concepts Explained about?

This document summarizes economic growth and some of the main approaches to studying it. It discusses how sustained economic growth is a recent phenomenon, with per capita GDP increasing significantly since 1820. There are large differences in living standards across countries, with the gap between rich and poor nations widening since 1820. Modern growth theory uses production functions to explain growth as depending on capital accumulation and productivity increases. Recent endogenous growth theory challen

Author

Luis Ovalle

Language

EN