Economic Growth

Pierre Lemieux

Chapter Chapter 11 in Who Needs Jobs?, 2014, pp 125-133 from Palgrave Macmillan

Abstract: Abstract One simple distinction that should be kept in mind is that between the level and the growth of GDP or income. Remember that income (the sum of all incomes) is equivalent to production (or GDP or output): what people produce is what they earn. Economic growth has to do with the increase in the level of income. It usually refers to a continuous increase in the level of income over time. The period of a continuous increase is somewhat arbitrary, but a one-year growth in the level of GDP caused by, say, a one-time arrival of new workers on the market would not count as what we normally call economic growth. Moreover, growth in the level of income that would be no larger than population growth would mean that the average individual is no better off. Economic growth, as generally understood, is thus a continuous increase in per capita income. Our questions are, how is economic growth related to jobs, and what causes economic growth?

Keywords: Economic Growth; Human Capital; Capita Income; Total Factor Productivity; Continuous Increase (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-35351-1_11

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DOI: 10.1057/9781137353511_11

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