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Economic growth - Wikipedia
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block=document.getElementById("mf-section-"+id);block.className+=" open-block";block.previousSibling.className+=" open-block";}</script><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><section class="mf-section-0" id="mf-section-0"> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1237032888/mw-parser-output/.tmulti">.mw-parser-output .tmulti .multiimageinner{display:flex;flex-direction:column}.mw-parser-output .tmulti .trow{display:flex;flex-direction:row;clear:left;flex-wrap:wrap;width:100%;box-sizing:border-box}.mw-parser-output .tmulti .tsingle{margin:1px;float:left}.mw-parser-output .tmulti .theader{clear:both;font-weight:bold;text-align:center;align-self:center;background-color:transparent;width:100%}.mw-parser-output .tmulti .thumbcaption{background-color:transparent}.mw-parser-output .tmulti .text-align-left{text-align:left}.mw-parser-output .tmulti .text-align-right{text-align:right}.mw-parser-output .tmulti .text-align-center{text-align:center}@media all and (max-width:720px){.mw-parser-output .tmulti .thumbinner{width:100%!important;box-sizing:border-box;max-width:none!important;align-items:center}.mw-parser-output .tmulti .trow{justify-content:center}.mw-parser-output .tmulti .tsingle{float:none!important;max-width:100%!important;box-sizing:border-box;text-align:center}.mw-parser-output .tmulti .tsingle .thumbcaption{text-align:left}.mw-parser-output .tmulti .trow>.thumbcaption{text-align:center}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .tmulti .multiimageinner img{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .tmulti .multiimageinner img{background-color:white}}</style><p><b>Economic growth</b> can be defined as the increase or improvement in the inflation-adjusted <a href="/wiki/Market_value" title="Market value">market value</a> of the goods and services produced by an <a href="/wiki/Economics" title="Economics">economy</a> in a financial year.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Statisticians conventionally measure such growth as the percent rate of increase in the <a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">real</a> and nominal <a href="/wiki/Gross_domestic_product" title="Gross domestic product">gross domestic product</a> (GDP).<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><div class="thumb tmulti tright"><div class="thumbinner multiimageinner" style="width:304px;max-width:304px"><div class="trow"><div class="tsingle" style="width:302px;max-width:302px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:Gdp_accumulated_change.png" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Gdp_accumulated_change.png/300px-Gdp_accumulated_change.png" decoding="async" width="300" height="167" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Gdp_accumulated_change.png/450px-Gdp_accumulated_change.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Gdp_accumulated_change.png/600px-Gdp_accumulated_change.png 2x" data-file-width="1100" data-file-height="614"></a></span></div><div class="thumbcaption"><a href="/wiki/Gross_domestic_product" title="Gross domestic product">Gross domestic product</a> real growth rates, 1990–1998 and 1990–2006, in selected countries</div></div></div><div class="trow"><div class="tsingle" style="width:302px;max-width:302px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:WeltBIPWorldgroupOECDengl.PNG" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/WeltBIPWorldgroupOECDengl.PNG/300px-WeltBIPWorldgroupOECDengl.PNG" decoding="async" width="300" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/WeltBIPWorldgroupOECDengl.PNG/450px-WeltBIPWorldgroupOECDengl.PNG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/WeltBIPWorldgroupOECDengl.PNG/600px-WeltBIPWorldgroupOECDengl.PNG 2x" data-file-width="1568" data-file-height="980"></a></span></div><div class="thumbcaption">Rate of change of gross domestic product, world and <a href="/wiki/Organisation_for_Economic_Co-operation_and_Development" class="mw-redirect" title="Organisation for Economic Co-operation and Development">Organisation for Economic Co-operation and Development</a>, since 1961</div></div></div></div></div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist 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.sidebar-heading{padding:0.1em 0.4em}.mw-parser-output .sidebar-content{padding:0 0.5em 0.4em}.mw-parser-output .sidebar-content-with-subgroup{padding:0.1em 0.4em 0.2em}.mw-parser-output .sidebar-above,.mw-parser-output .sidebar-below{padding:0.3em 0.8em;font-weight:bold}.mw-parser-output .sidebar-collapse .sidebar-above,.mw-parser-output .sidebar-collapse .sidebar-below{border-top:1px solid #aaa;border-bottom:1px solid #aaa}.mw-parser-output .sidebar-navbar{text-align:right;font-size:115%;padding:0 0.4em 0.4em}.mw-parser-output .sidebar-list-title{padding:0 0.4em;text-align:left;font-weight:bold;line-height:1.6em;font-size:105%}.mw-parser-output .sidebar-list-title-c{padding:0 0.4em;text-align:center;margin:0 3.3em}@media(max-width:640px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style> <p>Growth is usually calculated in real terms – i.e., <a href="/wiki/Real_vs._nominal_in_economics" class="mw-redirect" title="Real vs. nominal in economics">inflation-adjusted</a> terms – to eliminate the distorting effect of <a href="/wiki/Inflation" title="Inflation">inflation</a> on the prices of <a href="/wiki/Goods" title="Goods">goods</a> produced. <a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measurement of economic growth</a> uses <a href="/wiki/National_accounts" title="National accounts">national income accounting</a>.<sup id="cite_ref-FOOTNOTEBjork1999251_3-0" class="reference"><a href="#cite_note-FOOTNOTEBjork1999251-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure. The economic growth-rates of countries are commonly compared using the ratio of the <a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a> to population or <a href="/wiki/Per-capita_income" class="mw-redirect" title="Per-capita income">per-capita income</a>.<sup id="cite_ref-FOOTNOTEBjork199967_4-0" class="reference"><a href="#cite_note-FOOTNOTEBjork199967-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>The "rate of economic growth" refers to the <a href="/wiki/Exponential_growth" title="Exponential growth">geometric</a> annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend. </p><p>Economists refer to economic growth caused by more efficient use of inputs (increased <a href="/wiki/Productivity" title="Productivity">productivity</a> of <a href="/wiki/Labour_productivity" class="mw-redirect" title="Labour productivity">labor</a>, of <a href="/wiki/Physical_capital" title="Physical capital">physical capital</a>, of <a href="/wiki/Energy_(disambiguation)" class="mw-disambig" title="Energy (disambiguation)">energy</a> or of <a href="/wiki/Material" title="Material">materials</a>) as <i><a href="/wiki/Intensive_growth" class="mw-redirect" title="Intensive growth">intensive growth</a></i>. In contrast, GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as <i><a href="/wiki/Extensive_growth" title="Extensive growth">extensive growth</a></i>.<sup id="cite_ref-FOOTNOTEBjork1999[httpsarchiveorgdetailswayitworkedwhyit0000bjorpage2_2],_[httpsarchiveorgdetailswayitworkedwhyit0000bjorpage67_67]_5-0" class="reference"><a href="#cite_note-FOOTNOTEBjork1999%5Bhttpsarchiveorgdetailswayitworkedwhyit0000bjorpage2_2%5D,_%5Bhttpsarchiveorgdetailswayitworkedwhyit0000bjorpage67_67%5D-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Innovation" title="Innovation">Development of new goods and services</a> also generates economic growth. As it so happens, in the U.S. about 60% of <a href="/wiki/Consumer_spending" title="Consumer spending">consumer spending</a> in 2013 went on goods and services that did not exist in 1869.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div id="toc" class="toc" role="navigation" aria-labelledby="mw-toc-heading"><input type="checkbox" role="button" id="toctogglecheckbox" class="toctogglecheckbox" style="display:none"><div class="toctitle" lang="en" dir="ltr"><h2 id="mw-toc-heading">Contents</h2><span class="toctogglespan"><label class="toctogglelabel" for="toctogglecheckbox"></label></span></div> <ul> <li class="toclevel-1 tocsection-1"><a href="#Measurement"><span class="tocnumber">1</span> <span class="toctext">Measurement</span></a></li> <li class="toclevel-1 tocsection-2"><a href="#Long-term_growth"><span class="tocnumber">2</span> <span class="toctext">Long-term growth</span></a> <ul> <li class="toclevel-2 tocsection-3"><a href="#Growth_and_innovation"><span class="tocnumber">2.1</span> <span class="toctext">Growth and innovation</span></a></li> </ul> </li> <li class="toclevel-1 tocsection-4"><a href="#Determinants_of_per_capita_GDP_growth"><span class="tocnumber">3</span> <span class="toctext">Determinants of per capita GDP growth</span></a> <ul> <li class="toclevel-2 tocsection-5"><a href="#Productivity"><span class="tocnumber">3.1</span> <span class="toctext">Productivity</span></a></li> <li class="toclevel-2 tocsection-6"><a href="#Factor_accumulation"><span class="tocnumber">3.2</span> <span class="toctext">Factor accumulation</span></a></li> </ul> </li> <li class="toclevel-1 tocsection-7"><a href="#Other_factors_affecting_growth"><span class="tocnumber">4</span> <span class="toctext">Other factors affecting growth</span></a> <ul> <li class="toclevel-2 tocsection-8"><a href="#Human_capital"><span class="tocnumber">4.1</span> <span class="toctext">Human capital</span></a></li> <li class="toclevel-2 tocsection-9"><a href="#Health"><span class="tocnumber">4.2</span> <span class="toctext">Health</span></a></li> <li class="toclevel-2 tocsection-10"><a href="#Political_institutions"><span class="tocnumber">4.3</span> <span class="toctext">Political institutions</span></a> <ul> <li class="toclevel-3 tocsection-11"><a href="#Democracy_and_economic_growth"><span class="tocnumber">4.3.1</span> <span class="toctext">Democracy and economic growth</span></a></li> </ul> </li> <li class="toclevel-2 tocsection-12"><a href="#Entrepreneurs_and_new_products"><span class="tocnumber">4.4</span> <span class="toctext">Entrepreneurs and new products</span></a></li> <li class="toclevel-2 tocsection-13"><a href="#Structural_change"><span class="tocnumber">4.5</span> <span class="toctext">Structural change</span></a></li> </ul> </li> <li class="toclevel-1 tocsection-14"><a href="#Growth_theories"><span class="tocnumber">5</span> <span class="toctext">Growth theories</span></a> <ul> <li class="toclevel-2 tocsection-15"><a href="#Adam_Smith"><span class="tocnumber">5.1</span> <span class="toctext">Adam Smith</span></a></li> <li class="toclevel-2 tocsection-16"><a href="#Malthusian_theory"><span class="tocnumber">5.2</span> <span class="toctext">Malthusian theory</span></a></li> <li class="toclevel-2 tocsection-17"><a href="#Classical_growth_theory"><span class="tocnumber">5.3</span> <span class="toctext">Classical growth theory</span></a></li> <li class="toclevel-2 tocsection-18"><a href="#Solow%E2%80%93Swan_model"><span class="tocnumber">5.4</span> <span class="toctext">Solow–Swan model</span></a></li> <li class="toclevel-2 tocsection-19"><a href="#Endogenous_growth_theory"><span class="tocnumber">5.5</span> <span class="toctext">Endogenous growth theory</span></a></li> <li class="toclevel-2 tocsection-20"><a href="#Unified_growth_theory"><span class="tocnumber">5.6</span> <span class="toctext">Unified growth theory</span></a></li> </ul> </li> <li class="toclevel-1 tocsection-21"><a href="#Inequality_and_growth"><span class="tocnumber">6</span> <span class="toctext">Inequality and growth</span></a> <ul> <li class="toclevel-2 tocsection-22"><a href="#Theories"><span class="tocnumber">6.1</span> <span class="toctext">Theories</span></a></li> <li class="toclevel-2 tocsection-23"><a href="#Evidence:_reduced_form"><span class="tocnumber">6.2</span> <span class="toctext">Evidence: reduced form</span></a></li> <li class="toclevel-2 tocsection-24"><a href="#Evidence:_mechanisms"><span class="tocnumber">6.3</span> <span class="toctext">Evidence: mechanisms</span></a></li> </ul> </li> <li class="toclevel-1 tocsection-25"><a href="#Importance_of_long-run_growth"><span class="tocnumber">7</span> <span class="toctext">Importance of long-run growth</span></a> <ul> <li class="toclevel-2 tocsection-26"><a href="#Quality_of_life"><span class="tocnumber">7.1</span> <span class="toctext">Quality of life</span></a></li> <li class="toclevel-2 tocsection-27"><a href="#Equitable_growth"><span class="tocnumber">7.2</span> <span class="toctext">Equitable growth</span></a></li> </ul> </li> <li class="toclevel-1 tocsection-28"><a href="#Environmental_impact"><span class="tocnumber">8</span> <span class="toctext"><span><span>Environmental impact</span></span></span></a> <ul> <li class="toclevel-2 tocsection-29"><a href="#Global_warming"><span class="tocnumber">8.1</span> <span class="toctext">Global warming</span></a></li> <li class="toclevel-2 tocsection-30"><a href="#Resource_constraint"><span class="tocnumber">8.2</span> <span class="toctext">Resource constraint</span></a></li> <li class="toclevel-2 tocsection-31"><a href="#Energy"><span class="tocnumber">8.3</span> <span class="toctext">Energy</span></a></li> </ul> </li> <li class="toclevel-1 tocsection-32"><a href="#See_also"><span class="tocnumber">9</span> <span class="toctext">See also</span></a></li> <li class="toclevel-1 tocsection-33"><a href="#References"><span class="tocnumber">10</span> <span class="toctext">References</span></a></li> <li class="toclevel-1 tocsection-34"><a href="#Further_reading"><span class="tocnumber">11</span> <span class="toctext">Further reading</span></a></li> <li class="toclevel-1 tocsection-35"><a href="#External_links"><span class="tocnumber">12</span> <span class="toctext">External links</span></a> <ul> <li class="toclevel-2 tocsection-36"><a href="#Articles_and_lectures"><span class="tocnumber">12.1</span> <span class="toctext">Articles and lectures</span></a></li> <li class="toclevel-2 tocsection-37"><a href="#Data"><span class="tocnumber">12.2</span> <span class="toctext">Data</span></a></li> </ul> </li> </ul> </div> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(1)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Measurement">Measurement</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=1" title="Edit section: Measurement" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-1 collapsible-block" id="mf-section-1"> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Countries_by_Real_GDP_Growth_Rate_in_2023.png" class="mw-file-description"><noscript><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Countries_by_Real_GDP_Growth_Rate_in_2023.png/300px-Countries_by_Real_GDP_Growth_Rate_in_2023.png" decoding="async" width="300" height="180" class="mw-file-element" data-file-width="6816" data-file-height="4085"></noscript><span class="lazy-image-placeholder" style="width: 300px;height: 180px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Countries_by_Real_GDP_Growth_Rate_in_2023.png/300px-Countries_by_Real_GDP_Growth_Rate_in_2023.png" data-width="300" data-height="180" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Countries_by_Real_GDP_Growth_Rate_in_2023.png/450px-Countries_by_Real_GDP_Growth_Rate_in_2023.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Countries_by_Real_GDP_Growth_Rate_in_2023.png/600px-Countries_by_Real_GDP_Growth_Rate_in_2023.png 2x" data-class="mw-file-element"> </span></a><figcaption>Real GDP Growth Rate 2023</figcaption></figure> <p>The economic growth rate is typically calculated as <a href="/wiki/List_of_countries_by_real_GDP_growth_rate" title="List of countries by real GDP growth rate">real GDP growth rate</a>, <a href="/wiki/List_of_countries_by_real_GDP_per_capita_growth" title="List of countries by real GDP per capita growth">real GDP per capita growth rate</a> or <a href="/wiki/List_of_countries_by_GNI_per_capita_growth" title="List of countries by GNI per capita growth">GNI per capita growth</a>. </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(2)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Long-term_growth">Long-term growth</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=2" title="Edit section: Long-term growth" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-2 collapsible-block" id="mf-section-2"> <p>Living standards vary widely from country to country, and furthermore, the change in living standards over time varies widely from country to country. Below is a table which shows GDP per person and annualized per person GDP growth for a selection of countries over a period of about 100 years. The GDP per person data are adjusted for inflation, hence they are "<a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">real</a>". GDP per person (more commonly called "per capita" GDP) is the GDP of the entire country divided by the number of people in the country; GDP per person is conceptually analogous to "<a href="/wiki/Average_income" class="mw-redirect" title="Average income">average income</a>". </p> <table class="wikitable"> <caption>Economic growth by country<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th>Country </th> <th>Period </th> <th>Real GDP per person at beginning of period </th> <th>Real GDP per person at end of period </th> <th>Annualized growth rate </th></tr> <tr> <th>Japan </th> <td>1890–2008</td> <td>$1,504</td> <td>$35,220</td> <td>2.71% </td></tr> <tr> <th>Brazil </th> <td>1900–2008</td> <td>$779</td> <td>$10,070</td> <td>2.40% </td></tr> <tr> <th>Mexico </th> <td>1900–2008</td> <td>$1,159</td> <td>$14,270</td> <td>2.35% </td></tr> <tr> <th>Germany </th> <td>1870–2008</td> <td>$2,184</td> <td>$35,940</td> <td>2.05% </td></tr> <tr> <th>Canada </th> <td>1870–2008</td> <td>$2,375</td> <td>$36,220</td> <td>1.99% </td></tr> <tr> <th>China </th> <td>1900–2008</td> <td>$716</td> <td>$6,020</td> <td>1.99% </td></tr> <tr> <th>United States </th> <td>1870–2008</td> <td>$4,007</td> <td>$46,970</td> <td>1.80% </td></tr> <tr> <th>Argentina </th> <td>1900–2008</td> <td>$2,293</td> <td>$14,020</td> <td>1.69% </td></tr> <tr> <th>United Kingdom </th> <td>1870–2008</td> <td>$4,808</td> <td>$36,130</td> <td>1.47% </td></tr> <tr> <th>India </th> <td>1900–2008</td> <td>$675</td> <td>$2,960</td> <td>1.38% </td></tr> <tr> <th>Indonesia </th> <td>1900–2008</td> <td>$891</td> <td>$3,830</td> <td>1.36% </td></tr> <tr> <th>Bangladesh </th> <td>1900–2008</td> <td>$623</td> <td>$1,440</td> <td>0.78% </td></tr></tbody></table> <p>Seemingly small differences in yearly GDP growth lead to large changes in GDP when <a href="/wiki/Compound_interest" title="Compound interest">compounded</a> over time. For instance, in the above table, GDP per person in the United Kingdom in the year 1870 was $4,808. At the same time in the United States, GDP per person was $4,007, lower than the UK by about 20%. However, in 2008 the positions were reversed: GDP per person was $36,130 in the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> and $46,970 in the United States, i.e. GDP per person in the US was 30% more than it was in the UK. As the above table shows, this means that GDP per person grew, on average, by 1.80% per year in the US and by 1.47% in the UK. Thus, a difference in GDP growth by only a few tenths of a percent per year results in large differences in outcomes when the growth is persistent over a generation. This and other observations have led some economists to view GDP growth as the most important part of the field of <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomics</a>: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>...if we can learn about government policy options that have even small effects on long-term growth rates, we can contribute much more to improvements in standards of living than has been provided by the entire history of macroeconomic analysis of <a href="/wiki/Procyclical_and_countercyclical_variables" title="Procyclical and countercyclical variables">countercyclical policy</a> and fine-tuning. Economic growth [is] the part of macroeconomics that really matters.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading3"><h3 id="Growth_and_innovation">Growth and innovation</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=3" title="Edit section: Growth and innovation" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Creative_Economics_The_system_of_economic_growth_in_developed_regions.PNG" class="mw-file-description"><noscript><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/ba/Creative_Economics_The_system_of_economic_growth_in_developed_regions.PNG/220px-Creative_Economics_The_system_of_economic_growth_in_developed_regions.PNG" decoding="async" width="220" height="134" class="mw-file-element" data-file-width="645" data-file-height="393"></noscript><span class="lazy-image-placeholder" style="width: 220px;height: 134px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/b/ba/Creative_Economics_The_system_of_economic_growth_in_developed_regions.PNG/220px-Creative_Economics_The_system_of_economic_growth_in_developed_regions.PNG" data-width="220" data-height="134" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/ba/Creative_Economics_The_system_of_economic_growth_in_developed_regions.PNG/330px-Creative_Economics_The_system_of_economic_growth_in_developed_regions.PNG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/ba/Creative_Economics_The_system_of_economic_growth_in_developed_regions.PNG/440px-Creative_Economics_The_system_of_economic_growth_in_developed_regions.PNG 2x" data-class="mw-file-element"> </span></a><figcaption>The system of economic growth in developed regions</figcaption></figure> <p>It has been observed that GDP growth is influenced by the size of the economy. The relation between GDP growth and GDP across the countries at a particular point of time is convex. Growth increases as GDP reaches its maximum and then begins to decline. There exists some extremum value. This is not exactly middle-income trap. It is observed for both developed and developing economies. Actually, countries having this property belong to <i>conventional growth domain</i>. However, the extremum could be extended by technological and policy innovations and some countries move into <i>innovative growth domain</i> with higher limiting values.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(3)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Determinants_of_per_capita_GDP_growth">Determinants of per capita GDP growth</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=4" title="Edit section: Determinants of per capita GDP growth" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-3 collapsible-block" id="mf-section-3"> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Historic_world_GDP_per_capita.svg" class="mw-file-description"><noscript><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/22/Historic_world_GDP_per_capita.svg/300px-Historic_world_GDP_per_capita.svg.png" decoding="async" width="300" height="250" class="mw-file-element" data-file-width="540" data-file-height="450"></noscript><span class="lazy-image-placeholder" style="width: 300px;height: 250px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/2/22/Historic_world_GDP_per_capita.svg/300px-Historic_world_GDP_per_capita.svg.png" data-width="300" data-height="250" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/22/Historic_world_GDP_per_capita.svg/450px-Historic_world_GDP_per_capita.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/22/Historic_world_GDP_per_capita.svg/600px-Historic_world_GDP_per_capita.svg.png 2x" data-class="mw-file-element"> </span></a><figcaption>Historic world GDP per capita</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:GDP_per_capita_growth_2023.png" class="mw-file-description"><noscript><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/GDP_per_capita_growth_2023.png/310px-GDP_per_capita_growth_2023.png" decoding="async" width="310" height="189" class="mw-file-element" data-file-width="7664" data-file-height="4680"></noscript><span class="lazy-image-placeholder" style="width: 310px;height: 189px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/GDP_per_capita_growth_2023.png/310px-GDP_per_capita_growth_2023.png" data-width="310" data-height="189" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/GDP_per_capita_growth_2023.png/465px-GDP_per_capita_growth_2023.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/78/GDP_per_capita_growth_2023.png/620px-GDP_per_capita_growth_2023.png 2x" data-class="mw-file-element"> </span></a><figcaption>real GDP per capita growth in % for 2023<sup id="cite_ref-World_Bank_10-0" class="reference"><a href="#cite_note-World_Bank-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> <style data-mw-deduplicate="TemplateStyles:r1216972533">.mw-parser-output .col-begin{border-collapse:collapse;padding:0;color:inherit;width:100%;border:0;margin:0}.mw-parser-output .col-begin-small{font-size:90%}.mw-parser-output .col-break{vertical-align:top;text-align:left}.mw-parser-output .col-break-2{width:50%}.mw-parser-output .col-break-3{width:33.3%}.mw-parser-output .col-break-4{width:25%}.mw-parser-output .col-break-5{width:20%}@media(max-width:720px){.mw-parser-output .col-begin,.mw-parser-output .col-begin>tbody,.mw-parser-output .col-begin>tbody>tr,.mw-parser-output .col-begin>tbody>tr>td{display:block!important;width:100%!important}.mw-parser-output .col-break{padding-left:0!important}}</style><div> <table class="col-begin" role="presentation"> <tbody><tr> <td class="col-break"> <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#66000f; color:white;"> </span> below -3.0</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#a8261f; color:white;"> </span> -3.0 to -2.1</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#da820f; color:black;"> </span> -2.0 to -1.1</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#fad45d; color:black;"> </span> -1.0 to -0.1</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#f9f8bb; color:black;"> </span> 0.0 to 0.9</div> </td> <td class="col-break"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#c3eded; color:black;"> </span> 1.0 to 1.9</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#6bd2df; color:black;"> </span> 2.0 to 2.9</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#2f5cd5; color:white;"> </span> 3.0 to 3.9</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#0c3091; color:white;"> </span> 4.0+</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#d1dbdd; color:black;"> </span> no data</div> </td></tr></tbody></table></div></figcaption></figure> <p>In national income accounting, per capita output can be calculated using the following factors: output per unit of labor input (labor productivity), hours worked (intensity), the percentage of the working-age population actually working (participation rate) and the proportion of the working-age population to the total population (demographics). "The rate of change of GDP/population is the sum of the rates of change of these four variables plus their cross products."<sup id="cite_ref-FOOTNOTEBjork199968_11-0" class="reference"><a href="#cite_note-FOOTNOTEBjork199968-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Economists distinguish between long-run economic growth and short-run economic changes in <a href="/wiki/Production_(economics)" title="Production (economics)">production</a>. Short-run variation in economic growth is termed the <i><a href="/wiki/Business_cycle" title="Business cycle">business cycle</a></i>. Generally, according to economists, the ups and downs in the business cycle can be attributed to fluctuations in <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>. In contrast, economic growth is concerned with the long-run trend in production due to structural causes such as technological growth and factor accumulation. </p> <div class="mw-heading mw-heading3"><h3 id="Productivity">Productivity</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=5" title="Edit section: Productivity" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Productivity-improving_technologies" title="Productivity-improving technologies">Productivity-improving technologies</a></div> <p>Increases in labor <a href="/wiki/Productivity" title="Productivity">productivity</a> (the ratio of the value of output to labor input) have historically been the most important source of real per capita economic growth.<sup id='cite_ref-FOOTNOTEBjork1999[[Category:Wikipedia_articles_needing_page_number_citations_from_July_2022]]<sup_class="noprint_Inline-Template_"_style="white-space:nowrap;">&#91;<i>[[Wikipedia:Citing_sources|<span_title="This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)">page&nbsp;needed</span>]]</i>&#93;</sup>_12-0' class="reference"><a href="#cite_note-FOOTNOTEBjork1999%5B%5BCategory:Wikipedia_articles_needing_page_number_citations_from_July_2022%5D%5D<sup_class=%22noprint_Inline-Template_%22_style=%22white-space:nowrap;%22>&#91;<i>%5B%5BWikipedia:Citing_sources%7C<span_title=%22This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)%22>page&nbsp;needed</span>%5D%5D</i>&#93;</sup>-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Kendrick_1961_16-0" class="reference"><a href="#cite_note-Kendrick_1961-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> In a famous estimate, MIT Professor <a href="/wiki/Robert_Solow" title="Robert Solow">Robert Solow</a> concluded that technological progress has accounted for 80 percent of the long-term rise in U.S. per capita income, with increased investment in capital explaining only the remaining 20 percent.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>Increases in productivity lower the real cost of goods. Over the 20th century, the real price of many goods fell by over 90%.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>Economic growth has traditionally been attributed to the accumulation of human and physical capital and the increase in productivity and creation of new goods arising from technological innovation.<sup id="cite_ref-Lucas1988_19-0" class="reference"><a href="#cite_note-Lucas1988-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Further <a href="/wiki/Division_of_labour" title="Division of labour">division of labour</a> (specialization) is also fundamental to rising productivity.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Before <a href="/wiki/Industrialization" class="mw-redirect" title="Industrialization">industrialization</a> technological progress resulted in an increase in the population, which was kept in check by food supply and other resources, which acted to limit per capita income, a condition known as the <a href="/wiki/Malthusian_trap" class="mw-redirect" title="Malthusian trap">Malthusian trap</a>.<sup id="cite_ref-Galor_(2005)_21-0" class="reference"><a href="#cite_note-Galor_(2005)-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id='cite_ref-FOOTNOTEClark2007[[Category:Wikipedia_articles_needing_page_number_citations_from_July_2022]]<sup_class="noprint_Inline-Template_"_style="white-space:nowrap;">&#91;<i>[[Wikipedia:Citing_sources|<span_title="This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)">page&nbsp;needed</span>]]</i>&#93;</sup>Part_I:_The_Malthusian_Trap_22-0' class="reference"><a href="#cite_note-FOOTNOTEClark2007%5B%5BCategory:Wikipedia_articles_needing_page_number_citations_from_July_2022%5D%5D<sup_class=%22noprint_Inline-Template_%22_style=%22white-space:nowrap;%22>&#91;<i>%5B%5BWikipedia:Citing_sources%7C<span_title=%22This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)%22>page&nbsp;needed</span>%5D%5D</i>&#93;</sup>Part_I:_The_Malthusian_Trap-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> The rapid economic growth that occurred during the <a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a> was remarkable because it was in excess of population growth, providing an escape from the Malthusian trap.<sup id='cite_ref-FOOTNOTEClark2007[[Category:Wikipedia_articles_needing_page_number_citations_from_July_2022]]<sup_class="noprint_Inline-Template_"_style="white-space:nowrap;">&#91;<i>[[Wikipedia:Citing_sources|<span_title="This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)">page&nbsp;needed</span>]]</i>&#93;</sup>Part_2:_The_Industrial_Revolution_23-0' class="reference"><a href="#cite_note-FOOTNOTEClark2007%5B%5BCategory:Wikipedia_articles_needing_page_number_citations_from_July_2022%5D%5D<sup_class=%22noprint_Inline-Template_%22_style=%22white-space:nowrap;%22>&#91;<i>%5B%5BWikipedia:Citing_sources%7C<span_title=%22This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)%22>page&nbsp;needed</span>%5D%5D</i>&#93;</sup>Part_2:_The_Industrial_Revolution-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Countries that industrialized eventually saw their population growth slow down, a phenomenon known as the <a href="/wiki/Demographic_transition" title="Demographic transition">demographic transition</a>. </p><p>Increases in productivity are the major factor responsible for per capita economic growth—this has been especially evident since the mid-19th century. Most of the economic growth in the 20th century was due to increased output per unit of labor, materials, energy, and land (less input per widget). The balance of the growth in output has come from using more inputs. Both of these changes increase output. The increased output included more of the same goods produced previously and new goods and services.<sup id="cite_ref-nber.org_24-0" class="reference"><a href="#cite_note-nber.org-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>During the <a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a>, <a href="/wiki/Mechanization" title="Mechanization">mechanization</a> began to replace hand methods in manufacturing, and new processes streamlined production of chemicals, iron, steel, and other products.<sup id="cite_ref-Landes1969_25-0" class="reference"><a href="#cite_note-Landes1969-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Machine_tool" title="Machine tool">Machine tools</a> made the economical production of metal parts possible, so that parts could be interchangeable.<sup id="cite_ref-Houndshell_1984_26-0" class="reference"><a href="#cite_note-Houndshell_1984-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> (See: <a href="/wiki/Interchangeable_parts" title="Interchangeable parts">Interchangeable parts</a>.) </p><p>During the <a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">Second Industrial Revolution</a>, a major factor of <a href="/wiki/Productivity" title="Productivity">productivity</a> growth was the substitution of inanimate power for human and animal labor. Also there was a great increase in power as steam-powered <a href="/wiki/Electricity_generation" title="Electricity generation">electricity generation</a> and internal combustion supplanted limited wind and <a href="/wiki/Water_power" class="mw-redirect" title="Water power">water power</a>.<sup id="cite_ref-Landes1969_25-1" class="reference"><a href="#cite_note-Landes1969-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Since that replacement, the great expansion of total power was driven by continuous improvements in <a href="/wiki/Energy_conversion_efficiency" title="Energy conversion efficiency">energy conversion efficiency</a>.<sup id="cite_ref-Ayres-Warr2004_27-0" class="reference"><a href="#cite_note-Ayres-Warr2004-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Other major <a href="/wiki/Productivity_improving_technologies_(historical)" class="mw-redirect" title="Productivity improving technologies (historical)">historical sources of productivity</a> were <a href="/wiki/Automation" title="Automation">automation</a>, transportation infrastructures (canals, railroads, and highways),<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> new materials (steel) and power, which includes steam and internal combustion engines and <a href="/wiki/Electrification" title="Electrification">electricity</a>. Other <a href="/wiki/Productivity" title="Productivity">productivity</a> improvements included <a href="/wiki/Mechanized_agriculture" class="mw-redirect" title="Mechanized agriculture">mechanized agriculture</a> and scientific agriculture including chemical <a href="/wiki/Fertilizer" title="Fertilizer">fertilizers</a> and livestock and poultry management, and the <a href="/wiki/Green_Revolution" title="Green Revolution">Green Revolution</a>. <a href="/wiki/Interchangeable_parts" title="Interchangeable parts">Interchangeable parts</a> made with <a href="/wiki/Machine_tool" title="Machine tool">machine tools</a> powered by <a href="/wiki/Electric_motor" title="Electric motor">electric motors</a> evolved into <a href="/wiki/Mass_production" title="Mass production">mass production</a>, which is universally used today.<sup id="cite_ref-Houndshell_1984_26-1" class="reference"><a href="#cite_note-Houndshell_1984-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Cost_of_chicken_in_time_worked.jpg" class="mw-file-description"><noscript><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Cost_of_chicken_in_time_worked.jpg/300px-Cost_of_chicken_in_time_worked.jpg" decoding="async" width="300" height="218" class="mw-file-element" data-file-width="4928" data-file-height="3577"></noscript><span class="lazy-image-placeholder" style="width: 300px;height: 218px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Cost_of_chicken_in_time_worked.jpg/300px-Cost_of_chicken_in_time_worked.jpg" data-width="300" data-height="218" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Cost_of_chicken_in_time_worked.jpg/450px-Cost_of_chicken_in_time_worked.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/Cost_of_chicken_in_time_worked.jpg/600px-Cost_of_chicken_in_time_worked.jpg 2x" data-class="mw-file-element"> </span></a><figcaption>Productivity lowered the cost of most items in terms of work time required to purchase. Real <a href="/wiki/Food_prices" title="Food prices">food prices</a> fell due to improvements in transportation and trade, <a href="/wiki/Mechanized_agriculture" class="mw-redirect" title="Mechanized agriculture">mechanized agriculture</a>, <a href="/wiki/Fertilizer" title="Fertilizer">fertilizers</a>, scientific farming and the <a href="/wiki/Green_Revolution" title="Green Revolution">Green Revolution</a>.</figcaption></figure> <p>Great sources of productivity improvement in the late 19th century were railroads, steam ships, horse-pulled <a href="/wiki/Reaper" title="Reaper">reapers</a> and <a href="/wiki/Combine_harvester" title="Combine harvester">combine harvesters</a>, and <a href="/wiki/Steam_engine" title="Steam engine">steam</a>-powered factories.<sup id="cite_ref-Wells_1890_30-0" class="reference"><a href="#cite_note-Wells_1890-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> The invention of processes for making cheap <a href="/wiki/Steel" title="Steel">steel</a> were important for many forms of <a href="/wiki/Mechanization" title="Mechanization">mechanization</a> and transportation. By the late 19th century both prices and weekly work hours fell because less labor, materials, and energy were required to produce and transport goods. However, real wages rose, allowing workers to improve their diet, buy consumer goods and afford better housing.<sup id="cite_ref-Wells_1890_30-1" class="reference"><a href="#cite_note-Wells_1890-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Mass_production" title="Mass production">Mass production</a> of the 1920s created <a href="/wiki/Overproduction" title="Overproduction">overproduction</a>, which was arguably one of several <a href="/wiki/Causes_of_the_Great_Depression" title="Causes of the Great Depression">causes of the Great Depression</a> of the 1930s.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Following the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, economic growth resumed, aided in part by increased demand for existing goods and services, such as automobiles, telephones, radios, electricity and household appliances. New goods and services included television, air conditioning and commercial aviation (after 1950), creating enough new demand to stabilize the work week.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> The building of highway infrastructures also contributed to post-World War II growth, as did capital investments in manufacturing and chemical industries.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> The post-World War II economy also benefited from the discovery of vast amounts of oil around the world, particularly in the <a href="/wiki/Middle_East" title="Middle East">Middle East</a>. By <a href="/wiki/John_Whitefield_Kendrick" title="John Whitefield Kendrick">John W. Kendrick's</a> estimate, three-quarters of increase in U.S. per capita GDP from 1889 to 1957 was due to increased productivity.<sup id="cite_ref-Kendrick_1961_16-1" class="reference"><a href="#cite_note-Kendrick_1961-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>Economic growth in the <a href="/wiki/United_States" title="United States">United States</a> slowed down after 1973.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> In contrast, growth in <a href="/wiki/Asia" title="Asia">Asia</a> has been strong since then, starting with <a href="/wiki/Japan" title="Japan">Japan</a> and spreading to <a href="/wiki/Four_Asian_Tigers" title="Four Asian Tigers">Four Asian Tigers</a>, <a href="/wiki/China" title="China">China</a>, <a href="/wiki/Southeast_Asia" title="Southeast Asia">Southeast Asia</a>, the <a href="/wiki/Indian_subcontinent" title="Indian subcontinent">Indian subcontinent</a> and <a href="/wiki/Asia_Pacific" class="mw-redirect" title="Asia Pacific">Asia Pacific</a>.<sup id="cite_ref-MarketWatch_2019_36-0" class="reference"><a href="#cite_note-MarketWatch_2019-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> In 1957 <a href="/wiki/South_Korea" title="South Korea">South Korea</a> had a lower per capita <a href="/wiki/GDP" class="mw-redirect" title="GDP">GDP</a> than <a href="/wiki/Ghana" title="Ghana">Ghana</a>,<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> and by 2008 it was 17 times as high as Ghana's.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> The Japanese economic growth has slackened considerably since the late 1980s. </p><p>Productivity in the United States grew at an increasing rate throughout the 19th century and was most rapid in the early to middle decades of the 20th century.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Gordon2000_42-0" class="reference"><a href="#cite_note-Gordon2000-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> U.S. productivity growth spiked towards the end of the century in 1996–2004, due to an acceleration in the rate of technological innovation known as <a href="/wiki/Moore%27s_law" title="Moore's law">Moore's law</a>.<sup id="cite_ref-Gordon_2013_44-0" class="reference"><a href="#cite_note-Gordon_2013-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Jorgenson&Ho_2014_45-0" class="reference"><a href="#cite_note-Jorgenson&Ho_2014-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> After 2004 U.S. productivity growth returned to the low levels of 1972–96.<sup id="cite_ref-Gordon_2013_44-1" class="reference"><a href="#cite_note-Gordon_2013-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Factor_accumulation">Factor accumulation</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=6" title="Edit section: Factor accumulation" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <p>Capital in economics ordinarily refers to physical capital, which consists of structures (largest component of physical capital) and equipment used in business (machinery, factory equipment, computers and office equipment, construction equipment, business vehicles, medical equipment, etc.).<sup id="cite_ref-FOOTNOTEBjork1999251_3-1" class="reference"><a href="#cite_note-FOOTNOTEBjork1999251-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Up to a point increases in the amount of capital per worker are an important cause of economic output growth. Capital is subject to <a href="/wiki/Diminishing_returns" title="Diminishing returns">diminishing returns</a> because of the amount that can be effectively invested and because of the growing burden of depreciation. In the development of economic theory, the distribution of income was considered to be between labor and the owners of land and capital.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> In recent decades there have been several Asian countries with high rates of economic growth driven by capital investment.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p><p>The work week declined considerably over the 19th century.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> By the 1920s the average work week in the U.S. was 49 hours, but the work week was reduced to 40 hours (after which overtime premium was applied) as part of the <a href="/wiki/National_Industrial_Recovery_Act" class="mw-redirect" title="National Industrial Recovery Act">National Industrial Recovery Act</a> of 1933. </p><p>Demographic factors may influence growth by changing the employment to population ratio and the labor force participation rate.<sup id='cite_ref-FOOTNOTEBjork1999[[Category:Wikipedia_articles_needing_page_number_citations_from_July_2022]]<sup_class="noprint_Inline-Template_"_style="white-space:nowrap;">&#91;<i>[[Wikipedia:Citing_sources|<span_title="This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)">page&nbsp;needed</span>]]</i>&#93;</sup>_12-1' class="reference"><a href="#cite_note-FOOTNOTEBjork1999%5B%5BCategory:Wikipedia_articles_needing_page_number_citations_from_July_2022%5D%5D<sup_class=%22noprint_Inline-Template_%22_style=%22white-space:nowrap;%22>&#91;<i>%5B%5BWikipedia:Citing_sources%7C<span_title=%22This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)%22>page&nbsp;needed</span>%5D%5D</i>&#93;</sup>-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Industrialization" class="mw-redirect" title="Industrialization">Industrialization</a> creates a <a href="/wiki/Demographic_transition" title="Demographic transition">demographic transition</a> in which birth rates decline and the average age of the population increases. </p><p>Women with fewer children and better access to market employment tend to join the labor force in higher percentages. There is a reduced demand for child labor and children spend more years in school. The increase in the percentage of women in the labor force in the U.S. contributed to economic growth, as did the entrance of the <a href="/wiki/Baby_boomer" class="mw-redirect" title="Baby boomer">baby boomers</a> into the workforce.<sup id='cite_ref-FOOTNOTEBjork1999[[Category:Wikipedia_articles_needing_page_number_citations_from_July_2022]]<sup_class="noprint_Inline-Template_"_style="white-space:nowrap;">&#91;<i>[[Wikipedia:Citing_sources|<span_title="This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)">page&nbsp;needed</span>]]</i>&#93;</sup>_12-2' class="reference"><a href="#cite_note-FOOTNOTEBjork1999%5B%5BCategory:Wikipedia_articles_needing_page_number_citations_from_July_2022%5D%5D<sup_class=%22noprint_Inline-Template_%22_style=%22white-space:nowrap;%22>&#91;<i>%5B%5BWikipedia:Citing_sources%7C<span_title=%22This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)%22>page&nbsp;needed</span>%5D%5D</i>&#93;</sup>-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>See: <a href="/wiki/Spending_wave" title="Spending wave">Spending wave</a> </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(4)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Other_factors_affecting_growth">Other factors affecting growth</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=7" title="Edit section: Other factors affecting growth" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-4 collapsible-block" id="mf-section-4"> <div class="mw-heading mw-heading3"><h3 id="Human_capital">Human capital</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=8" title="Edit section: Human capital" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <p>Many theoretical and empirical analyses of economic growth attribute a major role to a country's level of <a href="/wiki/Human_capital" title="Human capital">human capital</a>, defined as the skills of the population or the work force. Human capital has been included in both neoclassical and endogenous growth models.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p><p>A country's level of human capital is difficult to measure since it is created at home, at school, and on the job. Economists have attempted to measure human capital using numerous proxies, including the population's level of literacy, its level of numeracy, its level of book production/capita, its average level of formal schooling, its average test score on international tests, and its cumulative depreciated investment in formal schooling. The most commonly-used measure of human capital is the level (average years) of school attainment in a country, building upon the data development of <a href="/wiki/Robert_Barro" title="Robert Barro">Robert Barro</a> and Jong-Wha Lee.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> This measure is widely used because Barro and Lee provide data for numerous countries in five-year intervals for a long period of time. </p><p>One problem with the schooling attainment measure is that the amount of human capital acquired in a year of schooling is not the same at all levels of schooling and is not the same in all countries. This measure also presumes that human capital is only developed in formal schooling, contrary to the extensive evidence that families, neighborhoods, peers, and health also contribute to the development of human capital. Despite these potential limitations, Theodore Breton has shown that this measure can represent human capital in log-linear growth models because across countries GDP/adult has a log-linear relationship to average years of schooling, which is consistent with the log-linear relationship between workers' personal incomes and years of schooling in the <a href="/wiki/Mincer_earnings_function" title="Mincer earnings function">Mincer model</a>.<sup id="cite_ref-Theodore_56-0" class="reference"><a href="#cite_note-Theodore-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Knowledge_capital_and_economic_growth_rates_in_different_regions.svg" class="mw-file-description"><noscript><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/Knowledge_capital_and_economic_growth_rates_in_different_regions.svg/220px-Knowledge_capital_and_economic_growth_rates_in_different_regions.svg.png" decoding="async" width="220" height="220" class="mw-file-element" data-file-width="630" data-file-height="630"></noscript><span class="lazy-image-placeholder" style="width: 220px;height: 220px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/Knowledge_capital_and_economic_growth_rates_in_different_regions.svg/220px-Knowledge_capital_and_economic_growth_rates_in_different_regions.svg.png" data-width="220" data-height="220" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/Knowledge_capital_and_economic_growth_rates_in_different_regions.svg/330px-Knowledge_capital_and_economic_growth_rates_in_different_regions.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ea/Knowledge_capital_and_economic_growth_rates_in_different_regions.svg/440px-Knowledge_capital_and_economic_growth_rates_in_different_regions.svg.png 2x" data-class="mw-file-element"> </span></a><figcaption>Economic growth rates (percent, vertical) v. standardized tests of student achievement in different regions, both adjusted for GDP per capita in 1960</figcaption></figure> <p><a href="/wiki/Eric_Hanushek" title="Eric Hanushek">Eric Hanushek</a> and Dennis Kimko introduced measures of students' mathematics and science skills from international assessments into growth analysis.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> They found that this measure of human capital was very significantly related to economic growth. Eric Hanushek and <a href="/wiki/Ludger_W%C3%B6%C3%9Fmann" title="Ludger Wößmann">Ludger Wößmann</a> have extended this analysis.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> Theodore Breton shows that the correlation between economic growth and students' average test scores in Hanushek and Wößmann's analyses is actually due to the relationship in countries with less than eight years of schooling. He shows that economic growth is not correlated with average scores in more educated countries.<sup id="cite_ref-Theodore_56-1" class="reference"><a href="#cite_note-Theodore-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> Hanushek and Wößmann further investigate whether the relationship of knowledge capital to economic growth is causal. They show that the level of students' cognitive skills can explain the slow growth in Latin America and the rapid growth in East Asia.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/J%C3%B6rg_Baten" title="Jörg Baten">Joerg Baten</a> and <a href="/wiki/Jan_Luiten_van_Zanden" title="Jan Luiten van Zanden">Jan Luiten van Zanden</a> employ book production per capita as a proxy for sophisticated literacy capabilities and find that "Countries with high levels of human capital formation in the 18th century initiated or participated in the industrialization process of the 19th century, whereas countries with low levels of human capital formation were unable to do so, among them many of today's Less Developed Countries such as India, Indonesia, and China."<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Health">Health</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=9" title="Edit section: Health" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <p>Here, health is approached as a functioning from <a href="/wiki/Amartya_Sen" title="Amartya Sen">Amartya Sen</a> and <a href="/wiki/Martha_Nussbaum" title="Martha Nussbaum">Martha Nussbaum</a>'s <a href="/wiki/Capability_approach" title="Capability approach">capability approach</a> that an individual has to realise the achievements like economic success. Thus health in a broader sense is not the absence of illness, but the opportunity for people to biologically develop to their full potential their entire lives <sup id="cite_ref-Lustig_62-0" class="reference"><a href="#cite_note-Lustig-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> It is established that human capital is an important asset for economic growth, however, it can only be so if that population is healthy and well-nourished. One of the most important aspects of health is the mortality rate and how the rise or decline can affect the labour supply predominant in a developing economy.<sup id="cite_ref-Longevity_and_Life_cycle_Savings_63-0" class="reference"><a href="#cite_note-Longevity_and_Life_cycle_Savings-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> Mortality decline triggers greater investments in individual human capital and an increase in economic growth. <a href="/w/index.php?title=Matteo_Cervellati&action=edit&redlink=1" class="new" title="Matteo Cervellati (page does not exist)">Matteo Cervellati</a> and <a href="/wiki/Uwe_Sunde" title="Uwe Sunde">Uwe Sunde</a><sup id="cite_ref-aeaweb.org_64-0" class="reference"><a href="#cite_note-aeaweb.org-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> and <a href="/w/index.php?title=Rodrigo.R_Soares&action=edit&redlink=1" class="new" title="Rodrigo.R Soares (page does not exist)">Rodrigo.R Soares</a><sup id="cite_ref-Soares_2005_65-0" class="reference"><a href="#cite_note-Soares_2005-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> consider frameworks in which mortality decline has an influence on parents to have fewer children and to provide quality education for those children, as a result instituting an economic-demographic transition. </p><p>The relationship between health and economic growth is further nuanced by distinguishing the influence of specific diseases on <a href="/wiki/GDP" class="mw-redirect" title="GDP">GDP</a> per capita from that of aggregate measures of <a href="/wiki/Health" title="Health">health</a>, such as <a href="/wiki/Life_expectancy" title="Life expectancy">life expectancy</a><sup id="cite_ref-Health_and_Economic_Growth_66-0" class="reference"><a href="#cite_note-Health_and_Economic_Growth-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> Thus, investing in health is warranted both from the growth and equity perspectives, given the important role played by health in the economy. Protecting health assets from the impact of systemic transitional costs on economic reforms, pandemics, economic crises and natural disasters is also crucial. Protection from the shocks produced by illness and death, are usually taken care of within a country’s social insurance system. In areas such as Sub-Saharan Africa, where the prevalence of <a href="/wiki/HIV_and_AIDS" class="mw-redirect" title="HIV and AIDS">HIV and AIDS</a>, has a comparative negative impact on economical development. It will be interesting to see how research in the areas of health in near future uncover how the world will be performing living with the <a href="/wiki/SARS-CoV-2" title="SARS-CoV-2">SARS-CoV-2</a>, especially looking at the economic impacts it already has in a space of two years. Ultimately, when people live longer on average, <a href="/wiki/Human_capital" title="Human capital">human capital</a> expenditures are more likely to pay off, and all of these mechanisms center around the complementarity of longevity, <a href="/wiki/Health" title="Health">health</a>, and <a href="/wiki/Education" title="Education">education</a>, for which there is ample empirical evidence.<sup id="cite_ref-Health_and_Economic_Growth_66-1" class="reference"><a href="#cite_note-Health_and_Economic_Growth-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Lustig_62-1" class="reference"><a href="#cite_note-Lustig-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-aeaweb.org_64-1" class="reference"><a href="#cite_note-aeaweb.org-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Soares_2005_65-1" class="reference"><a href="#cite_note-Soares_2005-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Longevity_and_Life_cycle_Savings_63-1" class="reference"><a href="#cite_note-Longevity_and_Life_cycle_Savings-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Political_institutions">Political institutions</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=10" title="Edit section: Political institutions" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Great_Divergence#Property_rights" title="Great Divergence">Great Divergence § Property rights</a>, <a href="/wiki/Great_Divergence#Efficiency_of_markets_and_state_intervention" title="Great Divergence">Great Divergence § Efficiency of markets and state intervention</a>, and <a href="/wiki/Great_Divergence#State_prohibition_of_new_technology" title="Great Divergence">Great Divergence § State prohibition of new technology</a></div> <blockquote><p>"As institutions influence behavior and incentives in real life, they forge the success or failure of nations."<sup id="cite_ref-Acemoglu&Robinson_67-0" class="reference"><a href="#cite_note-Acemoglu&Robinson-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>In economics and economic history, the transition from earlier economic systems to <a href="/wiki/Capitalism" title="Capitalism">capitalism</a> was facilitated by the adoption of government policies which fostered <a href="/wiki/Commerce" title="Commerce">commerce</a> and gave individuals more personal and economic freedom. These included new laws favorable to the establishment of business, including <a href="/wiki/Contract_law" class="mw-redirect" title="Contract law">contract law</a>, laws providing for the protection of <a href="/wiki/Private_property" title="Private property">private property</a>, and the abolishment of anti-usury laws.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> </p><p>Much of the literature on economic growth refers to the success story of the British state after the <a href="/wiki/Glorious_Revolution" title="Glorious Revolution">Glorious Revolution</a> of 1688, in which high fiscal capacity combined with constraints on the power of the king generated some respect for the rule of law.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Acemoglu&Robinson_67-1" class="reference"><a href="#cite_note-Acemoglu&Robinson-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> However, others have questioned that this institutional formula is not so easily replicable elsewhere as a change in the Constitution—and the type of institutions created by that change—does not necessarily create a change in political power if the economic powers of that society are not aligned with the new set of rule of law institutions.<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> In England, a dramatic increase in the state's fiscal capacity followed the creation of constraints on the crown, but elsewhere in Europe increases in <a href="/wiki/State_capacity" title="State capacity">state capacity</a> happened before major rule of law reforms.<sup id="cite_ref-:0_74-0" class="reference"><a href="#cite_note-:0-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> </p><p>There are many different ways through which states achieved state (fiscal) capacity and this different capacity accelerated or hindered their economic development. Thanks to the underlying homogeneity of its land and people, England was able to achieve a unified legal and fiscal system since the Middle Ages that enabled it to substantially increase the taxes it raised after 1689.<sup id="cite_ref-:0_74-1" class="reference"><a href="#cite_note-:0-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> On the other hand, the French experience of state building faced much stronger resistance from local feudal powers keeping it legally and fiscally fragmented until the French Revolution despite significant increases in state capacity during the seventeenth century.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> Furthermore, Prussia and the Habsburg empire—much more heterogeneous states than England—were able to increase state capacity during the eighteenth century without constraining the powers of the executive.<sup id="cite_ref-:0_74-2" class="reference"><a href="#cite_note-:0-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> Nevertheless, it is unlikely that a country will generate institutions that respect property rights and the rule of law without having had first intermediate fiscal and political institutions that create incentives for elites to support them. Many of these intermediate level institutions relied on informal private-order arrangements that combined with public-order institutions associated with states, to lay the foundations of modern rule of law states.<sup id="cite_ref-:0_74-3" class="reference"><a href="#cite_note-:0-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> </p><p>In many poor and developing countries much land and housing are held outside the formal or legal property ownership registration system. In many urban areas the poor "invade" private or government land to build their houses, so they do not hold title to these properties. Much unregistered property is held in informal form through various property associations and other arrangements. Reasons for extra-legal ownership include excessive bureaucratic red tape in buying property and building. In some countries, it can take over 200 steps and up to 14 years to build on government land. Other causes of extra-legal property are failures to notarize transaction documents or having documents notarized but failing to have them recorded with the official agency.<sup id="cite_ref-Desoto_2000_77-0" class="reference"><a href="#cite_note-Desoto_2000-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> </p><p>Not having clear legal title to property limits its potential to be used as collateral to secure loans, depriving many poor countries of one of their most important potential sources of capital. Unregistered businesses and lack of accepted accounting methods are other factors that limit potential capital.<sup id="cite_ref-Desoto_2000_77-1" class="reference"><a href="#cite_note-Desoto_2000-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> </p><p>Businesses and individuals participating in unreported business activity and owners of unregistered property face costs such as bribes and pay-offs that offset much of any taxes avoided.<sup id="cite_ref-Desoto_2000_77-2" class="reference"><a href="#cite_note-Desoto_2000-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> </p><p>"Democracy Does Cause Growth", according to Acemoglu <i>et al.</i> Specifically, they state that "democracy increases future GDP by encouraging investment, increasing schooling, inducing economic reforms, improving public goods provision, and reducing social unrest".<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> <a href="/wiki/UNESCO" title="UNESCO">UNESCO</a> and the <a href="/wiki/United_Nations" title="United Nations">United Nations</a> also consider that <a href="/wiki/Cultural_property" title="Cultural property">cultural property</a> protection, high-quality education, cultural diversity and social cohesion in armed conflicts are particularly necessary for qualitative growth.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> </p><p>According to <a href="/wiki/Daron_Acemoglu" title="Daron Acemoglu">Daron Acemoglu</a>, <a href="/wiki/Simon_Johnson_(economist)" title="Simon Johnson (economist)">Simon Johnson</a> and <a href="/wiki/James_A._Robinson_(Harvard_University)" class="mw-redirect" title="James A. Robinson (Harvard University)">James Robinson</a>, the positive correlation between high income and cold climate is a by-product of history. Europeans adopted very different colonization policies in different colonies, with different associated institutions. In places where these colonizers faced high mortality rates (e.g., due to the presence of tropical diseases), they could not settle permanently, and they were thus more likely to establish extractive institutions, which persisted after independence; in places where they could settle permanently (e.g. those with temperate climates), they established institutions with this objective in mind and modeled them after those in their European homelands. In these 'neo-Europes' better institutions in turn produced better development outcomes. Thus, although other economists focus on the identity or type of legal system of the colonizers to explain institutions, these authors look at the environmental conditions in the colonies to explain institutions. For instance, former colonies have inherited corrupt governments and geopolitical boundaries (set by the colonizers) that are not properly placed regarding the geographical locations of different ethnic groups, creating internal disputes and conflicts that hinder development. In another example, societies that emerged in colonies without solid native populations established better property rights and incentives for long-term investment than those where native populations were large.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> </p><p>In <i>Why Nations Fail</i>, Acemoglu and Robinson said that the English in North America started by trying to repeat the success of the Spanish <a href="/wiki/Conquistador" title="Conquistador">Conquistadors</a> in extracting wealth (especially gold and silver) from the countries they had conquered. This system repeatedly failed for the English. Their successes rested on giving land and a voice in the government to every male settler to incentivize productive labor. In Virginia it took twelve years and many deaths from starvation before the governor decided to try democracy.<sup id="cite_ref-FOOTNOTEAcemogluRobinson201226_81-0" class="reference"><a href="#cite_note-FOOTNOTEAcemogluRobinson201226-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> </p><p>Economic growth, its sustainability and its distribution remain central aspects of government policy. For example, the <a href="/wiki/UK_Government" class="mw-redirect" title="UK Government">UK Government</a> recognises that "Government can play an important role in supporting economic growth by helping to level the playing field through the way it <a href="/wiki/Government_procurement" title="Government procurement">buys public goods, works and services</a>",<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> and "Post-<a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">Pandemic</a> Economic Growth" has been featured in a series of inquiries undertaken by the parliamentary <a href="/wiki/Business,_Energy_and_Industrial_Strategy_Committee" class="mw-redirect" title="Business, Energy and Industrial Strategy Committee">Business, Energy and Industrial Strategy Committee</a>, which argues that the UK Government "has a big job to do in helping businesses survive, stimulating economic growth and encouraging the creation of well-paid meaningful jobs".<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Democracy_and_economic_growth">Democracy and economic growth</h4><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=11" title="Edit section: Democracy and economic growth" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <div class="excerpt-block"><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable dablink excerpt-hat selfref">This section is an excerpt from <a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy and economic growth</a>.<span class="mw-editsection-like plainlinks"><span class="mw-editsection-bracket">[</span><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Democracy_and_economic_growth&action=edit">edit</a><span class="mw-editsection-bracket">]</span></span></div><div class="excerpt"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"> <a href="/wiki/Democracy" title="Democracy">Democracy</a> and economic growth and development have had a strong correlative and interactive relationship throughout history. Effects of democracy on economic growth and effect of economic growth on democracy can be distinguished. While evidence of a relationship is irrefutable,<sup id="cite_ref-Democracy_and_economic_growth_e721_84-0" class="reference"><a href="#cite_note-Democracy_and_economic_growth_e721-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> economists' and historians' opinions of its exact nature have been sharply split, hence the latter has been the subject of many debates and studies.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (September 2024)">citation needed</span></a></i>]</sup></div></div> <div class="mw-heading mw-heading3"><h3 id="Entrepreneurs_and_new_products">Entrepreneurs and new products</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=12" title="Edit section: Entrepreneurs and new products" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <p>Policymakers and scholars frequently emphasize the importance of entrepreneurship for economic growth. However, surprisingly few research empirically examine and quantify entrepreneurship's impact on growth. This is due to endogeneity—forces that drive economic growth also drive entrepreneurship. In other words, the empirical analysis of the impact of entrepreneurship on growth is difficult because of the joint determination of entrepreneurship and economic growth. A few papers use quasi-experimental designs, and have found that entrepreneurship and the density of small businesses indeed have a causal impact on regional growth.<sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> </p><p>Another major cause of economic growth is the introduction of new products and services and the improvement of existing products. New products create demand, which is necessary to offset the decline in employment that occurs through labor-saving technology (and to a lesser extent employment declines due to savings in energy and materials).<sup id="cite_ref-Jorgenson&Ho_2014_45-1" class="reference"><a href="#cite_note-Jorgenson&Ho_2014-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> In the U.S. by 2013 about 60% of consumer spending was for goods and services that did not exist in 1869. Also, the creation of new services has been more important than invention of new goods.<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Structural_change">Structural change</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=13" title="Edit section: Structural change" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Rostow%27s_stages_of_growth" title="Rostow's stages of growth">Rostow's stages of growth</a></div> <p>Economic growth in the U.S. and other developed countries went through phases that affected growth through changes in the labor force participation rate and the relative sizes of economic sectors. The transition from an agricultural economy to manufacturing increased the size of the sector with high output per hour (the high-productivity manufacturing sector), while reducing the size of the sector with lower output per hour (the lower productivity agricultural sector). Eventually high productivity growth in manufacturing reduced the sector size, as prices fell and employment shrank relative to other sectors.<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> The service and government sectors, where output per hour and productivity growth is low, saw increases in their shares of the economy and employment during the 1990s.<sup id='cite_ref-FOOTNOTEBjork1999[[Category:Wikipedia_articles_needing_page_number_citations_from_July_2022]]<sup_class="noprint_Inline-Template_"_style="white-space:nowrap;">&#91;<i>[[Wikipedia:Citing_sources|<span_title="This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)">page&nbsp;needed</span>]]</i>&#93;</sup>_12-3' class="reference"><a href="#cite_note-FOOTNOTEBjork1999%5B%5BCategory:Wikipedia_articles_needing_page_number_citations_from_July_2022%5D%5D<sup_class=%22noprint_Inline-Template_%22_style=%22white-space:nowrap;%22>&#91;<i>%5B%5BWikipedia:Citing_sources%7C<span_title=%22This_citation_requires_a_reference_to_the_specific_page_or_range_of_pages_in_which_the_material_appears.&#32;(July_2022)%22>page&nbsp;needed</span>%5D%5D</i>&#93;</sup>-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Public_sector" title="Public sector">public sector</a> has since contracted, while the service economy expanded in the 2000s. </p><p>The structural change could also be viewed from another angle. It is possible to divide real economic growth into two components: an indicator of extensive economic growth—the ‘quantitative’ GDP—and an indicator of the improvement of the quality of goods and services—the ‘qualitative’ GDP.<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(5)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Growth_theories">Growth theories <span class="anchor" id="theory"></span></h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=14" title="Edit section: Growth theories" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-5 collapsible-block" id="mf-section-5"> <div class="mw-heading mw-heading3"><h3 id="Adam_Smith">Adam Smith</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=15" title="Edit section: Adam Smith" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <p>Adam Smith pioneered modern economic growth and performance theory in his book <a href="/wiki/The_Wealth_of_Nations" title="The Wealth of Nations">The Wealth of Nations</a><i>,</i> first published in 1776. For Smith, the main factors of economic growth are division of labour and <a href="/wiki/Capital_accumulation" title="Capital accumulation">capital accumulation</a>. However, these are conditioned by what he calls "the extent of the market". This is conditioned notably by geographic factors but also institutional ones such as the political-legal environment.<sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Malthusian_theory">Malthusian theory</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=16" title="Edit section: Malthusian theory" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></div> <p>Malthusianism is the idea that population growth is potentially exponential while the growth of the food supply or other resources is linear, which eventually reduces living standards to the point of triggering a population die off. The Malthusian theory also proposes that over most of human history technological progress caused larger population growth but had no impact on income per capita in the long run. According to the theory, while technologically advanced economies over this epoch were characterized by higher population density, their level of income per capita was not different from those among technologically regressed society. </p><p>The conceptual foundations of the Malthusian theory were formed by Thomas Malthus,<sup id="cite_ref-93" class="reference"><a href="#cite_note-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> and a modern representation of these approach is provided by Ashraf and Galor.<sup id="cite_ref-:1_94-0" class="reference"><a href="#cite_note-:1-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> In line with the predictions of the Malthusian theory, a cross-country analysis finds a significant positive effect of the technological level on population density and an insignificant effect on income per capita significantly over the years 1–1500.<sup id="cite_ref-:1_94-1" class="reference"><a href="#cite_note-:1-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Classical_growth_theory">Classical growth theory</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=17" title="Edit section: Classical growth theory" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <p>In classical (<a href="/wiki/David_Ricardo" title="David Ricardo">Ricardian</a>) economics, the theory of production and the theory of growth are based on the theory of sustainability and law of variable proportions, whereby increasing either of the <a href="/wiki/Factors_of_production" title="Factors of production">factors of production</a> (labor or capital), while holding the other constant and assuming no technological change, will increase output, but at a diminishing rate that eventually will approach zero. These concepts have their origins in <a href="/wiki/Thomas_Malthus" class="mw-redirect" title="Thomas Malthus">Thomas Malthus</a>’s theorizing about agriculture. Malthus's examples included the number of seeds harvested relative to the number of seeds planted (capital) on a plot of land and the size of the harvest from a plot of land versus the number of workers employed.<sup id="cite_ref-FOOTNOTEBjork1999297–298_95-0" class="reference"><a href="#cite_note-FOOTNOTEBjork1999297%E2%80%93298-95"><span class="cite-bracket">[</span>95<span class="cite-bracket">]</span></a></sup> (See also <a href="/wiki/Diminishing_returns" title="Diminishing returns">Diminishing returns</a>) </p><p>Criticisms of classical growth theory are that technology, an important factor in economic growth, is held constant and that <a href="/wiki/Economies_of_scale" title="Economies of scale">economies of scale</a> are ignored.<sup id="cite_ref-FOOTNOTEBjork1999298_96-0" class="reference"><a href="#cite_note-FOOTNOTEBjork1999298-96"><span class="cite-bracket">[</span>96<span class="cite-bracket">]</span></a></sup> </p><p>One popular theory in the 1940s was the <a href="/wiki/Big_push_model" title="Big push model">big push model</a>, which suggested that countries needed to jump from one stage of development to another through a <a href="/wiki/Virtuous_cycle" class="mw-redirect" title="Virtuous cycle">virtuous cycle</a>, in which large investments in infrastructure and education coupled with private investments would move the economy to a more productive stage, breaking free from economic paradigms appropriate to a lower productivity stage.<sup id="cite_ref-97" class="reference"><a href="#cite_note-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup> The idea was revived and formulated rigorously, in the late 1980s by <a href="/wiki/Kevin_Murphy_(economist)" class="mw-redirect" title="Kevin Murphy (economist)">Kevin Murphy</a>, <a href="/wiki/Andrei_Shleifer" title="Andrei Shleifer">Andrei Shleifer</a> and <a href="/wiki/Robert_Vishny" class="mw-redirect" title="Robert Vishny">Robert Vishny</a>.<sup id="cite_ref-98" class="reference"><a href="#cite_note-98"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Solow–Swan_model"><span id="Solow.E2.80.93Swan_model"></span>Solow–Swan model</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=18" title="Edit section: Solow–Swan model" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan model</a></div> <p><a href="/wiki/Robert_Solow" title="Robert Solow">Robert Solow</a> and <a href="/wiki/Trevor_Swan" title="Trevor Swan">Trevor Swan</a> developed what eventually became the main model used in growth economics in the 1950s.<sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">[</span>99<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-100" class="reference"><a href="#cite_note-100"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup> This model assumes that there are <a href="/wiki/Diminishing_returns" title="Diminishing returns">diminishing returns</a> to capital and labor. Capital accumulates through investment, but its level or stock continually decreases due to depreciation. Due to the diminishing returns to capital, with increases in capital/worker and absent technological progress, economic output/worker eventually reaches a point where capital per worker and economic output/worker remain constant because annual investment in capital equals annual depreciation. This condition is called the 'steady state'. </p><p>In the Solow–Swan model if productivity increases through technological progress, then output/worker increases even when the economy is in the steady state. If productivity increases at a constant rate, output/worker also increases at a related steady-state rate. As a consequence, growth in the model can occur either by increasing the share of GDP invested or through technological progress. But at whatever share of GDP invested, capital/worker eventually converges on the steady state, leaving the growth rate of output/worker determined only by the rate of technological progress. As a consequence, with world technology available to all and progressing at a constant rate, all countries have the same steady state rate of growth. Each country has a different level of GDP/worker determined by the share of GDP it invests, but all countries have the same rate of economic growth. Implicitly in this model rich countries are those that have invested a high share of GDP for a long time. Poor countries can become rich by increasing the share of GDP they invest. One important prediction of the model, mostly borne out by the data, is that of <i>conditional convergence</i>; the idea that poor countries will grow faster and catch up with rich countries as long as they have similar investment (and saving) rates and access to the same technology. </p><p>The Solow–Swan model is considered an "exogenous" growth model because it does not explain why countries invest different shares of GDP in capital nor why technology improves over time. Instead, the rate of investment and the rate of technological progress are exogenous. The value of the model is that it predicts the pattern of economic growth once these two rates are specified. Its failure to explain the determinants of these rates is one of its limitations. </p><p>Although the rate of investment in the model is exogenous, under certain conditions the model implicitly predicts convergence in the rates of investment across countries. In a global economy with a global financial capital market, financial capital flows to the countries with the highest return on investment. In the Solow-Swan model countries with less capital/worker (poor countries) have a higher return on investment due to the diminishing returns to capital. As a consequence, capital/worker and output/worker in a global financial capital market should converge to the same level in all countries.<sup id="cite_ref-101" class="reference"><a href="#cite_note-101"><span class="cite-bracket">[</span>101<span class="cite-bracket">]</span></a></sup> Since historically financial capital has not flowed to the countries with less capital/worker, the basic Solow–Swan model has a conceptual flaw. Beginning in the 1990s, this flaw has been addressed by adding additional variables to the model that can explain why some countries are less productive than others and, therefore, do not attract flows of global financial capital even though they have less (physical) capital/worker. </p><p>In practice, convergence was rarely achieved. In 1957, Solow applied his model to data from the U.S. gross national product to estimate contributions. This showed that the increase in capital and labor stock only accounted for about half of the output, while the population increase adjustments to capital explained eighth. This remaining unaccounted growth output is known as the Solow Residual. Here the A of (t) "technical progress" was the reason for increased output. Nevertheless, the model still had flaws. It gave no room for policy to influence the growth rate. Few attempts were also made by the RAND Corporation the non-profit think tank and frequently visiting economist Kenneth Arrow to work out the kinks in the model. They suggested that new knowledge was indivisible and that it is endogenous with a certain fixed cost. Arrow's further explained that new knowledge obtained by firms comes from practice and built a model that "knowledge" accumulated through experience.<sup id="cite_ref-102" class="reference"><a href="#cite_note-102"><span class="cite-bracket">[</span>102<span class="cite-bracket">]</span></a></sup> </p><p>According to Harrod, the natural growth rate is the maximum rate of growth allowed by the increase of variables like population growth, technological improvement and growth in natural resources. </p><p>In fact, the natural growth rate is the highest attainable growth rate which would bring about the fullest possible employment of the resources existing in the economy. </p> <div class="mw-heading mw-heading3"><h3 id="Endogenous_growth_theory">Endogenous growth theory</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=19" title="Edit section: Endogenous growth theory" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth theory</a></div> <p>Unsatisfied with the assumption of exogenous technological progress in the Solow–Swan model, economists worked to "<a href="/wiki/Exogenous_and_endogenous_variables" title="Exogenous and endogenous variables">endogenize</a>" (i.e., explain it "from within" the models) productivity growth in the 1980s. The resulting <a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">endogenous growth theory</a>, most notably advanced by <a href="/wiki/Robert_Lucas,_Jr." class="mw-redirect" title="Robert Lucas, Jr.">Robert Lucas, Jr.</a> and his student <a href="/wiki/Paul_Romer" title="Paul Romer">Paul Romer</a>, includes a mathematical explanation of technological advancement.<sup id="cite_ref-Lucas1988_19-1" class="reference"><a href="#cite_note-Lucas1988-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-103" class="reference"><a href="#cite_note-103"><span class="cite-bracket">[</span>103<span class="cite-bracket">]</span></a></sup> This <a href="/wiki/Uzawa%E2%80%93Lucas_model" title="Uzawa–Lucas model">model</a> was notable for its incorporation of <a href="/wiki/Human_capital" title="Human capital">human capital</a>, which is interpreted from changes to investment patterns in education, training, and healthcare by private sector firms or governments. Notwithstanding the implications this component has for policy, the endogenous perspective on human capital investment emphasizes the possibility for broad-based effects which can be realized by other firms in the economy. Accordingly, human capital is theorized to deliver increasing rates of return unlike <a href="/wiki/Physical_capital" title="Physical capital">physical capital</a>. Research done in this area has focused on what increases human capital (e.g. <a href="/wiki/Education" title="Education">education</a>) or technological change (e.g. <a href="/wiki/Innovation" title="Innovation">innovation</a>).<sup id="cite_ref-mystery_104-0" class="reference"><a href="#cite_note-mystery-104"><span class="cite-bracket">[</span>104<span class="cite-bracket">]</span></a></sup> The quantity <a href="/wiki/Technological_theory_of_social_production" title="Technological theory of social production">theory</a> of endogenous productivity growth was proposed by Russian economist <a href="/wiki/Vladimir_Pokrovskii" title="Vladimir Pokrovskii">Vladimir Pokrovskii</a>. It explains growth as a consequence of the dynamics of three factors, including the technological characteristics of production equipment. Without any arbitrary parameters, historical rates of economic growth can be predicted with considerable precision.<sup id="cite_ref-105" class="reference"><a href="#cite_note-105"><span class="cite-bracket">[</span>105<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-106" class="reference"><a href="#cite_note-106"><span class="cite-bracket">[</span>106<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-107" class="reference"><a href="#cite_note-107"><span class="cite-bracket">[</span>107<span class="cite-bracket">]</span></a></sup> </p><p>On Memorial Day weekend in 1988, a conference in Buffalo brought together influential thinkers to evaluate the conflicting theories of growth. Romer, Krugman, Barro, and Becker were in attendance along with many other high profiled economists of the time. Amongst many papers that day the one that stood out was Romer's "Micro Foundations for Aggregate Technological Change." The Micro Foundation claimed that endogenous technological change had the concept of Intellectual Property imbedded and that knowledge is an input and output of production. Romer argued that outcomes to the national growth rates were significantly affected by public policy, trade activity, and intellectual property. He stressed that cumulative capital and specialization were key, and that not only population growth can increase capital of knowledge, it was human capital that is specifically trained in harvesting new ideas.<sup id="cite_ref-108" class="reference"><a href="#cite_note-108"><span class="cite-bracket">[</span>108<span class="cite-bracket">]</span></a></sup> </p><p>While intellectual property may be important, Baker (2016) cites multiple sources claiming that "stronger patent protection seems to be associated with slower growth". That's particularly true for patents in the ethical health care industry. In effect taxpayers pay twice for new drugs and diagnostic procedures: First in tax subsidies and second for the high prices of diagnostic procedures treatments. If the results of research paid by taxpayers were placed in the public domain, Baker claims that people everywhere would be healthier, because better diagnoses and treatment would be more affordable the world over.<sup id="cite_ref-109" class="reference"><a href="#cite_note-109"><span class="cite-bracket">[</span>109<span class="cite-bracket">]</span></a></sup> </p><p>One branch of endogenous growth theory was developed on the foundations of the Schumpeterian theory, named after the 20th-century <a href="/wiki/Austrians" title="Austrians">Austrian</a> <a href="/wiki/Economist" title="Economist">economist</a> <a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Joseph Schumpeter</a>.<sup id="cite_ref-110" class="reference"><a href="#cite_note-110"><span class="cite-bracket">[</span>110<span class="cite-bracket">]</span></a></sup> The approach explains growth as a consequence of <a href="/wiki/Innovation" title="Innovation">innovation</a> and a process of <a href="/wiki/Creative_destruction" title="Creative destruction">creative destruction</a> that captures the dual nature of technological progress: in terms of creation, entrepreneurs introduce new products or processes in the hope that they will enjoy temporary monopoly-like profits as they capture markets. In doing so, they make old technologies or products obsolete. This can be seen as an <i>annulment</i> of previous technologies, which makes them obsolete, and "destroys the rents generated by previous innovations".<sup id="cite_ref-Aghion2002_111-0" class="reference"><a href="#cite_note-Aghion2002-111"><span class="cite-bracket">[</span>111<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 855">: 855 </span></sup><sup id="cite_ref-112" class="reference"><a href="#cite_note-112"><span class="cite-bracket">[</span>112<span class="cite-bracket">]</span></a></sup> A major model that illustrates <a href="/wiki/Schumpeterian_growth" class="mw-redirect" title="Schumpeterian growth">Schumpeterian growth</a> is the <a href="/w/index.php?title=Aghion%E2%80%93Howitt_model&action=edit&redlink=1" class="new" title="Aghion–Howitt model (page does not exist)">Aghion–Howitt model</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://ru.wikipedia.org/wiki/%D0%BC%D0%BE%D0%B4%D0%B5%D0%BB%D1%8C_%D0%90%D0%B3%D1%8C%D0%BE%D0%BD%D0%B0_%E2%80%94_%D0%A5%D0%BE%D0%B2%D0%B8%D1%82%D1%82%D0%B0" class="extiw" title="ru:модель Агьона — Ховитта">ru</a>]</span>.<sup id="cite_ref-113" class="reference"><a href="#cite_note-113"><span class="cite-bracket">[</span>113<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Aghion2002_111-1" class="reference"><a href="#cite_note-Aghion2002-111"><span class="cite-bracket">[</span>111<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Unified_growth_theory">Unified growth theory</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=20" title="Edit section: Unified growth theory" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Unified_growth_theory" title="Unified growth theory">Unified growth theory</a></div> <p><a href="/wiki/Unified_growth_theory" title="Unified growth theory">Unified growth theory</a> was developed by <a href="/wiki/Oded_Galor" title="Oded Galor">Oded Galor</a> and his co-authors to address the inability of endogenous growth theory to explain key empirical regularities in the growth processes of individual economies and the world economy as a whole.<sup id="cite_ref-:2_114-0" class="reference"><a href="#cite_note-:2-114"><span class="cite-bracket">[</span>114<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:3_115-0" class="reference"><a href="#cite_note-:3-115"><span class="cite-bracket">[</span>115<span class="cite-bracket">]</span></a></sup> Unlike endogenous growth theory that focuses entirely on the modern growth regime and is therefore unable to explain the roots of inequality across nations, unified growth theory captures in a single framework the fundamental phases of the process of development in the course of human history: (i) the Malthusian epoch that was prevalent over most of human history, (ii) the escape from the <a href="/wiki/Malthusian_trap" class="mw-redirect" title="Malthusian trap">Malthusian trap</a>, (iii) the emergence of human capital as a central element in the growth process, (iv) the onset of the fertility decline, (v) the origins of the modern era of sustained economic growth, and (vi) the roots of divergence in income per capita across nations in the past two centuries. The theory suggests that during most of human existence, technological progress was offset by population growth, and living standards were near subsistence across time and space. However, the reinforcing interaction between the rate of technological progress and the size and composition of the population has gradually increased the pace of technological progress, enhancing the importance of education in the ability of individuals to adapt to the changing technological environment. The rise in the allocation of resources towards education triggered a fertility decline enabling economies to allocate a larger share of the fruits of technological progress to a steady increase in income per capita, rather than towards the growth of population, paving the way for the emergence of sustained economic growth. The theory further suggests that variations in biogeographical characteristics, as well as cultural and institutional characteristics, have generated a differential pace of transition from stagnation to growth across countries and consequently divergence in their income per capita over the past two centuries.<sup id="cite_ref-:2_114-1" class="reference"><a href="#cite_note-:2-114"><span class="cite-bracket">[</span>114<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:3_115-1" class="reference"><a href="#cite_note-:3-115"><span class="cite-bracket">[</span>115<span class="cite-bracket">]</span></a></sup> </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(6)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Inequality_and_growth">Inequality and growth</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=21" title="Edit section: Inequality and growth" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-6 collapsible-block" id="mf-section-6"> <div class="mw-heading mw-heading3"><h3 id="Theories">Theories</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=22" title="Edit section: Theories" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a> and <a href="/wiki/Effects_of_economic_inequality" title="Effects of economic inequality">Effects of economic inequality</a></div> <p>The prevailing views about the <a href="/wiki/Social_inequality_and_economic_growth" class="mw-redirect" title="Social inequality and economic growth">role of inequality</a> in the growth process has radically shifted in the past century.<sup id="cite_ref-116" class="reference"><a href="#cite_note-116"><span class="cite-bracket">[</span>116<span class="cite-bracket">]</span></a></sup> </p><p>The classical perspective, as expressed by Adam Smith, and others, suggests that inequality fosters the growth process.<sup id="cite_ref-BergOstryEE_117-0" class="reference"><a href="#cite_note-BergOstryEE-117"><span class="cite-bracket">[</span>117<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-BergOstrySD_118-0" class="reference"><a href="#cite_note-BergOstrySD-118"><span class="cite-bracket">[</span>118<span class="cite-bracket">]</span></a></sup> Specifically, since the aggregate saving increases with inequality due to higher property to save among the wealthy, the classical viewpoint suggests that inequality stimulates capital accumulation and therefore economic growth.<sup id="cite_ref-119" class="reference"><a href="#cite_note-119"><span class="cite-bracket">[</span>119<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical perspective</a> that is based on <a href="/wiki/Representative_agent" title="Representative agent">representative agent</a> approach denies the role of inequality in the growth process. It suggests that while the growth process may affect inequality, income distribution has no impact on the growth process. </p><p>The modern perspective which has emerged in the late 1980s suggests, in contrast, that <a href="/wiki/Income_distribution" title="Income distribution">income distribution</a> has a significant impact on the growth process. The modern perspective, originated by <a href="/wiki/Galor-Zeira_model" class="mw-redirect" title="Galor-Zeira model">Galor and Zeira</a>,<sup id="cite_ref-:4_120-0" class="reference"><a href="#cite_note-:4-120"><span class="cite-bracket">[</span>120<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:5_121-0" class="reference"><a href="#cite_note-:5-121"><span class="cite-bracket">[</span>121<span class="cite-bracket">]</span></a></sup> highlights the important role of <a href="/wiki/Homogeneity_and_heterogeneity" title="Homogeneity and heterogeneity">heterogeneity</a> in the determination of aggregate economic activity, and economic growth. In particular, Galor and Zeira argue that since credit markets are imperfect, inequality has an enduring impact on <a href="/wiki/Human_capital" title="Human capital">human capital</a> formation, <a href="/wiki/Aggregate_income" title="Aggregate income">the level of income</a> per capita, and the growth process.<sup id="cite_ref-122" class="reference"><a href="#cite_note-122"><span class="cite-bracket">[</span>122<span class="cite-bracket">]</span></a></sup> In contrast to the classical paradigm, which underlined the positive implications of inequality for capital formation and economic growth, Galor and Zeira argue that <a href="/wiki/Economic_inequality" title="Economic inequality">inequality</a> has an adverse effect on <a href="/wiki/Human_capital" title="Human capital">human capital</a> formation and the development process, in all but the very poor economies. </p><p>Later theoretical developments have reinforced the view that inequality has an adverse effect on the growth process. Specifically, Alesina and Rodrik and Persson and Tabellini advance a political economy mechanism and argue that inequality has a negative impact on economic development since it creates a pressure for distortionary redistributive policies that have an adverse effect on investment and economic growth.<sup id="cite_ref-:6_123-0" class="reference"><a href="#cite_note-:6-123"><span class="cite-bracket">[</span>123<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:7_124-0" class="reference"><a href="#cite_note-:7-124"><span class="cite-bracket">[</span>124<span class="cite-bracket">]</span></a></sup> </p><p>In accordance with the credit market imperfection approach, a study by Roberto Perotti showed that inequality is associated with lower level of human capital formation (education, experience, apprenticeship) and higher level of fertility, while lower level of human capital is associated with lower growth and lower levels of economic growth. In contrast, his examination of the political economy channel found no support for the political economy mechanism.<sup id="cite_ref-:8_125-0" class="reference"><a href="#cite_note-:8-125"><span class="cite-bracket">[</span>125<span class="cite-bracket">]</span></a></sup> Consequently, the political economy perspective on the relationship between inequality and growth have been revised and later studies have established that inequality may provide an incentive for the elite to block redistributive policies and institutional changes. In particular, inequality in the distribution of land ownership provides the landed elite with an incentive to limit the mobility of rural workers by depriving them from education and by blocking the development of the industrial sector.<sup id="cite_ref-126" class="reference"><a href="#cite_note-126"><span class="cite-bracket">[</span>126<span class="cite-bracket">]</span></a></sup> </p><p>A unified theory of inequality and growth that captures that changing role of inequality in the growth process offers a reconciliation between the conflicting predictions of classical viewpoint that maintained that inequality is beneficial for growth and the modern viewpoint that suggests that in the presence of credit market imperfections, inequality predominantly results in underinvestment in human capital and lower economic growth. This unified theory of inequality and growth, developed by Oded Galor and Omer Moav,<sup id="cite_ref-127" class="reference"><a href="#cite_note-127"><span class="cite-bracket">[</span>127<span class="cite-bracket">]</span></a></sup> suggests that the effect of inequality on the growth process has been reversed as human capital has replaced physical capital as the main engine of economic growth. In the initial phases of industrialization, when physical capital accumulation was the dominating source of economic growth, inequality boosted the development process by directing resources toward individuals with higher propensity to save. However, in later phases, as human capital become the main engine of economic growth, more equal distribution of income, in the presence of credit constraints, stimulated investment in human capital and economic growth. </p><p>In 2013, French economist <a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a> postulated that in periods when the average annual rate on return on investment in capital (<i>r</i>) exceeds the average annual growth in economic output (<i>g</i>), the rate of inequality will increase.<sup id="cite_ref-128" class="reference"><a href="#cite_note-128"><span class="cite-bracket">[</span>128<span class="cite-bracket">]</span></a></sup> According to Piketty, this is the case because wealth that is already held or inherited, which is expected to grow at the rate <i>r</i>, will grow at a rate faster than wealth accumulated through labor, which is more closely tied to <i>g</i>. An advocate of reducing inequality levels, Piketty suggests levying a global <a href="/wiki/Wealth_tax" title="Wealth tax">wealth tax</a> in order to reduce the divergence in wealth caused by inequality. </p> <div class="mw-heading mw-heading3"><h3 id="Evidence:_reduced_form">Evidence: reduced form</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=23" title="Edit section: Evidence: reduced form" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <p>The reduced form empirical relationship between inequality and growth was studied by Alberto Alesina and Dani Rodrik, and Torsten Persson and Guido Tabellini.<sup id="cite_ref-:6_123-1" class="reference"><a href="#cite_note-:6-123"><span class="cite-bracket">[</span>123<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:7_124-1" class="reference"><a href="#cite_note-:7-124"><span class="cite-bracket">[</span>124<span class="cite-bracket">]</span></a></sup> They find that inequality is negatively associated with economic growth in a cross-country analysis. </p><p><a href="/wiki/Robert_Barro" title="Robert Barro">Robert Barro</a> reexamined the reduced form relationship between inequality on economic growth in a panel of countries.<sup id="cite_ref-129" class="reference"><a href="#cite_note-129"><span class="cite-bracket">[</span>129<span class="cite-bracket">]</span></a></sup> He argues that there is "little overall relation between income inequality and rates of growth and investment". However, his empirical strategy limits its applicability to the understanding of the relationship between inequality and growth for several reasons. First, his regression analysis control for education, fertility, investment, and it therefore excludes, by construction, the important effect of inequality on growth via education, fertility, and investment. His findings simply imply that inequality has no direct effect on growth beyond the important indirect effects through the main channels proposed in the literature. Second, his study analyzes the effect of inequality on the average growth rate in the following 10 years. However, existing theories suggest that the effect of inequality will be observed much later, as is the case in human capital formation, for instance. Third, the empirical analysis does not account for biases that are generated by reverse causality and omitted variables. </p><p>Recent papers based on superior data, find negative relationship between inequality and growth. Andrew Berg and Jonathan Ostry of the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>, find that "lower net inequality is robustly correlated with faster and more durable growth, controlling for the level of redistribution".<sup id="cite_ref-:9_130-0" class="reference"><a href="#cite_note-:9-130"><span class="cite-bracket">[</span>130<span class="cite-bracket">]</span></a></sup> Likewise, Dierk Herzer and Sebastian Vollmer find that increased income inequality reduces economic growth.<sup id="cite_ref-131" class="reference"><a href="#cite_note-131"><span class="cite-bracket">[</span>131<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Evidence:_mechanisms">Evidence: mechanisms</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=24" title="Edit section: Evidence: mechanisms" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <p>The <a href="/wiki/Galor-Zeira_model" class="mw-redirect" title="Galor-Zeira model">Galor and Zeira's model</a> predicts that the effect of rising inequality on GDP per capita is negative in relatively rich countries but positive in poor countries.<sup id="cite_ref-:4_120-1" class="reference"><a href="#cite_note-:4-120"><span class="cite-bracket">[</span>120<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:5_121-1" class="reference"><a href="#cite_note-:5-121"><span class="cite-bracket">[</span>121<span class="cite-bracket">]</span></a></sup> These testable predictions have been examined and confirmed empirically in recent studies.<sup id="cite_ref-132" class="reference"><a href="#cite_note-132"><span class="cite-bracket">[</span>132<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-133" class="reference"><a href="#cite_note-133"><span class="cite-bracket">[</span>133<span class="cite-bracket">]</span></a></sup> In particular, Brückner and Lederman test the prediction of the model by in the panel of countries during the period 1970–2010, by considering the impact of the interaction between the level of income inequality and the initial level of GDP per capita. In line with the predictions of the model, they find that at the 25th percentile of initial income in the world sample, a 1 percentage point increase in the Gini coefficient increases income per capita by 2.3%, whereas at the 75th percentile of initial income a 1 percentage point increase in the Gini coefficient decreases income per capita by -5.3%. Moreover, the proposed human capital mechanism that mediates the effect of inequality on growth in the Galor-Zeira model is also confirmed. Increases in income inequality increase human capital in poor countries but reduce it in high and middle-income countries. </p><p>This recent support for the predictions of the Galor-Zeira model is in line with earlier findings. Roberto Perotti showed that in accordance with the credit market imperfection approach, developed by Galor and Zeira, inequality is associated with lower level of human capital formation (education, experience, apprenticeship) and higher level of fertility, while lower level of human capital is associated with lower levels of economic growth.<sup id="cite_ref-:8_125-1" class="reference"><a href="#cite_note-:8-125"><span class="cite-bracket">[</span>125<span class="cite-bracket">]</span></a></sup> Princeton economist Roland Benabou's finds that the growth process of Korea and the Philippines "are broadly consistent with the credit-constrained human-capital accumulation hypothesis".<sup id="cite_ref-134" class="reference"><a href="#cite_note-134"><span class="cite-bracket">[</span>134<span class="cite-bracket">]</span></a></sup> In addition, Andrew Berg and Jonathan Ostry<sup id="cite_ref-:9_130-1" class="reference"><a href="#cite_note-:9-130"><span class="cite-bracket">[</span>130<span class="cite-bracket">]</span></a></sup> suggest that inequality seems to affect growth through human capital accumulation and fertility channels. </p><p>In contrast, Perotti argues that the political economy mechanism is not supported empirically. Inequality is associated with lower redistribution, and lower redistribution (under-investment in education and infrastructure) is associated with lower economic growth.<sup id="cite_ref-:8_125-2" class="reference"><a href="#cite_note-:8-125"><span class="cite-bracket">[</span>125<span class="cite-bracket">]</span></a></sup> </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(7)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Importance_of_long-run_growth">Importance of long-run growth</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=25" title="Edit section: Importance of long-run growth" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-7 collapsible-block" id="mf-section-7"> <p>Over long periods of time, even small rates of <a href="/wiki/Exponential_growth" title="Exponential growth">growth</a>, such as a 2% annual increase, have large effects. For example, the United Kingdom experienced a 1.97% average annual increase in its inflation-adjusted GDP between 1830 and 2008.<sup id="cite_ref-135" class="reference"><a href="#cite_note-135"><span class="cite-bracket">[</span>135<span class="cite-bracket">]</span></a></sup> In 1830, the GDP was 41,373 million pounds. It grew to 1,330,088 million pounds by 2008. A growth rate that averaged 1.97% over 178 years resulted in a 32-fold increase in GDP by 2008. </p><p>The large impact of a relatively small growth rate over a long period of time is due to the power of <a href="/wiki/Exponential_growth" title="Exponential growth">exponential growth</a>. The <a href="/wiki/Rule_of_72" title="Rule of 72">rule of 72</a>, a mathematical result, states that if something grows at the rate of x% per year, then its level will double every 72/x years. For example, a growth rate of 2.5% per annum leads to a doubling of the GDP within 28.8 years, whilst a growth rate of 8% per year leads to a doubling of GDP within nine years. Thus, a small difference in economic growth rates between countries can result in very different standards of living for their populations if this small difference continues for many years. </p> <div class="mw-heading mw-heading3"><h3 id="Quality_of_life">Quality of life</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=26" title="Edit section: Quality of life" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <p>One theory that relates economic growth with quality of life is the "Threshold Hypothesis", which states that economic growth up to a point brings with it an increase in quality of life. But at that point – called the threshold point – further economic growth can bring with it a deterioration in quality of life.<sup id="cite_ref-136" class="reference"><a href="#cite_note-136"><span class="cite-bracket">[</span>136<span class="cite-bracket">]</span></a></sup> This results in an upside-down-U-shaped curve, where the vertex of the curve represents the level of growth that should be targeted. Happiness has been shown to increase with <a href="/wiki/GDP_per_capita" class="mw-redirect" title="GDP per capita">GDP per capita</a>, at least up to a level of $15,000 per person.<sup id="cite_ref-137" class="reference"><a href="#cite_note-137"><span class="cite-bracket">[</span>137<span class="cite-bracket">]</span></a></sup> </p><p>Economic growth has the indirect potential to alleviate <a href="/wiki/Poverty" title="Poverty">poverty</a>, as a result of a simultaneous increase in employment opportunities and increased <a href="/wiki/Labor_productivity" class="mw-redirect" title="Labor productivity">labor productivity</a>.<sup id="cite_ref-ODI2_138-0" class="reference"><a href="#cite_note-ODI2-138"><span class="cite-bracket">[</span>138<span class="cite-bracket">]</span></a></sup> A study by researchers at the <a href="/wiki/Overseas_Development_Institute" class="mw-redirect" title="Overseas Development Institute">Overseas Development Institute</a> (ODI) of 24 countries that experienced growth found that in 18 cases, poverty was alleviated.<sup id="cite_ref-ODI2_138-1" class="reference"><a href="#cite_note-ODI2-138"><span class="cite-bracket">[</span>138<span class="cite-bracket">]</span></a></sup> </p><p>In some instances, quality of life factors such as healthcare outcomes and educational attainment, as well as social and political liberties, do not improve as economic growth occurs.<sup id="cite_ref-139" class="reference"><a href="#cite_note-139"><span class="cite-bracket">[</span>139<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Accuracy_dispute#Disputed_statement" title="Wikipedia:Accuracy dispute"><span title="The material near this tag is possibly inaccurate or nonfactual. (May 2016)">dubious</span></a> – <a href="/wiki/Talk:Economic_growth#Dubious" title="Talk:Economic growth">discuss</a></i>]</sup> </p><p>Productivity increases do not always lead to increased wages, as can be seen in the <a href="/wiki/United_States" title="United States">United States</a>, where the gap between productivity and wages has been rising since the 1980s.<sup id="cite_ref-ODI2_138-2" class="reference"><a href="#cite_note-ODI2-138"><span class="cite-bracket">[</span>138<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Equitable_growth">Equitable growth</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=27" title="Edit section: Equitable growth" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Inclusive_growth" title="Inclusive growth">Inclusive growth</a></div> <p>While acknowledging the central role economic growth can potentially play in <a href="/wiki/Human_development_(humanity)" class="mw-redirect" title="Human development (humanity)">human development</a>, <a href="/wiki/Poverty_reduction" title="Poverty reduction">poverty reduction</a> and the achievement of the <a href="/wiki/Millennium_Development_Goals" title="Millennium Development Goals">Millennium Development Goals</a>, it is becoming widely understood amongst the development community that special efforts must be made to ensure poorer sections of society are able to participate in economic growth.<sup id="cite_ref-ODI_140-0" class="reference"><a href="#cite_note-ODI-140"><span class="cite-bracket">[</span>140<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-141" class="reference"><a href="#cite_note-141"><span class="cite-bracket">[</span>141<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-142" class="reference"><a href="#cite_note-142"><span class="cite-bracket">[</span>142<span class="cite-bracket">]</span></a></sup> The effect of economic growth on poverty reduction – the <a href="/wiki/Growth_elasticity_of_poverty" title="Growth elasticity of poverty">growth elasticity of poverty</a> – can depend on the existing level of inequality.<sup id="cite_ref-143" class="reference"><a href="#cite_note-143"><span class="cite-bracket">[</span>143<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-144" class="reference"><a href="#cite_note-144"><span class="cite-bracket">[</span>144<span class="cite-bracket">]</span></a></sup> For instance, with low inequality a country with a growth rate of 2% per head and 40% of its population living in poverty, can halve poverty in ten years, but a country with high inequality would take nearly 60 years to achieve the same reduction.<sup id="cite_ref-145" class="reference"><a href="#cite_note-145"><span class="cite-bracket">[</span>145<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-146" class="reference"><a href="#cite_note-146"><span class="cite-bracket">[</span>146<span class="cite-bracket">]</span></a></sup> In the words of the <a href="/wiki/Secretary-General_of_the_United_Nations" title="Secretary-General of the United Nations">Secretary-General</a> of the United Nations <a href="/wiki/Ban_Ki-moon" title="Ban Ki-moon">Ban Ki-moon</a>: "While economic growth is necessary, it is not sufficient for progress on reducing poverty."<sup id="cite_ref-ODI_140-1" class="reference"><a href="#cite_note-ODI-140"><span class="cite-bracket">[</span>140<span class="cite-bracket">]</span></a></sup> </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(8)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Environmental_impact"><style data-mw-deduplicate="TemplateStyles:r1238216509">.mw-parser-output .vanchor>:target~.vanchor-text{background-color:#b1d2ff}@media screen{html.skin-theme-clientpref-night .mw-parser-output .vanchor>:target~.vanchor-text{background-color:#0f4dc9}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .vanchor>:target~.vanchor-text{background-color:#0f4dc9}}</style><span class="vanchor"><span id="Environmental_impact"></span><span id="Environmental_impacts"></span><span class="vanchor-text">Environmental impact</span></span></h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=28" title="Edit section: Environmental impact" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-8 collapsible-block" id="mf-section-8"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/The_Limits_to_Growth" title="The Limits to Growth">The Limits to Growth</a> and <a href="/wiki/Overconsumption" class="mw-redirect" title="Overconsumption">Overconsumption</a></div> <p>Critics such as the <a href="/wiki/Club_of_Rome" title="Club of Rome">Club of Rome</a> argue that a narrow view of economic growth, combined with globalization, is creating a scenario where we could see a systemic collapse of our planet's natural resources.<sup id="cite_ref-147" class="reference"><a href="#cite_note-147"><span class="cite-bracket">[</span>147<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-148" class="reference"><a href="#cite_note-148"><span class="cite-bracket">[</span>148<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Uneconomic_Growth_diagram.jpg" class="mw-file-description"><noscript><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Uneconomic_Growth_diagram.jpg/220px-Uneconomic_Growth_diagram.jpg" decoding="async" width="220" height="214" class="mw-file-element" data-file-width="1024" data-file-height="996"></noscript><span class="lazy-image-placeholder" style="width: 220px;height: 214px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Uneconomic_Growth_diagram.jpg/220px-Uneconomic_Growth_diagram.jpg" data-width="220" data-height="214" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Uneconomic_Growth_diagram.jpg/330px-Uneconomic_Growth_diagram.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Uneconomic_Growth_diagram.jpg/440px-Uneconomic_Growth_diagram.jpg 2x" data-class="mw-file-element"> </span></a><figcaption>The marginal costs of a growing economy may gradually exceed the marginal benefits, however measured.</figcaption></figure> <p>Concerns about negative environmental effects of growth have prompted some people to advocate lower levels of growth, or the abandoning of growth altogether. In academia, concepts like <a href="/wiki/Uneconomic_growth" title="Uneconomic growth">uneconomic growth</a>, <a href="/wiki/Steady-state_economy" title="Steady-state economy">steady-state economy</a>, <a href="/wiki/Eco-taxes" class="mw-redirect" title="Eco-taxes">eco-taxes</a>, green investments, <a href="/wiki/Guaranteed_minimum_income" title="Guaranteed minimum income">basic income guarantees</a>, along with more radical approaches associated with <a href="/wiki/Degrowth" title="Degrowth">degrowth</a>, <a href="/wiki/Commons" title="Commons">commoning</a>, <a href="/wiki/Eco-socialism" title="Eco-socialism">eco-socialism</a> and <a href="/wiki/Green_anarchism" title="Green anarchism">eco-anarchism</a> have been developed in order to achieve this and to overcome possible <a href="/wiki/Growth_imperative" title="Growth imperative">growth imperatives</a>.<sup id="cite_ref-149" class="reference"><a href="#cite_note-149"><span class="cite-bracket">[</span>149<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-150" class="reference"><a href="#cite_note-150"><span class="cite-bracket">[</span>150<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-151" class="reference"><a href="#cite_note-151"><span class="cite-bracket">[</span>151<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-152" class="reference"><a href="#cite_note-152"><span class="cite-bracket">[</span>152<span class="cite-bracket">]</span></a></sup> In politics, <a href="/wiki/Green_party" title="Green party">green parties</a> embrace the <a href="/wiki/Global_Greens_Charter" title="Global Greens Charter">Global Greens Charter</a>, recognising that "... the dogma of economic growth at any cost and the excessive and wasteful use of natural resources without considering Earth's <a href="/wiki/Carrying_capacity" title="Carrying capacity">carrying capacity</a>, are causing extreme deterioration in the environment and a massive extinction of species."<sup id="cite_ref-153" class="reference"><a href="#cite_note-153"><span class="cite-bracket">[</span>153<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 2">: 2 </span></sup> </p><p>The 2019 <i><a href="/wiki/Global_Assessment_Report_on_Biodiversity_and_Ecosystem_Services" title="Global Assessment Report on Biodiversity and Ecosystem Services">Global Assessment Report on Biodiversity and Ecosystem Services</a></i> published by the <a href="/wiki/United_Nations" title="United Nations">United Nations</a>' <a href="/wiki/Intergovernmental_Science-Policy_Platform_on_Biodiversity_and_Ecosystem_Services" title="Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services">Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services</a> warned that given the <a href="/wiki/Holocene_extinction" title="Holocene extinction">substantial loss of biodiversity</a>, society should not focus solely on economic growth.<sup id="cite_ref-154" class="reference"><a href="#cite_note-154"><span class="cite-bracket">[</span>154<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-155" class="reference"><a href="#cite_note-155"><span class="cite-bracket">[</span>155<span class="cite-bracket">]</span></a></sup> Anthropologist Eduardo S. Brondizio, one of the co-chairs of the report, said "We need to change our narratives. Both our individual narratives that associate wasteful consumption with quality of life and with status, and the narratives of the economic systems that still consider that <a href="/wiki/Environmental_degradation" title="Environmental degradation">environmental degradation</a> and social inequality are inevitable outcomes of economic growth. Economic growth is a means and not an end. We need to look for the quality of life of the planet."<sup id="cite_ref-156" class="reference"><a href="#cite_note-156"><span class="cite-bracket">[</span>156<span class="cite-bracket">]</span></a></sup> </p><p>Those more optimistic about the environmental impacts of growth believe that, though localized environmental effects may occur, large-scale ecological effects are minor. The argument, as posited by commentator <a href="/wiki/Julian_Lincoln_Simon" class="mw-redirect" title="Julian Lincoln Simon">Julian Lincoln Simon</a>, stated in 1981 that if these global-scale ecological effects exist, human ingenuity will find ways to adapt to them.<sup id="cite_ref-157" class="reference"><a href="#cite_note-157"><span class="cite-bracket">[</span>157<span class="cite-bracket">]</span></a></sup> Conversely <a href="/wiki/Partha_Dasgupta" title="Partha Dasgupta">Partha Dasgupta</a>, in a 2021 report on the economics of biodiversity commissioned by the British Treasury, argued that <a href="/wiki/Biodiversity_loss" title="Biodiversity loss">biodiversity is collapsing</a> faster than at any time in human history as a result of the demands of contemporary human civilization, which "far exceed nature's capacity to supply us with the goods and services we all rely on. We would require 1.6 Earths to maintain the world's current living standards." He says that major transformative changes will be needed "akin to, or even greater than, those of the Marshall Plan," including abandoning GDP as a measure of economic success and societal progress.<sup id="cite_ref-158" class="reference"><a href="#cite_note-158"><span class="cite-bracket">[</span>158<span class="cite-bracket">]</span></a></sup> Philip Cafaro, professor of philosophy at the School of Global Environmental Sustainability at <a href="/wiki/Colorado_State_University" title="Colorado State University">Colorado State University</a>, wrote in 2022 that a scientific consensus has emerged which demonstrates that humanity is on the precipice of unleashing a major <a href="/wiki/Extinction_event" title="Extinction event">extinction event</a>, and that "the cause of global biodiversity loss is clear: other species are being displaced by a rapidly growing human economy."<sup id="cite_ref-159" class="reference"><a href="#cite_note-159"><span class="cite-bracket">[</span>159<span class="cite-bracket">]</span></a></sup> </p><p>In 2019, a <a href="/wiki/World_Scientists%27_Warning_to_Humanity#2019_warning_on_climate_change_and_2021_and_2022_updates" title="World Scientists' Warning to Humanity">warning on climate change</a> signed by 11,000 scientists from over 150 nations said economic growth is the driving force behind the "excessive extraction of materials and <a href="/wiki/Overexploitation" title="Overexploitation">overexploitation</a> of ecosystems" and that this "must be quickly curtailed to maintain long-term sustainability of the biosphere." They add that "our goals need to shift from GDP growth and the pursuit of affluence toward sustaining ecosystems and improving human well-being by prioritizing basic needs and reducing inequality."<sup id="cite_ref-160" class="reference"><a href="#cite_note-160"><span class="cite-bracket">[</span>160<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-161" class="reference"><a href="#cite_note-161"><span class="cite-bracket">[</span>161<span class="cite-bracket">]</span></a></sup> A 2021 paper authored by top scientists in <i>Frontiers in Conservation Science</i> posited that given the environmental crises including <a href="/wiki/Biodiversity_loss" title="Biodiversity loss">biodiversity loss</a> and <a href="/wiki/Climate_change" title="Climate change">climate change</a>, and possible "ghastly future" facing humanity, there must be "fundamental changes to global capitalism," including the "abolition of perpetual economic growth."<sup id="cite_ref-162" class="reference"><a href="#cite_note-162"><span class="cite-bracket">[</span>162<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-163" class="reference"><a href="#cite_note-163"><span class="cite-bracket">[</span>163<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-164" class="reference"><a href="#cite_note-164"><span class="cite-bracket">[</span>164<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Global_warming">Global warming</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=29" title="Edit section: Global warming" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Economics_of_global_warming" class="mw-redirect" title="Economics of global warming">Economics of global warming</a></div> <p>Up to the present, there is a close correlation between economic growth and the rate of <a href="/wiki/Carbon_dioxide_emissions" class="mw-redirect" title="Carbon dioxide emissions">carbon dioxide emissions</a> across nations, although there is also a considerable divergence in <a href="/wiki/Carbon_intensity" class="mw-redirect" title="Carbon intensity">carbon intensity</a> (carbon emissions per GDP).<sup id="cite_ref-165" class="reference"><a href="#cite_note-165"><span class="cite-bracket">[</span>165<span class="cite-bracket">]</span></a></sup> Up to the present, there is also a direct relation between global economic wealth and the rate of global emissions.<sup id="cite_ref-Garrett_2011_166-0" class="reference"><a href="#cite_note-Garrett_2011-166"><span class="cite-bracket">[</span>166<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Stern_Review" title="Stern Review">Stern Review</a> notes that the prediction that, "Under business as usual, global emissions will be sufficient to propel greenhouse gas concentrations to over 550 ppm CO<sub style="font-size: 80%;vertical-align: -0.35em">2</sub> by 2050 and over 650–700 ppm by the end of this century is robust to a wide range of changes in model assumptions." The scientific consensus is that planetary ecosystem functioning without incurring dangerous risks requires stabilization at 450–550 ppm.<sup id="cite_ref-167" class="reference"><a href="#cite_note-167"><span class="cite-bracket">[</span>167<span class="cite-bracket">]</span></a></sup> </p><p>As a consequence, growth-oriented environmental economists propose government intervention into switching sources of energy production, favouring <a href="/wiki/Wind_power" title="Wind power">wind</a>, <a href="/wiki/Solar_power" title="Solar power">solar</a>, <a href="/wiki/Hydroelectric" class="mw-redirect" title="Hydroelectric">hydroelectric</a>, and <a href="/wiki/Nuclear_power" title="Nuclear power">nuclear</a>. This would largely confine use of fossil fuels to either domestic cooking needs (such as for kerosene burners) or where <a href="/wiki/Carbon_capture_and_storage" title="Carbon capture and storage">carbon capture and storage</a> technology can be cost-effective and reliable.<sup id="cite_ref-168" class="reference"><a href="#cite_note-168"><span class="cite-bracket">[</span>168<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Stern_Review" title="Stern Review">Stern Review</a>, published by the United Kingdom Government in 2006, concluded that an investment of 1% of GDP (later changed to 2%) would be sufficient to avoid the worst effects of climate change, and that failure to do so could risk climate-related costs equal to 20% of GDP. Because carbon capture and storage are as yet widely unproven, and its long term effectiveness (such as in containing carbon dioxide 'leaks') unknown, and because of current costs of alternative fuels, these policy responses largely rest on faith of technological change. </p><p>British conservative politician and journalist <a href="/wiki/Nigel_Lawson" title="Nigel Lawson">Nigel Lawson</a> has deemed <a href="/wiki/Carbon_emission_trading" title="Carbon emission trading">carbon emission trading</a> an 'inefficient system of <a href="/wiki/Rationing" title="Rationing">rationing</a>'. Instead, he favours <a href="/wiki/Carbon_tax" title="Carbon tax">carbon taxes</a> to make full use of the efficiency of the market. However, in order to avoid the migration of energy-intensive industries, the whole world should impose such a tax, not just Britain, Lawson pointed out. There is no point in taking the lead if nobody follows suit.<sup id="cite_ref-169" class="reference"><a href="#cite_note-169"><span class="cite-bracket">[</span>169<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Resource_constraint">Resource constraint</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=30" title="Edit section: Resource constraint" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Energy_returned_on_energy_invested" class="mw-redirect" title="Energy returned on energy invested">Energy returned on energy invested</a>, <a href="/wiki/Substitute_good" title="Substitute good">Substitute good</a>, <a href="/wiki/Mining" title="Mining">Mining</a>, <a href="/wiki/Peak_minerals" title="Peak minerals">Peak minerals</a>, and <a href="/wiki/Steady-state_economy#Present_situation:_Exceeding_global_limits_to_growth" title="Steady-state economy">Steady-state economy § Present situation: Exceeding global limits to growth</a></div> <p>Many earlier predictions of resource depletion, such as <a href="/wiki/Thomas_Malthus" class="mw-redirect" title="Thomas Malthus">Thomas Malthus</a>' 1798 predictions about approaching famines in Europe, <i><a href="/wiki/The_Population_Bomb" title="The Population Bomb">The Population Bomb</a></i>,<sup id="cite_ref-oswego.edu_170-0" class="reference"><a href="#cite_note-oswego.edu-170"><span class="cite-bracket">[</span>170<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-reason.com_171-0" class="reference"><a href="#cite_note-reason.com-171"><span class="cite-bracket">[</span>171<span class="cite-bracket">]</span></a></sup> and the <a href="/wiki/Simon%E2%80%93Ehrlich_wager" title="Simon–Ehrlich wager">Simon–Ehrlich wager</a> (1980)<sup id="cite_ref-wired.com_172-0" class="reference"><a href="#cite_note-wired.com-172"><span class="cite-bracket">[</span>172<span class="cite-bracket">]</span></a></sup> have not materialized. Diminished production of most resources has not occurred so far, one reason being that advancements in technology and science have allowed some previously unavailable resources to be produced.<sup id="cite_ref-wired.com_172-1" class="reference"><a href="#cite_note-wired.com-172"><span class="cite-bracket">[</span>172<span class="cite-bracket">]</span></a></sup> In some cases, <a href="/wiki/Substitute_good" title="Substitute good">substitution</a> of more abundant materials, such as plastics for cast metals, lowered growth of usage for some metals. In the case of the limited resource of land, famine was relieved firstly by the revolution in transportation caused by railroads and steam ships, and later by the <a href="/wiki/Green_Revolution" title="Green Revolution">Green Revolution</a> and chemical fertilizers, especially the <a href="/wiki/Haber_process" title="Haber process">Haber process</a> for ammonia synthesis.<sup id="cite_ref-Wells1891_173-0" class="reference"><a href="#cite_note-Wells1891-173"><span class="cite-bracket">[</span>173<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-174" class="reference"><a href="#cite_note-174"><span class="cite-bracket">[</span>174<span class="cite-bracket">]</span></a></sup> </p><p>Resource quality is composed of a variety of factors including ore grades, location, altitude above or below sea level, proximity to railroads, highways, water supply and climate. These factors affect the capital and operating cost of extracting resources. In the case of minerals, lower grades of mineral resources are being extracted, requiring higher inputs of capital and energy for both extraction and processing. <a href="/wiki/Copper" title="Copper">Copper</a> ore grades have declined significantly over the last century.<sup id="cite_ref-175" class="reference"><a href="#cite_note-175"><span class="cite-bracket">[</span>175<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-176" class="reference"><a href="#cite_note-176"><span class="cite-bracket">[</span>176<span class="cite-bracket">]</span></a></sup> Another example is <a href="/wiki/Natural_gas" title="Natural gas">natural gas</a> from shale and other low permeability rock, whose extraction requires much higher inputs of energy, capital, and materials than conventional gas in previous decades. Offshore oil and gas have exponentially increased cost as water depth increases. </p><p>Some physical scientists like Sanyam Mittal regard continuous economic <a href="/wiki/Exponential_growth#Limitations_of_models" title="Exponential growth">growth</a> as unsustainable.<sup id="cite_ref-Bartlett_2013_177-0" class="reference"><a href="#cite_note-Bartlett_2013-177"><span class="cite-bracket">[</span>177<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Murphy_2011_178-0" class="reference"><a href="#cite_note-Murphy_2011-178"><span class="cite-bracket">[</span>178<span class="cite-bracket">]</span></a></sup> Several factors may constrain economic growth – for example: finite, peaked, or <a href="/wiki/Resource_depletion" title="Resource depletion">depleted resources</a>. </p><p>In 1972, <i><a href="/wiki/The_Limits_to_Growth" title="The Limits to Growth">The Limits to Growth</a></i> study modeled limitations to infinite growth; originally ridiculed,<sup id="cite_ref-oswego.edu_170-1" class="reference"><a href="#cite_note-oswego.edu-170"><span class="cite-bracket">[</span>170<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-reason.com_171-1" class="reference"><a href="#cite_note-reason.com-171"><span class="cite-bracket">[</span>171<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-aei.org_179-0" class="reference"><a href="#cite_note-aei.org-179"><span class="cite-bracket">[</span>179<span class="cite-bracket">]</span></a></sup> some of the predicted trends have materialized, raising concerns of an impending <a href="/wiki/Societal_collapse" title="Societal collapse">collapse</a> or decline due to resource constraints.<sup id="cite_ref-Turner_2010_180-0" class="reference"><a href="#cite_note-Turner_2010-180"><span class="cite-bracket">[</span>180<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-181" class="reference"><a href="#cite_note-181"><span class="cite-bracket">[</span>181<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-182" class="reference"><a href="#cite_note-182"><span class="cite-bracket">[</span>182<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Malthusianism" title="Malthusianism"><i>Malthusians</i></a> such as <a href="/wiki/William_R._Catton,_Jr." class="mw-redirect" title="William R. Catton, Jr.">William R. Catton, Jr.</a> are skeptical of technological advances that improve resource availability. Such advances and increases in efficiency, they suggest, merely accelerate the drawing down of finite resources. Catton claims that increasing rates of resource extraction are "...stealing ravenously from the future".<sup id="cite_ref-183" class="reference"><a href="#cite_note-183"><span class="cite-bracket">[</span>183<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Energy">Energy</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=31" title="Edit section: Energy" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information on Energy role in economy: <a href="/wiki/Econodynamics" title="Econodynamics">Econodynamics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information on Energy efficiency: <a href="/wiki/Productivity_improving_technologies_(historical)#Energy_efficiency" class="mw-redirect" title="Productivity improving technologies (historical)">Productivity improving technologies (historical) § Energy efficiency</a></div> <p>Energy economic theories hold that rates of energy consumption and <a href="/wiki/Efficient_energy_use" title="Efficient energy use">energy efficiency</a> are linked causally to economic growth. The Garrett Relation holds that there has been a fixed relationship between current rates of <a href="/wiki/Global_energy_consumption" class="mw-redirect" title="Global energy consumption">global energy consumption</a> and the historical accumulation of world GDP, independent of the year considered. It follows that economic growth, as represented by GDP growth, requires higher rates of energy consumption growth. Seemingly <a href="/wiki/Jevons_paradox" title="Jevons paradox">paradoxically</a>, these are sustained through increases in energy efficiency.<sup id="cite_ref-Garrett_2014a_184-0" class="reference"><a href="#cite_note-Garrett_2014a-184"><span class="cite-bracket">[</span>184<span class="cite-bracket">]</span></a></sup> Increases in energy efficiency were a portion of the increase in <a href="/wiki/Total_factor_productivity" title="Total factor productivity">Total factor productivity</a>.<sup id="cite_ref-Kendrick_1961_16-2" class="reference"><a href="#cite_note-Kendrick_1961-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Some of the most technologically important innovations in history involved increases in energy efficiency. These include the great improvements in efficiency of conversion of heat to work, the reuse of heat, the reduction in friction and the transmission of power, especially through <a href="/wiki/Electrification" title="Electrification">electrification</a>.<sup id="cite_ref-185" class="reference"><a href="#cite_note-185"><span class="cite-bracket">[</span>185<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Devine83_186-0" class="reference"><a href="#cite_note-Devine83-186"><span class="cite-bracket">[</span>186<span class="cite-bracket">]</span></a></sup> There is a strong correlation between per capita electricity consumption and economic development.<sup id="cite_ref-187" class="reference"><a href="#cite_note-187"><span class="cite-bracket">[</span>187<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-188" class="reference"><a href="#cite_note-188"><span class="cite-bracket">[</span>188<span class="cite-bracket">]</span></a></sup> </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(9)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="See_also">See also</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=32" title="Edit section: See also" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-9 collapsible-block" id="mf-section-9"> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 18em;"> <ul><li><a href="/wiki/Agrowth" title="Agrowth">Agrowth</a></li> <li><a href="/wiki/American_exceptionalism" title="American exceptionalism">American exceptionalism</a></li> <li><a href="/wiki/Civilizing_mission" title="Civilizing mission">Civilizing mission</a></li> <li><a href="/wiki/Climate_change" title="Climate change">Climate change</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Degrowth" title="Degrowth">Degrowth</a></li> <li><a href="/wiki/Development_theory" title="Development theory">Development theory</a></li> <li><a href="/wiki/Economic_development" title="Economic development">Economic development</a></li> <li><a href="/wiki/Export-oriented_industrialization" title="Export-oriented industrialization">Export-oriented industrialization</a></li> <li><a href="/wiki/Debt-to-GDP_ratio" title="Debt-to-GDP ratio">Debt-to-GDP ratio</a></li> <li><a href="/wiki/Greed" title="Greed">Greed</a></li> <li><a href="/wiki/Green_growth" title="Green growth">Green growth</a></li> <li><a href="/wiki/Green_new_deal" class="mw-redirect" title="Green new deal">Green new deal</a></li> <li><a href="/wiki/Growth_accounting" title="Growth accounting">Growth accounting</a></li> <li><a href="/wiki/Hindu_rate_of_growth" title="Hindu rate of growth">Hindu rate of growth</a></li> <li><i><a href="/wiki/The_Limits_to_Growth" title="The Limits to Growth">The Limits to Growth</a></i></li> <li><a href="/wiki/List_of_countries_by_real_GDP_growth_rate" title="List of countries by real GDP growth rate">List of countries by real GDP growth rate</a></li> <li><a href="/wiki/Manifest_destiny" title="Manifest destiny">Manifest destiny</a></li> <li><a href="/wiki/Orthodox_Development" title="Orthodox Development">Orthodox Development</a></li> <li><a href="/wiki/Post-growth" title="Post-growth">Post-growth</a></li> <li><a href="/wiki/Productivism" title="Productivism">Productivism</a></li> <li><a href="/wiki/Progress" title="Progress">Progress</a></li> <li><a href="/wiki/Propaganda" title="Propaganda">Propaganda</a></li> <li><i><a href="/wiki/Prosperity_Without_Growth" title="Prosperity Without Growth">Prosperity Without Growth</a></i></li> <li><a href="/wiki/Status_quo" title="Status quo">Status quo</a></li> <li><a href="/wiki/Sufficiency_economy" title="Sufficiency economy">Sufficiency economy</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Sustainable_development" title="Sustainable development">Sustainable development</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermoeconomics</a></li> <li><a href="/wiki/Uneconomic_growth" title="Uneconomic growth">Uneconomic growth</a></li> <li><a href="/wiki/Unified_growth_theory" title="Unified growth theory">Unified growth theory</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li> <li><a href="/wiki/Wealth_redistribution" class="mw-redirect" title="Wealth redistribution">Wealth redistribution</a></li> <li><a href="/wiki/The_White_Man%27s_Burden" title="The White Man's Burden">The White Man's Burden</a></li> <li><a href="/wiki/World_view" class="mw-redirect" title="World view">World view</a></li></ul> </div> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(10)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="References">References</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=33" title="Edit section: References" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-10 collapsible-block" id="mf-section-10"> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output 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(July 2022)">page needed</span></a></i>]</sup>, Part 2: The Industrial Revolution.</span> </li> <li id="cite_note-nber.org-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-nber.org_24-0">^</a></b></span> <span class="reference-text">Kendrick, J. 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Norton and Co. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-393-96315-1" title="Special:BookSources/978-0-393-96315-1"><bdi>978-0-393-96315-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+New+Economic+View+of+American+History&rft.place=New+York&rft.pub=W.W.+Norton+and+Co.&rft.date=1994&rft.isbn=978-0-393-96315-1&rft.aulast=Atack&rft.aufirst=Jeremy&rft.au=Passell%2C+Peter&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fneweconomicviewo00atac&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBeaudreau1996" class="citation book cs1">Beaudreau, Bernard C. (1996). <i>Mass Production, the Stock Market Crash and the Great Depression</i>. New York, Lincoln, Shanghi: Authors Choice Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Mass+Production%2C+the+Stock+Market+Crash+and+the+Great+Depression&rft.place=New+York%2C+Lincoln%2C+Shanghi&rft.pub=Authors+Choice+Press&rft.date=1996&rft.aulast=Beaudreau&rft.aufirst=Bernard+C.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMooreSimon1999" class="citation journal cs1">Moore, Stephen; Simon, Julian (15 December 1999). <a rel="nofollow" class="external text" href="http://www.cato.org/pubs/pas/pa364.pdf">"The Greatest Century That Ever Was: 25 Miraculous Trends of the last 100 Years"</a> <span class="cs1-format">(PDF)</span>. <i>Policy Analysis</i> (364). The Cato Institute.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Policy+Analysis&rft.atitle=The+Greatest+Century+That+Ever+Was%3A+25+Miraculous+Trends+of+the+last+100+Years&rft.issue=364&rft.date=1999-12-15&rft.aulast=Moore&rft.aufirst=Stephen&rft.au=Simon%2C+Julian&rft_id=http%3A%2F%2Fwww.cato.org%2Fpubs%2Fpas%2Fpa364.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span><a href="/wiki/Diffusion_curve" title="Diffusion curve">Diffusion curves</a> for various innovations start at Fig. 14</span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFField2011" class="citation book cs1">Field, Alexander J. (2011). <i>A Great Leap Forward: 1930s Depression and U.S. Economic Growth</i>. New Haven, London: Yale University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-300-15109-1" title="Special:BookSources/978-0-300-15109-1"><bdi>978-0-300-15109-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Great+Leap+Forward%3A+1930s+Depression+and+U.S.+Economic+Growth&rft.place=New+Haven%2C+London&rft.pub=Yale+University+Press&rft.date=2011&rft.isbn=978-0-300-15109-1&rft.aulast=Field&rft.aufirst=Alexander+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://research.stlouisfed.org/fred2/series/USARGDPC">St. Louis Federal Reserve</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150413023638/https://research.stlouisfed.org/fred2/series/USARGDPC">Archived</a> 2015-04-13 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Real GDP per capita in the U.S. rose from $17,747 in 1960 to $26,281 in 1973 for a growth rate of 3.07%/yr. Calculation: (26,281/17,747)^(1/13). From 1973 to 2007 the growth rate was 1.089%. Calculation: (49,571/26,281)^(1/34) From 2000 to 2011 average annual growth was 0.64%.</span> </li> <li id="cite_note-MarketWatch_2019-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-MarketWatch_2019_36-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20191220172649/https://www.marketwatch.com/press-release/semiconductor-foundry-market-2019-global-industry-trends-growth-share-size-and-2021-forecast-research-report-2019-11-28">"Semiconductor Foundry Market: 2019 Global Industry Trends, Growth, Share, Size and 2021 Forecast Research Report"</a>. <i>MarketWatch</i>. 28 November 2019. Archived from <a rel="nofollow" class="external text" href="https://www.marketwatch.com/press-release/semiconductor-foundry-market-2019-global-industry-trends-growth-share-size-and-2021-forecast-research-report-2019-11-28">the original</a> on 2019-12-20<span class="reference-accessdate">. Retrieved <span class="nowrap">2019-12-20</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=MarketWatch&rft.atitle=Semiconductor+Foundry+Market%3A+2019+Global+Industry+Trends%2C+Growth%2C+Share%2C+Size+and+2021+Forecast+Research+Report&rft.date=2019-11-28&rft_id=https%3A%2F%2Fwww.marketwatch.com%2Fpress-release%2Fsemiconductor-foundry-market-2019-global-industry-trends-growth-share-size-and-2021-forecast-research-report-2019-11-28&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.independent.co.uk/news/education/education-news/leading-article-africa-has-to-spend-carefully-407666.html">Leading article: Africa has to spend carefully</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120124072325/https://www.independent.co.uk/news/education/education-news/leading-article-africa-has-to-spend-carefully-407666.html">Archived</a> 2012-01-24 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The Independent. July 13, 2006.</span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text">Data refer to the year 2008. $26,341 GDP for Korea, $1513 for Ghana. <i>World Economic Outlook Database – October 2008</i>. <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>.</span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKendrick1991" class="citation journal cs1">Kendrick, John (1991). "U.S. Productivity Performance in Perspective, Business Economics, October 1, 1991". <i>Business Economics</i>. <b>26</b> (4): 7–11. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/23485828">23485828</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Business+Economics&rft.atitle=U.S.+Productivity+Performance+in+Perspective%2C+Business+Economics%2C+October+1%2C+1991&rft.volume=26&rft.issue=4&rft.pages=7-11&rft.date=1991&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F23485828%23id-name%3DJSTOR&rft.aulast=Kendrick&rft.aufirst=John&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFField2007" class="citation journal cs1">Field, Alezander J. (2007). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160108181103/http://www.scu.edu/business/economics/research/upload/field_macroecon_2009.pdf">"U.S. Economic Growth in the Gilded Age"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Macroeconomics</i>. <b>31</b>: 173–190. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jmacro.2007.08.008">10.1016/j.jmacro.2007.08.008</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154848228">154848228</a>. Archived from <a rel="nofollow" class="external text" href="http://www.scu.edu/business/economics/research/upload/field_macroecon_2009.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2016-01-08<span class="reference-accessdate">. Retrieved <span class="nowrap">2014-07-12</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Macroeconomics&rft.atitle=U.S.+Economic+Growth+in+the+Gilded+Age&rft.volume=31&rft.pages=173-190&rft.date=2007&rft_id=info%3Adoi%2F10.1016%2Fj.jmacro.2007.08.008&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154848228%23id-name%3DS2CID&rft.aulast=Field&rft.aufirst=Alezander+J.&rft_id=http%3A%2F%2Fwww.scu.edu%2Fbusiness%2Feconomics%2Fresearch%2Fupload%2Ffield_macroecon_2009.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFField2004" class="citation journal cs1">Field, Alexander (2004). <a rel="nofollow" class="external text" href="https://www.cambridge.org/core/journals/journal-of-economic-history/article/technological-change-and-us-productivity-growth-in-the-interwar-years/99E3F7A9C33CA30278F06C1442A913E3">"Technological Change and Economic Growth the Interwar Years and the 1990s"</a>. <i>The Journal of Economic History</i>. <b>66</b> (1): 203–236. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0022050706000088">10.1017/S0022050706000088</a> (inactive 1 November 2024). <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154757050">154757050</a>. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1105634">1105634</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Economic+History&rft.atitle=Technological+Change+and+Economic+Growth+the+Interwar+Years+and+the+1990s&rft.volume=66&rft.issue=1&rft.pages=203-236&rft.date=2004&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154757050%23id-name%3DS2CID&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D1105634%23id-name%3DSSRN&rft_id=info%3Adoi%2F10.1017%2FS0022050706000088&rft.aulast=Field&rft.aufirst=Alexander&rft_id=https%3A%2F%2Fwww.cambridge.org%2Fcore%2Fjournals%2Fjournal-of-economic-history%2Farticle%2Ftechnological-change-and-us-productivity-growth-in-the-interwar-years%2F99E3F7A9C33CA30278F06C1442A913E3&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: CS1 maint: DOI inactive as of November 2024 (<a href="/wiki/Category:CS1_maint:_DOI_inactive_as_of_November_2024" title="Category:CS1 maint: DOI inactive as of November 2024">link</a>)</span></span> </li> <li id="cite_note-Gordon2000-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-Gordon2000_42-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGordon2000" class="citation journal cs1">Gordon, Robert J. (June 2000). <a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw7752">"Interpreting the 'One Big Wave' in U.S. Long Term Productivity Growth"</a>. <i>NBER Working Paper No. 7752</i>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw7752">10.3386/w7752</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=NBER+Working+Paper+No.+7752&rft.atitle=Interpreting+the+%27One+Big+Wave%27+in+U.S.+Long+Term+Productivity+Growth&rft.date=2000-06&rft_id=info%3Adoi%2F10.3386%2Fw7752&rft.aulast=Gordon&rft.aufirst=Robert+J.&rft_id=https%3A%2F%2Fdoi.org%2F10.3386%252Fw7752&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAbramovitzDavid2000" class="citation book cs1">Abramovitz, Moses; David, Paul A. (2000). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200731023437/http://www-siepr.stanford.edu/papers/pdf/01-05.pdf"><i>Two Centuries of American Macroeconomic Growth From Exploitation of Resource Abundance to Knowledge-Driven Development</i></a> <span class="cs1-format">(PDF)</span>. Stanford University. pp. 24–5 (pdf pp. 28–9). Archived from <a rel="nofollow" class="external text" href="http://www-siepr.stanford.edu/papers/pdf/01-05.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2020-07-31<span class="reference-accessdate">. Retrieved <span class="nowrap">2014-07-13</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Two+Centuries+of+American+Macroeconomic+Growth+From+Exploitation+of+Resource+Abundance+to+Knowledge-Driven+Development&rft.pages=24-5+%28pdf+pp.+28-9%29&rft.pub=Stanford+University&rft.date=2000&rft.aulast=Abramovitz&rft.aufirst=Moses&rft.au=David%2C+Paul+A.&rft_id=http%3A%2F%2Fwww-siepr.stanford.edu%2Fpapers%2Fpdf%2F01-05.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-Gordon_2013-44"><span class="mw-cite-backlink">^ <a href="#cite_ref-Gordon_2013_44-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Gordon_2013_44-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGordon2013" class="citation journal cs1">Gordon, Robert J. (Spring 2013). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140809065612/http://faculty-web.at.northwestern.edu/economics/Gordon/SAN-to-NBER%20Baily-Sharpe%20as%20published_130327.pdf">"U.S. Productivity Growth: The Slowdown Has Returned After a Temporary Revival"</a> <span class="cs1-format">(PDF)</span>. <i>International Productivity Monitor, Centre for the Study of Living Standards</i>. <b>25</b>: 13–9. Archived from <a rel="nofollow" class="external text" href="http://faculty-web.at.northwestern.edu/economics/Gordon/SAN-to-NBER%20Baily-Sharpe%20as%20published_130327.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2014-08-09<span class="reference-accessdate">. Retrieved <span class="nowrap">2014-07-19</span></span>. <q>The U.S. economy achieved a growth rate of labour productivity of 2.48 per cent per year for 81 years, followed by 24 years of 1.32 per cent, then a temporary recovery back to 2.48 per cent per cent, and a final slowdown to 1.35 per cent. The similarity of the growth rates in 1891–1972 with 1996–2004, and of 1972–96 with 1996–2011 is quite remarkable.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Productivity+Monitor%2C+Centre+for+the+Study+of+Living+Standards&rft.atitle=U.S.+Productivity+Growth%3A+The+Slowdown+Has+Returned+After+a+Temporary+Revival&rft.ssn=spring&rft.volume=25&rft.pages=13-9&rft.date=2013&rft.aulast=Gordon&rft.aufirst=Robert+J.&rft_id=http%3A%2F%2Ffaculty-web.at.northwestern.edu%2Feconomics%2FGordon%2FSAN-to-NBER%2520Baily-Sharpe%2520as%2520published_130327.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-Jorgenson&Ho_2014-45"><span class="mw-cite-backlink">^ <a href="#cite_ref-Jorgenson&Ho_2014_45-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Jorgenson&Ho_2014_45-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDale_W._JorgensonMun_S._HoJon_D._Samuels2014" class="citation journal cs1"><a href="/wiki/Dale_W._Jorgenson" title="Dale W. Jorgenson">Dale W. Jorgenson</a>; Mun S. Ho; Jon D. 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Harvard University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-674-01572-2" title="Special:BookSources/978-0-674-01572-2"><bdi>978-0-674-01572-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Mystery+of+Economic+Growth&rft.pub=Harvard+University+Press&rft.date=2004&rft.isbn=978-0-674-01572-2&rft.aulast=Helpman&rft.aufirst=Elhanah&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmysteryofeconomi00help&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-105"><span class="mw-cite-backlink"><b><a href="#cite_ref-105">^</a></b></span> <span class="reference-text">Pokrovski, V.N. (2003). Energy in the theory of production. Energy 28, 769-788.</span> </li> <li id="cite_note-106"><span class="mw-cite-backlink"><b><a href="#cite_ref-106">^</a></b></span> <span class="reference-text">Pokrovski, V.N. (2007) Productive energy in the US economy, Energy 32 (5) 816-822.</span> </li> <li id="cite_note-107"><span class="mw-cite-backlink"><b><a href="#cite_ref-107">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPokrovskii2021" class="citation journal cs1">Pokrovskii, Vladimir (2021). <a rel="nofollow" class="external text" href="https://thecomplexsystems.com/">"Social resources in the theory of economic growth"</a>. <i>The Complex Systems</i> (3): 32–43.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Complex+Systems&rft.atitle=Social+resources+in+the+theory+of+economic+growth&rft.issue=3&rft.pages=32-43&rft.date=2021&rft.aulast=Pokrovskii&rft.aufirst=Vladimir&rft_id=https%3A%2F%2Fthecomplexsystems.com%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-108"><span class="mw-cite-backlink"><b><a href="#cite_ref-108">^</a></b></span> <span class="reference-text">Warsh, David. Knowledge and the Wealth of Nations: A Story of Economic Discovery. W.W. Norton & Company, 2006.</span> </li> <li id="cite_note-109"><span class="mw-cite-backlink"><b><a href="#cite_ref-109">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDean_Baker2016" class="citation cs2"><a href="/wiki/Dean_Baker" title="Dean Baker">Dean Baker</a> (2016), <a rel="nofollow" class="external text" href="https://deanbaker.net/books/rigged.htm"><i>Rigged: How globalization and the rules to the modern economy were structured to make the rich richer</i></a>, <a href="/wiki/Center_for_Economic_and_Policy_Research" title="Center for Economic and Policy Research">Center for Economic and Policy Research</a>, <a href="/wiki/WDQ_(identifier)" class="mw-redirect" title="WDQ (identifier)">Wikidata</a> <a href="https://www.wikidata.org/wiki/Q100216001" class="extiw" title="d:Q100216001">Q100216001</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Rigged%3A+How+globalization+and+the+rules+to+the+modern+economy+were+structured+to+make+the+rich+richer&rft.pub=Center+for+Economic+and+Policy+Research&rft.date=2016&rft.au=Dean+Baker&rft_id=https%3A%2F%2Fdeanbaker.net%2Fbooks%2Frigged.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span>.</span> </li> <li id="cite_note-110"><span class="mw-cite-backlink"><b><a href="#cite_ref-110">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLandreth1976" class="citation book cs1">Landreth, Harry (1976). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/historyofeconomi0000land"><i>History of Economic Theory : Scope, Method, and Content</i></a></span>. Boston: Houghton Mifflin. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/historyofeconomi0000land/page/478">478</a>–480. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-395-19234-4" title="Special:BookSources/978-0-395-19234-4"><bdi>978-0-395-19234-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=History+of+Economic+Theory+%3A+Scope%2C+Method%2C+and+Content&rft.place=Boston&rft.pages=478-480&rft.pub=Houghton+Mifflin&rft.date=1976&rft.isbn=978-0-395-19234-4&rft.aulast=Landreth&rft.aufirst=Harry&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fhistoryofeconomi0000land&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-Aghion2002-111"><span class="mw-cite-backlink">^ <a href="#cite_ref-Aghion2002_111-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Aghion2002_111-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAghion2002" class="citation journal cs1"><a href="/wiki/Philippe_Aghion" title="Philippe Aghion">Aghion, Philippe</a> (2002). "Schumpeterian Growth Theory and the Dynamics of Income Inequality". <i><a href="/wiki/Econometrica" title="Econometrica">Econometrica</a></i>. <b>70</b> (3): 855–82. <a href="/wiki/CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.458.7383">10.1.1.458.7383</a></span>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2F1468-0262.00312">10.1111/1468-0262.00312</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:1268535">1268535</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Econometrica&rft.atitle=Schumpeterian+Growth+Theory+and+the+Dynamics+of+Income+Inequality&rft.volume=70&rft.issue=3&rft.pages=855-82&rft.date=2002&rft_id=https%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fsummary%3Fdoi%3D10.1.1.458.7383%23id-name%3DCiteSeerX&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A1268535%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1111%2F1468-0262.00312&rft.aulast=Aghion&rft.aufirst=Philippe&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-112"><span class="mw-cite-backlink"><b><a href="#cite_ref-112">^</a></b></span> <span class="reference-text">Also see <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarlinSoskice2006" class="citation book cs1">Carlin, Wendy; Soskice, David (2006). "Endogenous and Schumpeterian Growth". <i>Macroeconomics: Imperfections, Institutions and Policies</i>. Oxford University Press. pp. 529–60. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-877622-2" title="Special:BookSources/978-0-19-877622-2"><bdi>978-0-19-877622-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Endogenous+and+Schumpeterian+Growth&rft.btitle=Macroeconomics%3A+Imperfections%2C+Institutions+and+Policies&rft.pages=529-60&rft.pub=Oxford+University+Press&rft.date=2006&rft.isbn=978-0-19-877622-2&rft.aulast=Carlin&rft.aufirst=Wendy&rft.au=Soskice%2C+David&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-113"><span class="mw-cite-backlink"><b><a href="#cite_ref-113">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAghionHowitt1992" class="citation journal cs1">Aghion, Philippe; Howitt, Peter (1992). <a rel="nofollow" class="external text" href="http://nrs.harvard.edu/urn-3:HUL.InstRepos:12490578">"A Model of Growth Through Creative Destruction"</a>. <i><a href="/wiki/Econometrica" title="Econometrica">Econometrica</a></i>. <b>60</b> (2): 323–51. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2951599">10.2307/2951599</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2951599">2951599</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Econometrica&rft.atitle=A+Model+of+Growth+Through+Creative+Destruction&rft.volume=60&rft.issue=2&rft.pages=323-51&rft.date=1992&rft_id=info%3Adoi%2F10.2307%2F2951599&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2951599%23id-name%3DJSTOR&rft.aulast=Aghion&rft.aufirst=Philippe&rft.au=Howitt%2C+Peter&rft_id=http%3A%2F%2Fnrs.harvard.edu%2Furn-3%3AHUL.InstRepos%3A12490578&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-:2-114"><span class="mw-cite-backlink">^ <a href="#cite_ref-:2_114-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:2_114-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGalor2011" class="citation book cs1">Galor, Oded (2011). <i>Unified Growth Theory</i>. Princeton: Princeton University Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Unified+Growth+Theory&rft.place=Princeton&rft.pub=Princeton+University+Press&rft.date=2011&rft.aulast=Galor&rft.aufirst=Oded&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-:3-115"><span class="mw-cite-backlink">^ <a href="#cite_ref-:3_115-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:3_115-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Galor O., 2005, "From Stagnation to Growth: Unified Growth Theory". <i>Handbook of Economic Growth</i>, Elsevier <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2FS1574-0684%2805%2901004-X">10.1016/S1574-0684(05)01004-X</a></span> </li> <li id="cite_note-116"><span class="mw-cite-backlink"><b><a href="#cite_ref-116">^</a></b></span> <span class="reference-text">Galor, Oded (2011). 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Retrieved <span class="nowrap">2014-07-22</span></span>. <q>You cannot sustain population growth and / or growth in the rates of consumption of resources.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Arithmetic%2C+Population+and+Energy&rft.pub=albartlett.org&rft.date=2013&rft.aulast=Bartlett&rft.aufirst=Albert+Allen&rft_id=http%3A%2F%2Fwww.albartlett.org%2Fpresentations%2Farithmetic_population_energy.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-Murphy_2011-178"><span class="mw-cite-backlink"><b><a href="#cite_ref-Murphy_2011_178-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMurphy2011" class="citation web cs1">Murphy, Tom (12 July 2011). <a rel="nofollow" class="external text" href="http://physics.ucsd.edu/do-the-math/2011/07/galactic-scale-energy/">"Galactic-Scale Energy"</a>. <i>Do the Math</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2014-07-22</span></span>. <q>continued growth in energy use becomes physically impossible within conceivable timeframes ... all economic growth must similarly end.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Do+the+Math&rft.atitle=Galactic-Scale+Energy&rft.date=2011-07-12&rft.aulast=Murphy&rft.aufirst=Tom&rft_id=http%3A%2F%2Fphysics.ucsd.edu%2Fdo-the-math%2F2011%2F07%2Fgalactic-scale-energy%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-aei.org-179"><span class="mw-cite-backlink"><b><a href="#cite_ref-aei.org_179-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHayward" class="citation web cs1">Hayward, Steven F. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090418014446/http://www.aei.org/publications/pubID.21588/pub_detail.asp">"That Old Time Religion"</a>. AEI. Archived from <a rel="nofollow" class="external text" href="http://www.aei.org/publications/pubID.21588/pub_detail.asp">the original</a> on 2009-04-18<span class="reference-accessdate">. Retrieved <span class="nowrap">2010-12-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=That+Old+Time+Religion&rft.pub=AEI&rft.aulast=Hayward&rft.aufirst=Steven+F.&rft_id=http%3A%2F%2Fwww.aei.org%2Fpublications%2FpubID.21588%2Fpub_detail.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-Turner_2010-180"><span class="mw-cite-backlink"><b><a href="#cite_ref-Turner_2010_180-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTurner2008" class="citation journal cs1">Turner, Graham (June 2008). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101128151523/http://www.csiro.au/files/files/plje.pdf">"A Comparison of the Limits of Growth with Thirty Years of Reality"</a> <span class="cs1-format">(PDF)</span>. <i>Socio-Economics and the Environment in Discussion</i>. CSIRO Working Paper Series. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1834-5638">1834-5638</a>. Archived from <a rel="nofollow" class="external text" href="http://www.csiro.au/files/files/plje.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2010-11-28<span class="reference-accessdate">. Retrieved <span class="nowrap">2010-10-20</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Socio-Economics+and+the+Environment+in+Discussion&rft.atitle=A+Comparison+of+the+Limits+of+Growth+with+Thirty+Years+of+Reality&rft.date=2008-06&rft.issn=1834-5638&rft.aulast=Turner&rft.aufirst=Graham&rft_id=http%3A%2F%2Fwww.csiro.au%2Ffiles%2Ffiles%2Fplje.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-181"><span class="mw-cite-backlink"><b><a href="#cite_ref-181">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHallDay2009" class="citation journal cs1">Hall, C.; Day, J. (2009). "Revisiting the Limits to Growth After Peak Oil". <i>American Scientist</i>. <b>97</b> (3): 230–238. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1511%2F2009.78.230">10.1511/2009.78.230</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Scientist&rft.atitle=Revisiting+the+Limits+to+Growth+After+Peak+Oil&rft.volume=97&rft.issue=3&rft.pages=230-238&rft.date=2009&rft_id=info%3Adoi%2F10.1511%2F2009.78.230&rft.aulast=Hall&rft.aufirst=C.&rft.au=Day%2C+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-182"><span class="mw-cite-backlink"><b><a href="#cite_ref-182">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMeadowsRanders2004" class="citation book cs1">Meadows, D H; Randers (2004). <i>Limits to Growth: The 30-Year Update</i>. 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J. (2014). "Long-run evolution of the global economy: 1. Physical basis". <i>Earth's Future</i>. <b>2</b> (3): 127. <a href="/wiki/ArXiv_(identifier)" class="mw-redirect" title="ArXiv (identifier)">arXiv</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://arxiv.org/abs/1306.3554">1306.3554</a></span>. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2014EaFut...2..127G">2014EaFut...2..127G</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1002%2F2013EF000171">10.1002/2013EF000171</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:204937958">204937958</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Earth%27s+Future&rft.atitle=Long-run+evolution+of+the+global+economy%3A+1.+Physical+basis&rft.volume=2&rft.issue=3&rft.pages=127&rft.date=2014&rft_id=info%3Aarxiv%2F1306.3554&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A204937958%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1002%2F2013EF000171&rft_id=info%3Abibcode%2F2014EaFut...2..127G&rft.aulast=Garrett&rft.aufirst=T.+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-185"><span class="mw-cite-backlink"><b><a href="#cite_ref-185">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLandes1969" class="citation book cs1"><a href="/wiki/David_Landes" title="David Landes">Landes, David. S.</a> (1969). <i>The Unbound Prometheus: Technological Change and Industrial Development in Western Europe from 1750 to the Present</i>. Cambridge, New York: Press Syndicate of the University of Cambridge. pp. 289, 293. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-521-09418-4" title="Special:BookSources/978-0-521-09418-4"><bdi>978-0-521-09418-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Unbound+Prometheus%3A+Technological+Change+and+Industrial+Development+in+Western+Europe+from+1750+to+the+Present&rft.place=Cambridge%2C+New+York&rft.pages=289%2C+293&rft.pub=Press+Syndicate+of+the+University+of+Cambridge&rft.date=1969&rft.isbn=978-0-521-09418-4&rft.aulast=Landes&rft.aufirst=David.+S.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-Devine83-186"><span class="mw-cite-backlink"><b><a href="#cite_ref-Devine83_186-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDevine1983" class="citation journal cs1">Devine, Warren D. Jr. (1983). "From Shafts to Wires: Historical Perspective on Electrification". <i>Journal of Economic History</i>. <b>43</b> (2): 347–372 [p. 355]. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0022050700029673">10.1017/S0022050700029673</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:153414525">153414525</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+History&rft.atitle=From+Shafts+to+Wires%3A+Historical+Perspective+on+Electrification&rft.volume=43&rft.issue=2&rft.pages=347-372+p.+355&rft.date=1983&rft_id=info%3Adoi%2F10.1017%2FS0022050700029673&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A153414525%23id-name%3DS2CID&rft.aulast=Devine&rft.aufirst=Warren+D.+Jr.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-187"><span class="mw-cite-backlink"><b><a href="#cite_ref-187">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCommittee_on_Electricity_in_Economic_Growth_Energy_Engineering_Board_Commission_on_Engineering_and_Technical_Systems_National_Research_Council1986" class="citation book cs1">Committee on Electricity in Economic Growth Energy Engineering Board Commission on Engineering and Technical Systems National Research Council (1986). <a rel="nofollow" class="external text" href="http://www.nap.edu/catalog.php?record_id=900"><i>Electricity in Economic Growth</i></a>. Washington, DC: National Academy Press. pp. 16, 40. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-309-03677-1" title="Special:BookSources/978-0-309-03677-1"><bdi>978-0-309-03677-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Electricity+in+Economic+Growth&rft.place=Washington%2C+DC&rft.pages=16%2C+40&rft.pub=National+Academy+Press&rft.date=1986&rft.isbn=978-0-309-03677-1&rft.au=Committee+on+Electricity+in+Economic+Growth+Energy+Engineering+Board+Commission+on+Engineering+and+Technical+Systems+National+Research+Council&rft_id=http%3A%2F%2Fwww.nap.edu%2Fcatalog.php%3Frecord_id%3D900&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> <li id="cite_note-188"><span class="mw-cite-backlink"><b><a href="#cite_ref-188">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPaepke1992" class="citation book cs1">Paepke, C. Owen (1992). <a rel="nofollow" class="external text" href="https://archive.org/details/evolutionofprogr00paep/page/109"><i>The Evolution of Progress: The End of Economic Growth and the Beginning of Human Transformation</i></a>. New York, Toronto: Random House. p. <a rel="nofollow" class="external text" href="https://archive.org/details/evolutionofprogr00paep/page/109">109</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-679-41582-4" title="Special:BookSources/978-0-679-41582-4"><bdi>978-0-679-41582-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Evolution+of+Progress%3A+The+End+of+Economic+Growth+and+the+Beginning+of+Human+Transformation&rft.place=New+York%2C+Toronto&rft.pages=109&rft.pub=Random+House&rft.date=1992&rft.isbn=978-0-679-41582-4&rft.aulast=Paepke&rft.aufirst=C.+Owen&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fevolutionofprogr00paep%2Fpage%2F109&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></span> </li> </ol></div> <dl><dt>Sources</dt></dl> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAcemogluRobinson2012" class="citation book cs1">Acemoglu, Daron; Robinson, James A. (2012). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/whynationsfailor0000acem"><i>Why Nations Fail: The Origins of Power, Prosperity, and Poverty</i></a></span>. Crown Business division of Random House. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-307-71922-5" title="Special:BookSources/978-0-307-71922-5"><bdi>978-0-307-71922-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Why+Nations+Fail%3A+The+Origins+of+Power%2C+Prosperity%2C+and+Poverty&rft.pub=Crown+Business+division+of+Random+House&rft.date=2012&rft.isbn=978-0-307-71922-5&rft.aulast=Acemoglu&rft.aufirst=Daron&rft.au=Robinson%2C+James+A.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fwhynationsfailor0000acem&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBjork1999" class="citation book cs1">Bjork, Gordon J. (1999). <a rel="nofollow" class="external text" href="https://archive.org/details/wayitworkedwhyit0000bjor/"><i>The Way It Worked and Why It Won't: Structural Change and the Slowdown of U.S. Economic Growth</i></a>. Westport, CT; London: Praeger. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-275-96532-7" title="Special:BookSources/978-0-275-96532-7"><bdi>978-0-275-96532-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Way+It+Worked+and+Why+It+Won%27t%3A+Structural+Change+and+the+Slowdown+of+U.S.+Economic+Growth&rft.place=Westport%2C+CT%3B+London&rft.pub=Praeger&rft.date=1999&rft.isbn=978-0-275-96532-7&rft.aulast=Bjork&rft.aufirst=Gordon+J.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fwayitworkedwhyit0000bjor%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFClark2007" class="citation book cs1">Clark, Gregory (2007). <a rel="nofollow" class="external text" href="https://archive.org/details/farewelltoalmsbr00clar"><i>A Farewell to Alms: A Brief Economic History of the World</i></a>. Princeton University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-691-12135-2" title="Special:BookSources/978-0-691-12135-2"><bdi>978-0-691-12135-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Farewell+to+Alms%3A+A+Brief+Economic+History+of+the+World&rft.pub=Princeton+University+Press&rft.date=2007&rft.isbn=978-0-691-12135-2&rft.aulast=Clark&rft.aufirst=Gregory&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Ffarewelltoalmsbr00clar&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li></ul> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(11)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=34" title="Edit section: Further reading" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-11 collapsible-block" id="mf-section-11"> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarro1996" class="citation journal cs1">Barro, Robert J. (1996). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3422">"Determinants of Economic Growth: A Cross-Country Empirical Study"</a>. <a href="/wiki/Social_Science_Research_Network" title="Social Science Research Network">Social Science Research Network</a>. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3422">3422</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Determinants+of+Economic+Growth%3A+A+Cross-Country+Empirical+Study&rft.date=1996&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D3422%23id-name%3DSSRN&rft.aulast=Barro&rft.aufirst=Robert+J.&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D3422&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span></li> <li><i>Business and Economic Growth: Key Features and Determinants</i>, Industrial Systems Research Publications, Kindle edition, 2023. ISBN 9780906321829</li> <li>Argyrous, G., Forstater, M and Mongiovi, G. (eds.) (2004) <i>Growth, Distribution, And Effective Demand: Essays in Honor of Edward J. Nell</i>. New York: M.E. Sharpe.</li> <li><a href="/wiki/Robert_Barro" title="Robert Barro">Barro, Robert J.</a> (1997) <i>Determinants of Economic Growth: A Cross-Country Empirical Study.</i> MIT Press: Cambridge, MA.</li> <li>Galor, O. (2005) <i>From Stagnation to Growth: Unified Growth Theory.</i> Handbook of Economic Growth, Elsevier.</li> <li>Halevi, Joseph; Laibman, David and <a href="/wiki/Edward_J._Nell" title="Edward J. Nell">Nell, Edward J.</a> (eds.) (1992) Beyond the Steady State: Essays in the Revival of Growth Theory, edited with, London, UK:</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHickel2020" class="citation book cs1"><a href="/wiki/Jason_Hickel" title="Jason Hickel">Hickel, Jason</a> (2020). <i>Less is More: How Degrowth Will Save the World</i>. <a href="/wiki/Penguin_Random_House" title="Penguin Random House">Penguin Random House</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781785152498" title="Special:BookSources/9781785152498"><bdi>9781785152498</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Less+is+More%3A+How+Degrowth+Will+Save+the+World&rft.pub=Penguin+Random+House&rft.date=2020&rft.isbn=9781785152498&rft.aulast=Hickel&rft.aufirst=Jason&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li>Jones, Charles I. (2002) <i>Introduction to Economic Growth</i> 2nd ed. W. W. Norton & Company: New York, N.Y.</li> <li><a href="/wiki/Robert_Lucas,_Jr." class="mw-redirect" title="Robert Lucas, Jr.">Lucas, Robert E., Jr.</a> (2003) <i>The Industrial Revolution: Past and Future</i>, Federal Reserve Bank of Minneapolis, <i>Annual Report</i> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20071127032512/http://minneapolisfed.org/pubs/region/04-05/essay.cfm">online edition</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPokrovskii2018" class="citation book cs1">Pokrovskii, Vladimir (2018). <a rel="nofollow" class="external text" href="https://www.springer.com/gp/book/9783319720739"><i>Econodynamics. The Theory of Social Production</i></a>. Springer, Dordrecht-Heidelberg-London-New York.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Econodynamics.+The+Theory+of+Social+Production.&rft.pub=Springer%2C+Dordrecht-Heidelberg-London-New+York.&rft.date=2018&rft.aulast=Pokrovskii&rft.aufirst=Vladimir&rft_id=https%3A%2F%2Fwww.springer.com%2Fgp%2Fbook%2F9783319720739&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li>Schumpeter, Jospeph A. (1912) <i>The Theory of Economic Development</i> 1982 reprint, Transaction Publishers</li> <li>Weil, David N. (2008) <i>Economic Growth</i> 2nd ed. Addison Wesley.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGorodnichenkoRoland2011" class="citation journal cs1">Gorodnichenko, Yuriy; Roland, Gerard (2011). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3271573">"Individualism, innovation, and long-run growth"</a>. <i><a href="/wiki/Proceedings_of_the_National_Academy_of_Sciences" class="mw-redirect" title="Proceedings of the National Academy of Sciences">Proceedings of the National Academy of Sciences</a></i>. <b>108</b> (supplement_4): 21316–21319. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2011PNAS..10821316G">2011PNAS..10821316G</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1073%2Fpnas.1101933108">10.1073/pnas.1101933108</a></span>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3271573">3271573</a></span>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/22198759">22198759</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Proceedings+of+the+National+Academy+of+Sciences&rft.atitle=Individualism%2C+innovation%2C+and+long-run+growth&rft.volume=108&rft.issue=supplement_4&rft.pages=21316-21319&rft.date=2011&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC3271573%23id-name%3DPMC&rft_id=info%3Apmid%2F22198759&rft_id=info%3Adoi%2F10.1073%2Fpnas.1101933108&rft_id=info%3Abibcode%2F2011PNAS..10821316G&rft.aulast=Gorodnichenko&rft.aufirst=Yuriy&rft.au=Roland%2C+Gerard&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC3271573&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGorodnichenkoRoland2017" class="citation journal cs1">Gorodnichenko, Yuriy; Roland, Gerard (2017). "Culture, Institutions and the Wealth of Nations". <i><a href="/wiki/The_Review_of_Economics_and_Statistics" title="The Review of Economics and Statistics">The Review of Economics and Statistics</a></i>. <b>99</b> (3): 402–416. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1162%2FREST_a_00599">10.1162/REST_a_00599</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:2562715">2562715</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Review+of+Economics+and+Statistics&rft.atitle=Culture%2C+Institutions+and+the+Wealth+of+Nations&rft.volume=99&rft.issue=3&rft.pages=402-416&rft.date=2017&rft_id=info%3Adoi%2F10.1162%2FREST_a_00599&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A2562715%23id-name%3DS2CID&rft.aulast=Gorodnichenko&rft.aufirst=Yuriy&rft.au=Roland%2C+Gerard&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSpolaoreWacziarg2013" class="citation journal cs1">Spolaore, Enrico; Wacziarg, Romain (2013). <a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fjel.51.2.325">"How Deep Are the Roots of Economic Development?"</a>. <i><a href="/wiki/Journal_of_Economic_Literature" title="Journal of Economic Literature">Journal of Economic Literature</a></i>. <b>51</b> (2): 325–369. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fjel.51.2.325">10.1257/jel.51.2.325</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Literature&rft.atitle=How+Deep+Are+the+Roots+of+Economic+Development%3F&rft.volume=51&rft.issue=2&rft.pages=325-369&rft.date=2013&rft_id=info%3Adoi%2F10.1257%2Fjel.51.2.325&rft.aulast=Spolaore&rft.aufirst=Enrico&rft.au=Wacziarg%2C+Romain&rft_id=https%3A%2F%2Fdoi.org%2F10.1257%252Fjel.51.2.325&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMokyr2016" class="citation book cs1">Mokyr, Joel (2016). <i>A Culture of Growth: the Origins of the Modern Economy</i>. Princeton: <a href="/wiki/Princeton_University_Press" title="Princeton University Press">Princeton University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780691180960" title="Special:BookSources/9780691180960"><bdi>9780691180960</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Culture+of+Growth%3A+the+Origins+of+the+Modern+Economy.&rft.place=Princeton&rft.pub=Princeton+University+Press&rft.date=2016&rft.isbn=9780691180960&rft.aulast=Mokyr&rft.aufirst=Joel&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcCloskey2016" class="citation book cs1">McCloskey, Deirdre (2016). <i>Bourgeois Equality. How Ideas, Not Capital or Institutions, Enriched the World</i>. Chicago: <a href="/wiki/University_of_Chicago_Press" title="University of Chicago Press">University of Chicago Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780226527932" title="Special:BookSources/9780226527932"><bdi>9780226527932</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Bourgeois+Equality.+How+Ideas%2C+Not+Capital+or+Institutions%2C+Enriched+the+World&rft.place=Chicago&rft.pub=University+of+Chicago+Press&rft.date=2016&rft.isbn=9780226527932&rft.aulast=McCloskey&rft.aufirst=Deirdre&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcCloskeyCarden2020" class="citation book cs1">McCloskey, Deirdre; Carden, Art (2020). <i>Leave Me Alone and I'll Make You Rich: How the Bourgeois Deal Enriched the World</i>. Chicago: <a href="/wiki/University_of_Chicago_Press" title="University of Chicago Press">University of Chicago Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780226739663" title="Special:BookSources/9780226739663"><bdi>9780226739663</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Leave+Me+Alone+and+I%27ll+Make+You+Rich%3A+How+the+Bourgeois+Deal+Enriched+the+World&rft.place=Chicago&rft.pub=University+of+Chicago+Press&rft.date=2020&rft.isbn=9780226739663&rft.aulast=McCloskey&rft.aufirst=Deirdre&rft.au=Carden%2C+Art&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRaworth2017" class="citation book cs1">Raworth, Kate (2017). <i><a href="/wiki/Doughnut_Economics:_Seven_Ways_to_Think_Like_a_21st-Century_Economist" title="Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist">Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist</a></i>. London: Random House. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1847941374" title="Special:BookSources/978-1847941374"><bdi>978-1847941374</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Doughnut+Economics%3A+Seven+Ways+to+Think+Like+a+21st-Century+Economist&rft.place=London&rft.pub=Random+House&rft.date=2017&rft.isbn=978-1847941374&rft.aulast=Raworth&rft.aufirst=Kate&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWiedmannLenzenKeyßerSteinberger2020" class="citation journal cs1">Wiedmann, Thomas; Lenzen, Manfred; Keyßer, Lorenz T.; Steinberger, Julia K. (2020). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7305220">"Scientists' warning on affluence"</a>. <i><a href="/wiki/Nature_Communications" title="Nature Communications">Nature Communications</a></i>. <b>11</b> (1): 3107. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2020NatCo..11.3107W">2020NatCo..11.3107W</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1038%2Fs41467-020-16941-y">10.1038/s41467-020-16941-y</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/2041-1723">2041-1723</a>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7305220">7305220</a></span>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/32561753">32561753</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Nature+Communications&rft.atitle=Scientists%27+warning+on+affluence&rft.volume=11&rft.issue=1&rft.pages=3107&rft.date=2020&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC7305220%23id-name%3DPMC&rft_id=info%3Abibcode%2F2020NatCo..11.3107W&rft_id=info%3Apmid%2F32561753&rft_id=info%3Adoi%2F10.1038%2Fs41467-020-16941-y&rft.issn=2041-1723&rft.aulast=Wiedmann&rft.aufirst=Thomas&rft.au=Lenzen%2C+Manfred&rft.au=Key%C3%9Fer%2C+Lorenz+T.&rft.au=Steinberger%2C+Julia+K.&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC7305220&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRuckBentleyLawson2020" class="citation journal cs1">Ruck, Damian J.; Bentley, R. Alexander; Lawson, Daniel J. (2020). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7062048">"Cultural prerequisites of socioeconomic development"</a>. <i><a href="/wiki/Royal_Society_Open_Science" title="Royal Society Open Science">Royal Society Open Science</a></i>. <b>7</b> (2): 190725. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2020RSOS....790725R">2020RSOS....790725R</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1098%2Frsos.190725">10.1098/rsos.190725</a></span>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7062048">7062048</a></span>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/32257300">32257300</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Royal+Society+Open+Science&rft.atitle=Cultural+prerequisites+of+socioeconomic+development&rft.volume=7&rft.issue=2&rft.pages=190725&rft.date=2020&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC7062048%23id-name%3DPMC&rft_id=info%3Apmid%2F32257300&rft_id=info%3Adoi%2F10.1098%2Frsos.190725&rft_id=info%3Abibcode%2F2020RSOS....790725R&rft.aulast=Ruck&rft.aufirst=Damian+J.&rft.au=Bentley%2C+R.+Alexander&rft.au=Lawson%2C+Daniel+J.&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC7062048&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBurgessCarricoGainesPeri2021" class="citation journal cs1">Burgess, Matthew G.; Carrico, Amanda R.; Gaines, Steven D.; Peri, Alessandro; Vanderheiden, Steve (2021). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9026903">"Prepare developed democracies for long-run economic slowdowns"</a>. <i><a href="/wiki/Nature_Human_Behaviour" title="Nature Human Behaviour">Nature Human Behaviour</a></i>. <b>5</b> (12): 1608–1621. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1038%2Fs41562-021-01229-y">10.1038/s41562-021-01229-y</a></span>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9026903">9026903</a></span>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/34795424">34795424</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Nature+Human+Behaviour&rft.atitle=Prepare+developed+democracies+for+long-run+economic+slowdowns&rft.volume=5&rft.issue=12&rft.pages=1608-1621&rft.date=2021&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC9026903%23id-name%3DPMC&rft_id=info%3Apmid%2F34795424&rft_id=info%3Adoi%2F10.1038%2Fs41562-021-01229-y&rft.aulast=Burgess&rft.aufirst=Matthew+G.&rft.au=Carrico%2C+Amanda+R.&rft.au=Gaines%2C+Steven+D.&rft.au=Peri%2C+Alessandro&rft.au=Vanderheiden%2C+Steve&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC9026903&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPilling2019" class="citation book cs1">Pilling, David (2019). <i>The Growth Delusion: The Wealth and Well-Being of Nations</i>. London: <a href="/wiki/Bloomsbury_Publishing" title="Bloomsbury Publishing">Bloomsbury Publishing</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781408893746" title="Special:BookSources/9781408893746"><bdi>9781408893746</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Growth+Delusion%3A+The+Wealth+and+Well-Being+of+Nations&rft.place=London&rft.pub=Bloomsbury+Publishing&rft.date=2019&rft.isbn=9781408893746&rft.aulast=Pilling&rft.aufirst=David&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+growth" class="Z3988"></span></li></ul> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(12)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="External_links">External links</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=35" title="Edit section: External links" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-12 collapsible-block" id="mf-section-12"> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><noscript><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/34px-Wikiquote-logo.svg.png" decoding="async" width="34" height="40" class="mw-file-element" data-file-width="300" data-file-height="355"></noscript><span class="lazy-image-placeholder" style="width: 34px;height: 40px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/34px-Wikiquote-logo.svg.png" data-alt="" data-width="34" data-height="40" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/51px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/68px-Wikiquote-logo.svg.png 2x" data-class="mw-file-element"> </span></span></span></div> <div class="side-box-text plainlist">Wikiquote has quotations related to <i><b><a href="https://en.wikiquote.org/wiki/Special:Search/Economic_growth" class="extiw" title="q:Special:Search/Economic growth">Economic growth</a></b></i>.</div></div> </div> <div class="mw-heading mw-heading3"><h3 id="Articles_and_lectures">Articles and lectures</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=36" title="Edit section: Articles and lectures" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <ul><li><a rel="nofollow" class="external text" href="https://www.britannica.com/eb/article-9106198/economic-growth">"Economic growth."</a> Encyclopædia Britannic. 2007. Encyclopædia Britannica Online. 17 November 2007.</li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20070611214820/http://www.gsb.stanford.edu/research/faculty/news_releases/Romer.Paul/London_Speech.html">Beyond Classical and Keynesian Macroeconomic Policy</a>. <a href="/wiki/Paul_Romer" title="Paul Romer">Paul Romer</a>'s plain-English explanation of endogenous growth theory.</li> <li><a rel="nofollow" class="external text" href="http://www.cepr.net/index.php/economics-seminar-series/">CEPR Economics Seminar Series</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100711075942/http://www.cepr.net/index.php/economics-seminar-series/">Archived</a> 2010-07-11 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Two seminars on the importance of growth with economists <a href="/wiki/Dean_Baker" title="Dean Baker">Dean Baker</a> and <a href="/wiki/Mark_Weisbrot" title="Mark Weisbrot">Mark Weisbrot</a></li> <li><a rel="nofollow" class="external text" href="http://www.iisg.nl/research/jvz-research.pdf">On global economic history</a> by Jan Luiten van Zanden. Explores the idea of the inevitability of the Industrial Revolution.</li> <li><a rel="nofollow" class="external text" href="http://www.sciam.com/article.cfm?id=the-economist-has-no-clothes">The Economist Has No Clothes</a> – essay by <a href="/wiki/Robert_Nadeau_(science_historian)" title="Robert Nadeau (science historian)">Robert Nadeau</a> in <a href="/wiki/Scientific_American" title="Scientific American">Scientific American</a> on the basic assumptions behind current <a href="/wiki/Economic_theory" class="mw-redirect" title="Economic theory">economic theory</a></li> <li><a href="/wiki/World_Growth_Institute" title="World Growth Institute">World Growth Institute</a>. An organization dedicated to helping the developing world realize its full potential via economic growth.</li> <li><a rel="nofollow" class="external text" href="https://www.stlouisfed.org/on-the-economy/2017/february/why-economic-growth-slowing-down?">Why Does Growth Keep Slowing Down? St. Louis Federal Reserve Bank</a></li> <li><a rel="nofollow" class="external text" href="https://www.nature.com/articles/d41586-022-00723-1">Are there limits to economic growth? It’s time to call time on a 50-year argument</a>. <i><a href="/wiki/Nature_(journal)" title="Nature (journal)">Nature</a></i>, 16 March 2022.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Data">Data</h3><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Economic_growth&action=edit&section=37" title="Edit section: Data" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div> <ul><li><a rel="nofollow" class="external text" href="http://www.ggdc.net/maddison/">Angus Maddison's Historical Dataseries</a> – series for almost all countries on GDP, population and GDP per capita from the year 0 up to 2003.</li> <li><a rel="nofollow" class="external text" href="http://stats.oecd.org/wbos/Index.aspx?QueryId=350">OECD economic growth statistics</a></li> <li><a rel="nofollow" class="external text" href="http://gsociology.icaap.org/dataupload.html">Multinational data sets</a> - easy to use dataset showing GDP, per capita and population, by country and region, 1970 to 2008. Updated regularly.</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div> <!-- NewPP limit report Parsed by mw‐web.codfw.main‐f69cdc8f6‐gtx6v Cached time: 20241124053621 Cache expiry: 2592000 Reduced expiry: false Complications: [vary‐revision‐sha1, show‐toc] CPU time usage: 2.442 seconds Real time usage: 2.760 seconds Preprocessor visited node count: 14281/1000000 Post‐expand include size: 536317/2097152 bytes Template argument size: 12359/2097152 bytes Highest expansion depth: 19/100 Expensive parser function count: 35/500 Unstrip recursion depth: 1/20 Unstrip post‐expand size: 691339/5000000 bytes Lua time usage: 1.599/10.000 seconds Lua memory usage: 13263058/52428800 bytes Lua Profile: MediaWiki\Extension\Scribunto\Engines\LuaSandbox\LuaSandboxCallback::callParserFunction 300 ms 20.5% dataWrapper <mw.lua:672> 220 ms 15.1% MediaWiki\Extension\Scribunto\Engines\LuaSandbox\LuaSandboxCallback::find 180 ms 12.3% ? 160 ms 11.0% <mw.lua:694> 80 ms 5.5% MediaWiki\Extension\Scribunto\Engines\LuaSandbox\LuaSandboxCallback::match 80 ms 5.5% MediaWiki\Extension\Scribunto\Engines\LuaSandbox\LuaSandboxCallback::sub 60 ms 4.1% MediaWiki\Extension\Scribunto\Engines\LuaSandbox\LuaSandboxCallback::plain 60 ms 4.1% MediaWiki\Extension\Scribunto\Engines\LuaSandbox\LuaSandboxCallback::getEntityStatements 60 ms 4.1% MediaWiki\Extension\Scribunto\Engines\LuaSandbox\LuaSandboxCallback::gsub 40 ms 2.7% [others] 220 ms 15.1% Number of Wikibase entities loaded: 7/400 --> <!-- Transclusion expansion time report (%,ms,calls,template) 100.00% 2371.065 1 -total 50.55% 1198.529 1 Template:Reflist 18.43% 436.990 76 Template:Cite_journal 11.86% 281.182 14 Template:Sfn 10.46% 247.994 51 Template:Cite_book 8.17% 193.756 26 Template:Cite_web 8.11% 192.233 3 Template:Excerpt 7.50% 177.800 4 Template:Cite_Q 6.18% 146.508 2 Template:Sidebar_with_collapsible_lists 6.13% 145.456 4 Template:Navbox --> <!-- Saved in parser cache with key enwiki:pcache:idhash:69415-0!canonical and timestamp 20241124053621 and revision id 1258984079. 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class="last-modified-bar__text modified-enhancement" data-user-name="HudecEmil" data-user-gender="unknown" data-timestamp="1732301661"> <span>Last edited on 22 November 2024, at 18:54</span> </span> <span class="minerva-icon minerva-icon-size-small minerva-icon--expand"></span> </div> </a> <div class="post-content footer-content"> <div id='mw-data-after-content'> <div class="read-more-container"></div> </div> <div id="p-lang"> <h4>Languages</h4> <section> <ul id="p-variants" class="minerva-languages"></ul> <ul class="minerva-languages"><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%86%D9%85%D9%88_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A" title="نمو اقتصادي – Arabic" lang="ar" hreflang="ar" data-title="نمو اقتصادي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-awa mw-list-item"><a href="https://awa.wikipedia.org/wiki/%E0%A4%86%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%BF%E0%A4%95_%E0%A4%B5%E0%A5%83%E0%A4%A6%E0%A5%8D%E0%A4%A7%E0%A4%BF" title="आर्थिक वृद्धि – Awadhi" lang="awa" hreflang="awa" data-title="आर्थिक वृद्धि" data-language-autonym="अवधी" data-language-local-name="Awadhi" class="interlanguage-link-target"><span>अवधी</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0qtisadi_art%C4%B1m" title="İqtisadi artım – Azerbaijani" lang="az" hreflang="az" data-title="İqtisadi artım" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%85%E0%A6%B0%E0%A7%8D%E0%A6%A5%E0%A6%A8%E0%A7%88%E0%A6%A4%E0%A6%BF%E0%A6%95_%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%AC%E0%A7%83%E0%A6%A6%E0%A7%8D%E0%A6%A7%E0%A6%BF" title="অর্থনৈতিক প্রবৃদ্ধি – Bangla" lang="bn" hreflang="bn" data-title="অর্থনৈতিক প্রবৃদ্ধি" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Keng-ch%C3%A8_s%C3%AAng-ti%C3%B3ng" title="Keng-chè sêng-tióng – Minnan" lang="nan" hreflang="nan" data-title="Keng-chè sêng-tióng" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-ba mw-list-item"><a href="https://ba.wikipedia.org/wiki/%D0%98%D2%A1%D1%82%D0%B8%D1%81%D0%B0%D0%B4_%D2%AF%D2%AB%D0%B5%D2%AF%D0%B5" title="Иҡтисад үҫеүе – Bashkir" lang="ba" hreflang="ba" data-title="Иҡтисад үҫеүе" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target"><span>Башҡортса</span></a></li><li class="interlanguage-link interwiki-bh mw-list-item"><a href="https://bh.wikipedia.org/wiki/%E0%A4%86%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%BF%E0%A4%95_%E0%A4%B8%E0%A4%82%E0%A4%AC%E0%A5%83%E0%A4%A6%E0%A5%8D%E0%A4%A7%E0%A4%BF" title="आर्थिक संबृद्धि – Bhojpuri" lang="bh" hreflang="bh" data-title="आर्थिक संबृद्धि" data-language-autonym="भोजपुरी" data-language-local-name="Bhojpuri" class="interlanguage-link-target"><span>भोजपुरी</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%98%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%B8_%D1%80%D0%B0%D1%81%D1%82%D0%B5%D0%B6" title="Икономически растеж – Bulgarian" lang="bg" hreflang="bg" data-title="Икономически растеж" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Creixement_econ%C3%B2mic" title="Creixement econòmic – Catalan" lang="ca" hreflang="ca" data-title="Creixement econòmic" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Hospod%C3%A1%C5%99sk%C3%BD_r%C5%AFst" title="Hospodářský růst – Czech" lang="cs" hreflang="cs" data-title="Hospodářský růst" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/%C3%98konomisk_v%C3%A6kst" title="Økonomisk vækst – Danish" lang="da" hreflang="da" data-title="Økonomisk vækst" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Wirtschaftswachstum" title="Wirtschaftswachstum – German" lang="de" hreflang="de" data-title="Wirtschaftswachstum" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Majanduskasv" title="Majanduskasv – Estonian" lang="et" hreflang="et" data-title="Majanduskasv" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%9F%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AE_%CE%B1%CE%BD%CE%AC%CF%80%CF%84%CF%85%CE%BE%CE%B7" title="Οικονομική ανάπτυξη – Greek" lang="el" hreflang="el" data-title="Οικονομική ανάπτυξη" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Crecimiento_econ%C3%B3mico" title="Crecimiento económico – Spanish" lang="es" hreflang="es" data-title="Crecimiento económico" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Ekonomia_kresko" title="Ekonomia kresko – Esperanto" lang="eo" hreflang="eo" data-title="Ekonomia kresko" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Hazkunde_ekonomiko" title="Hazkunde ekonomiko – Basque" lang="eu" hreflang="eu" data-title="Hazkunde ekonomiko" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B1%D8%B4%D8%AF_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%DB%8C" title="رشد اقتصادی – Persian" lang="fa" hreflang="fa" data-title="رشد اقتصادی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Croissance_%C3%A9conomique" title="Croissance économique – French" lang="fr" hreflang="fr" data-title="Croissance économique" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Crecemento_econ%C3%B3mico" title="Crecemento económico – Galician" lang="gl" hreflang="gl" data-title="Crecemento económico" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B2%BD%EC%A0%9C%EC%84%B1%EC%9E%A5" title="경제성장 – Korean" lang="ko" hreflang="ko" data-title="경제성장" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8F%D5%B6%D5%BF%D5%A5%D5%BD%D5%A1%D5%AF%D5%A1%D5%B6_%D5%A1%D5%B3" title="Տնտեսական աճ – Armenian" lang="hy" hreflang="hy" data-title="Տնտեսական աճ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%86%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%BF%E0%A4%95_%E0%A4%B5%E0%A5%83%E0%A4%A6%E0%A5%8D%E0%A4%A7%E0%A4%BF" title="आर्थिक वृद्धि – Hindi" lang="hi" hreflang="hi" data-title="आर्थिक वृद्धि" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Ekonomski_rast" title="Ekonomski rast – Croatian" lang="hr" hreflang="hr" data-title="Ekonomski rast" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Pertumbuhan_ekonomi" title="Pertumbuhan ekonomi – Indonesian" lang="id" hreflang="id" data-title="Pertumbuhan ekonomi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Crescita_economica" title="Crescita economica – Italian" lang="it" hreflang="it" data-title="Crescita economica" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A6%D7%9E%D7%99%D7%97%D7%94_%D7%9B%D7%9C%D7%9B%D7%9C%D7%99%D7%AA" title="צמיחה כלכלית – Hebrew" lang="he" hreflang="he" data-title="צמיחה כלכלית" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%86%E0%B2%B0%E0%B3%8D%E0%B2%A5%E0%B2%BF%E0%B2%95_%E0%B2%AC%E0%B3%86%E0%B2%B3%E0%B3%86%E0%B2%B5%E0%B2%A3%E0%B2%BF%E0%B2%97%E0%B3%86" title="ಆರ್ಥಿಕ ಬೆಳೆವಣಿಗೆ – Kannada" lang="kn" hreflang="kn" data-title="ಆರ್ಥಿಕ ಬೆಳೆವಣಿಗೆ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%94%E1%83%99%E1%83%9D%E1%83%9C%E1%83%9D%E1%83%9B%E1%83%98%E1%83%99%E1%83%A3%E1%83%A0%E1%83%98_%E1%83%96%E1%83%A0%E1%83%93%E1%83%90" title="ეკონომიკური ზრდა – Georgian" lang="ka" hreflang="ka" data-title="ეკონომიკური ზრდა" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%AD%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0%D0%BB%D1%8B%D2%9B_%D3%A9%D1%81%D1%96%D0%BC" title="Экономикалық өсім – Kazakh" lang="kk" hreflang="kk" data-title="Экономикалық өсім" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BA%81%E0%BA%B2%E0%BA%99%E0%BA%82%E0%BA%B0%E0%BA%AB%E0%BA%8D%E0%BA%B2%E0%BA%8D%E0%BB%82%E0%BA%95%E0%BA%97%E0%BA%B2%E0%BA%87%E0%BB%80%E0%BA%AA%E0%BA%94%E0%BA%96%E0%BA%B0%E0%BA%81%E0%BA%B4%E0%BA%94" title="ການຂະຫຍາຍໂຕທາງເສດຖະກິດ – Lao" lang="lo" hreflang="lo" data-title="ການຂະຫຍາຍໂຕທາງເສດຖະກິດ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Ekonomikas_izaugsme" title="Ekonomikas izaugsme – Latvian" lang="lv" hreflang="lv" data-title="Ekonomikas izaugsme" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Gazdas%C3%A1gi_n%C3%B6veked%C3%A9s" title="Gazdasági növekedés – Hungarian" lang="hu" hreflang="hu" data-title="Gazdasági növekedés" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%A1%D1%82%D0%BE%D0%BF%D0%B0%D0%BD%D1%81%D0%BA%D0%B8_%D1%80%D0%B0%D1%81%D1%82" title="Стопански раст – Macedonian" lang="mk" hreflang="mk" data-title="Стопански раст" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%86%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%BF%E0%A4%95_%E0%A4%B5%E0%A5%83%E0%A4%A6%E0%A5%8D%E0%A4%A7%E0%A5%80" title="आर्थिक वृद्धी – Marathi" lang="mr" hreflang="mr" data-title="आर्थिक वृद्धी" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Pertumbuhan_ekonomi" title="Pertumbuhan ekonomi – Malay" lang="ms" hreflang="ms" data-title="Pertumbuhan ekonomi" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Economische_groei" title="Economische groei – Dutch" lang="nl" hreflang="nl" data-title="Economische groei" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E7%B5%8C%E6%B8%88%E6%88%90%E9%95%B7" title="経済成長 – Japanese" lang="ja" hreflang="ja" data-title="経済成長" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/%C3%98konomisk_vekst" title="Økonomisk vekst – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Økonomisk vekst" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Iqtisodiy_o%CA%BBsish" title="Iqtisodiy oʻsish – Uzbek" lang="uz" hreflang="uz" data-title="Iqtisodiy oʻsish" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%86%E0%A8%B0%E0%A8%A5%E0%A8%BF%E0%A8%95_%E0%A8%B5%E0%A8%BE%E0%A8%A7%E0%A8%BE" title="ਆਰਥਿਕ ਵਾਧਾ – Punjabi" lang="pa" hreflang="pa" data-title="ਆਰਥਿਕ ਵਾਧਾ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A_%D9%88%D8%AF%D9%87" title="اقتصادي وده – Pashto" lang="ps" hreflang="ps" data-title="اقتصادي وده" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-km mw-list-item"><a href="https://km.wikipedia.org/wiki/%E1%9E%80%E1%9F%86%E1%9E%8E%E1%9E%BE%E1%9E%93%E1%9E%9F%E1%9F%81%E1%9E%8A%E1%9F%92%E1%9E%8B%E1%9E%80%E1%9E%B7%E1%9E%85%E1%9F%92%E1%9E%85" title="កំណើនសេដ្ឋកិច្ច – Khmer" lang="km" hreflang="km" data-title="កំណើនសេដ្ឋកិច្ច" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="Khmer" class="interlanguage-link-target"><span>ភាសាខ្មែរ</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Wzrost_gospodarczy" title="Wzrost gospodarczy – Polish" lang="pl" hreflang="pl" data-title="Wzrost gospodarczy" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Crescimento_econ%C3%B4mico" title="Crescimento econômico – Portuguese" lang="pt" hreflang="pt" data-title="Crescimento econômico" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-kaa mw-list-item"><a href="https://kaa.wikipedia.org/wiki/Ekonomikal%C4%B1q_%C3%B3siw" title="Ekonomikalıq ósiw – Kara-Kalpak" lang="kaa" hreflang="kaa" data-title="Ekonomikalıq ósiw" data-language-autonym="Qaraqalpaqsha" data-language-local-name="Kara-Kalpak" class="interlanguage-link-target"><span>Qaraqalpaqsha</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Cre%C8%99tere_economic%C4%83" title="Creștere economică – Romanian" lang="ro" hreflang="ro" data-title="Creștere economică" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%AD%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%B8%D0%B9_%D1%80%D0%BE%D1%81%D1%82" title="Экономический рост – Russian" lang="ru" hreflang="ru" data-title="Экономический рост" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Rritja_ekonomike" title="Rritja ekonomike – Albanian" lang="sq" hreflang="sq" data-title="Rritja ekonomike" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Economic_growth" title="Economic growth – Simple English" lang="en-simple" hreflang="en-simple" data-title="Economic growth" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Hospod%C3%A1rsky_rast" title="Hospodársky rast – Slovak" lang="sk" hreflang="sk" data-title="Hospodársky rast" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Gospodarska_rast" title="Gospodarska rast – Slovenian" lang="sl" hreflang="sl" data-title="Gospodarska rast" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%DA%AF%DB%95%D8%B4%DB%95%DB%8C_%D8%A6%D8%A7%D8%A8%D9%88%D9%88%D8%B1%DB%8C" title="گەشەی ئابووری – Central Kurdish" lang="ckb" hreflang="ckb" data-title="گەشەی ئابووری" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%9F%D1%80%D0%B8%D0%B2%D1%80%D0%B5%D0%B4%D0%BD%D0%B8_%D1%80%D0%B0%D1%81%D1%82" title="Привредни раст – Serbian" lang="sr" hreflang="sr" data-title="Привредни раст" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Ekonomski_rast" title="Ekonomski rast – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Ekonomski rast" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Talouskasvu" title="Talouskasvu – Finnish" lang="fi" hreflang="fi" data-title="Talouskasvu" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Ekonomisk_tillv%C3%A4xt" title="Ekonomisk tillväxt – Swedish" lang="sv" hreflang="sv" data-title="Ekonomisk tillväxt" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%84%E0%B8%A7%E0%B8%B2%E0%B8%A1%E0%B9%80%E0%B8%95%E0%B8%B4%E0%B8%9A%E0%B9%82%E0%B8%95%E0%B8%97%E0%B8%B2%E0%B8%87%E0%B9%80%E0%B8%A8%E0%B8%A3%E0%B8%A9%E0%B8%90%E0%B8%81%E0%B8%B4%E0%B8%88" title="ความเติบโตทางเศรษฐกิจ – Thai" lang="th" hreflang="th" data-title="ความเติบโตทางเศรษฐกิจ" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Ekonomik_b%C3%BCy%C3%BCme" title="Ekonomik büyüme – Turkish" lang="tr" hreflang="tr" data-title="Ekonomik büyüme" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%95%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D1%96%D1%87%D0%BD%D0%B5_%D0%B7%D1%80%D0%BE%D1%81%D1%82%D0%B0%D0%BD%D0%BD%D1%8F" title="Економічне зростання – Ukrainian" lang="uk" hreflang="uk" data-title="Економічне зростання" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%DB%8C_%D8%AA%D8%B1%D9%82%DB%8C" title="اقتصادی ترقی – Urdu" lang="ur" hreflang="ur" data-title="اقتصادی ترقی" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/T%C4%83ng_tr%C6%B0%E1%BB%9Fng_kinh_t%E1%BA%BF" title="Tăng trưởng kinh tế – Vietnamese" lang="vi" hreflang="vi" data-title="Tăng trưởng kinh tế" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E7%BB%8F%E6%B5%8E%E5%A2%9E%E9%95%BF" title="经济增长 – Wu" lang="wuu" hreflang="wuu" data-title="经济增长" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E7%B6%93%E6%BF%9F%E5%A2%9E%E9%95%B7" title="經濟增長 – Cantonese" lang="yue" hreflang="yue" data-title="經濟增長" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E7%BB%8F%E6%B5%8E%E5%A2%9E%E9%95%BF" title="经济增长 – Chinese" lang="zh" hreflang="zh" data-title="经济增长" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li></ul> </section> </div> <div class="minerva-footer-logo"><img src="/static/images/mobile/copyright/wikipedia-wordmark-en.svg" alt="Wikipedia" width="120" height="18" style="width: 7.5em; height: 1.125em;"/> </div> <ul id="footer-info" class="footer-info hlist hlist-separated"> <li 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<script>(RLQ=window.RLQ||[]).push(function(){mw.config.set({"wgHostname":"mw-web.codfw.main-f69cdc8f6-zvhrd","wgBackendResponseTime":239,"wgPageParseReport":{"limitreport":{"cputime":"2.442","walltime":"2.760","ppvisitednodes":{"value":14281,"limit":1000000},"postexpandincludesize":{"value":536317,"limit":2097152},"templateargumentsize":{"value":12359,"limit":2097152},"expansiondepth":{"value":19,"limit":100},"expensivefunctioncount":{"value":35,"limit":500},"unstrip-depth":{"value":1,"limit":20},"unstrip-size":{"value":691339,"limit":5000000},"entityaccesscount":{"value":7,"limit":400},"timingprofile":["100.00% 2371.065 1 -total"," 50.55% 1198.529 1 Template:Reflist"," 18.43% 436.990 76 Template:Cite_journal"," 11.86% 281.182 14 Template:Sfn"," 10.46% 247.994 51 Template:Cite_book"," 8.17% 193.756 26 Template:Cite_web"," 8.11% 192.233 3 Template:Excerpt"," 7.50% 177.800 4 Template:Cite_Q"," 6.18% 146.508 2 Template:Sidebar_with_collapsible_lists"," 6.13% 145.456 4 Template:Navbox"]},"scribunto":{"limitreport-timeusage":{"value":"1.599","limit":"10.000"},"limitreport-memusage":{"value":13263058,"limit":52428800},"limitreport-logs":"table#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\nanchor_id_list = table#1 {\n [\"CITEREFAbramovitzDavid2000\"] = 1,\n [\"CITEREFAcemogluJohnsonRobinson2001\"] = 1,\n [\"CITEREFAcemogluJohnsonRobinson2005\"] = 1,\n [\"CITEREFAcemogluNaiduRestrepoRobinson2014\"] = 1,\n [\"CITEREFAcemogluRobinson2012\"] = 1,\n [\"CITEREFAghion2002\"] = 1,\n [\"CITEREFAghionHowitt1992\"] = 1,\n [\"CITEREFAlesinaRodrik1994\"] = 1,\n [\"CITEREFAnand2013\"] = 2,\n [\"CITEREFAtackPassell1994\"] = 1,\n [\"CITEREFAyres1989\"] = 1,\n [\"CITEREFAyresWarr2005\"] = 1,\n [\"CITEREFBailey2004\"] = 1,\n [\"CITEREFBarker1995\"] = 1,\n [\"CITEREFBarro1996\"] = 1,\n [\"CITEREFBarro2000\"] = 1,\n [\"CITEREFBarroLee2001\"] = 1,\n [\"CITEREFBarroSala-i-Martin2004\"] = 1,\n [\"CITEREFBartlett2013\"] = 1,\n [\"CITEREFBatenvan_Zanden2008\"] = 1,\n [\"CITEREFBeaudreau1996\"] = 1,\n [\"CITEREFBergOstry2011\"] = 1,\n [\"CITEREFBergOstry2017\"] = 1,\n [\"CITEREFBergOstryTsangaridesYakhshilikov2018\"] = 1,\n [\"CITEREFBjork1999\"] = 1,\n [\"CITEREFBloomCanningGraham2003\"] = 1,\n [\"CITEREFBloomKuhnPrettner2018\"] = 1,\n [\"CITEREFBourguignon2002\"] = 1,\n [\"CITEREFBradshawEhrlichBeattieCeballos2021\"] = 1,\n [\"CITEREFBreton2015\"] = 1,\n [\"CITEREFBruce_T._GrimmBrent_R._MoultonDavid_B._Wasshausen2002\"] = 1,\n [\"CITEREFBrücknerLederman2015\"] = 1,\n [\"CITEREFBrücknerLederman2018\"] = 1,\n [\"CITEREFBurgessCarricoGainesPeri2021\"] = 1,\n [\"CITEREFBénabou1996\"] = 1,\n [\"CITEREFCafaro2022\"] = 1,\n [\"CITEREFCarlinSoskice2006\"] = 1,\n [\"CITEREFCarrington2019\"] = 1,\n [\"CITEREFCarrington2021\"] = 1,\n [\"CITEREFCervellatiSunde2005\"] = 1,\n [\"CITEREFClark2007\"] = 1,\n [\"CITEREFCommittee_on_Electricity_in_Economic_Growth_Energy_Engineering_Board_Commission_on_Engineering_and_Technical_Systems_National_Research_Council1986\"] = 1,\n [\"CITEREFCorryValeroVan_Reenen2011\"] = 1,\n [\"CITEREFDale_W._JorgensonMun_S._HoKevin_J._Stiroh2008\"] = 1,\n [\"CITEREFDas2019\"] = 1,\n [\"CITEREFDe_Soto2000\"] = 1,\n [\"CITEREFDevine1983\"] = 1,\n [\"CITEREFDrèzeSen2013\"] = 1,\n [\"CITEREFField2004\"] = 1,\n [\"CITEREFField2007\"] = 1,\n [\"CITEREFField2011\"] = 1,\n [\"CITEREFGalor2005\"] = 1,\n [\"CITEREFGalor2011\"] = 1,\n [\"CITEREFGalorMoav2004\"] = 1,\n [\"CITEREFGalorMoavVollrath2009\"] = 1,\n [\"CITEREFGalorZeira1988\"] = 1,\n [\"CITEREFGalorZeira1993\"] = 1,\n [\"CITEREFGarrett2009\"] = 1,\n [\"CITEREFGarrett2014\"] = 1,\n [\"CITEREFGordon2000\"] = 1,\n [\"CITEREFGordon2013\"] = 1,\n [\"CITEREFGordon2016\"] = 1,\n [\"CITEREFGordon2017\"] = 1,\n [\"CITEREFGorodnichenkoRoland2011\"] = 1,\n [\"CITEREFGorodnichenkoRoland2017\"] = 1,\n [\"CITEREFGrubler1990\"] = 1,\n [\"CITEREFHallClevelandKaufmann1992\"] = 1,\n [\"CITEREFHallDay2009\"] = 1,\n [\"CITEREFHanushekKimko2000\"] = 1,\n [\"CITEREFHanushekWoessmann2008\"] = 1,\n [\"CITEREFHanushekWoessmann2011\"] = 1,\n [\"CITEREFHanushekWoessmann2015\"] = 1,\n [\"CITEREFHayward\"] = 1,\n [\"CITEREFHelpman2004\"] = 1,\n [\"CITEREFHerzerVollmer2013\"] = 1,\n [\"CITEREFHickel2020\"] = 1,\n [\"CITEREFHickelKallisJacksonO’Neill2022\"] = 1,\n [\"CITEREFHuntLautzenheiser2014\"] = 2,\n [\"CITEREFJaccard2005\"] = 1,\n [\"CITEREFJohnson2006\"] = 1,\n [\"CITEREFJohnsonKoyama2014\"] = 1,\n [\"CITEREFJohnsonKoyama2017\"] = 1,\n [\"CITEREFKaldor1955\"] = 1,\n [\"CITEREFKendrick1961\"] = 1,\n [\"CITEREFKendrick1991\"] = 1,\n [\"CITEREFKrugman1994\"] = 2,\n [\"CITEREFKuprianov2018\"] = 1,\n [\"CITEREFLandes1969\"] = 3,\n [\"CITEREFLandreth1976\"] = 1,\n [\"CITEREFLee2016\"] = 1,\n [\"CITEREFLee2018\"] = 1,\n [\"CITEREFLucas1988\"] = 1,\n [\"CITEREFLucas1990\"] = 1,\n [\"CITEREFLustig2006\"] = 1,\n [\"CITEREFLyon2015\"] = 1,\n [\"CITEREFMalthus1798\"] = 1,\n [\"CITEREFMankiw2011\"] = 1,\n [\"CITEREFMankiwRomerWeil1992\"] = 1,\n [\"CITEREFMcCloskey2016\"] = 1,\n [\"CITEREFMcCloskeyCarden2020\"] = 1,\n [\"CITEREFMcKenzie2019\"] = 1,\n [\"CITEREFMeadowsRanders2004\"] = 1,\n [\"CITEREFMokyr2016\"] = 1,\n [\"CITEREFMooreSimon1999\"] = 1,\n [\"CITEREFMurphy2011\"] = 1,\n [\"CITEREFMurphyShleiferVishny1989\"] = 1,\n [\"CITEREFNelson2024\"] = 1,\n [\"CITEREFNorthWeingast1989\"] = 1,\n [\"CITEREFPaepke1992\"] = 1,\n [\"CITEREFPerotti1996\"] = 1,\n [\"CITEREFPerssonTabellini1994\"] = 1,\n [\"CITEREFPiketty2014\"] = 1,\n [\"CITEREFPilling2019\"] = 1,\n [\"CITEREFPokrovskii2018\"] = 1,\n [\"CITEREFPokrovskii2021\"] = 1,\n [\"CITEREFQuamrulGalor2011\"] = 1,\n [\"CITEREFRajanZingales2003\"] = 1,\n [\"CITEREFRanieriRamos2013\"] = 1,\n [\"CITEREFRaworth2017\"] = 1,\n [\"CITEREFRegis\"] = 1,\n [\"CITEREFReisman1998\"] = 1,\n [\"CITEREFRippleWolfNewsomeBarnard2019\"] = 1,\n [\"CITEREFRomer1986\"] = 1,\n [\"CITEREFRomer1990\"] = 1,\n [\"CITEREFRosenberg1982\"] = 1,\n [\"CITEREFRoser2021\"] = 1,\n [\"CITEREFRoubiniBackus1998\"] = 1,\n [\"CITEREFRuckBentleyLawson2020\"] = 1,\n [\"CITEREFRyland_ThomasSamuel_H._Williamson2022\"] = 1,\n [\"CITEREFSala-i-MartinDoppelhoferMiller2004\"] = 1,\n [\"CITEREFSmil2004\"] = 1,\n [\"CITEREFSmith2024\"] = 1,\n [\"CITEREFSoares2005\"] = 1,\n [\"CITEREFSolow1956\"] = 1,\n [\"CITEREFSpecktor2021\"] = 1,\n [\"CITEREFSpolaoreWacziarg2013\"] = 1,\n [\"CITEREFSwan1956\"] = 1,\n [\"CITEREFTaylor1951\"] = 1,\n [\"CITEREFThe_World_Bank_Group1999\"] = 1,\n [\"CITEREFTurner2008\"] = 1,\n [\"CITEREFWang2014\"] = 1,\n [\"CITEREFWells1890\"] = 1,\n [\"CITEREFWells1891\"] = 1,\n [\"CITEREFWeston2021\"] = 1,\n [\"CITEREFWhaples1991\"] = 1,\n [\"CITEREFWiedmannLenzenKeyßerSteinberger2020\"] = 2,\n [\"theory\"] = 1,\n}\ntemplate_list = table#1 {\n [\"Anchor\"] = 1,\n [\"Blockquote\"] = 1,\n [\"CO2\"] = 1,\n [\"Cite Q\"] = 4,\n [\"Cite SSRN\"] = 2,\n [\"Cite book\"] = 51,\n [\"Cite journal\"] = 75,\n [\"Cite magazine\"] = 1,\n [\"Cite news\"] = 7,\n [\"Cite web\"] = 26,\n [\"Col-begin\"] = 1,\n [\"Col-break\"] = 2,\n [\"Col-end\"] = 1,\n [\"DEFAULTSORT:Growth\"] = 1,\n [\"Div col\"] = 1,\n [\"Div col end\"] = 1,\n [\"Doi\"] = 1,\n [\"Dubious\"] = 1,\n [\"Economics\"] = 1,\n [\"Excerpt\"] = 1,\n [\"Further\"] = 3,\n [\"GDP country lists\"] = 1,\n [\"Global economic classifications\"] = 1,\n [\"Harvnb\"] = 1,\n [\"Hounshell1984\"] = 1,\n [\"Ill\"] = 1,\n [\"Legend\"] = 10,\n [\"Macroeconomics sidebar\"] = 1,\n [\"Main\"] = 7,\n [\"Multiple image\"] = 1,\n [\"Pn\"] = 6,\n [\"Reflist\"] = 1,\n [\"Rp\"] = 2,\n [\"See also\"] = 4,\n [\"Sfn\"] = 14,\n [\"Short description\"] = 1,\n [\"Specify\"] = 1,\n [\"Use dmy dates\"] = 1,\n [\"Visible anchor\"] = 1,\n [\"Webarchive\"] = 9,\n [\"Wikiquote\"] = 1,\n}\narticle_whitelist = table#1 {\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\n1 1 Dale W. Jorgenson\n2 2 Mun S. Ho\n3 3 Jon D. Samuels\n1 1 Dean Baker\n1 1 Manfred Max-Neef\n1 1 Allan Schnaiberg\ntable#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\n","limitreport-profile":[["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::callParserFunction","300","20.5"],["dataWrapper \u003Cmw.lua:672\u003E","220","15.1"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::find","180","12.3"],["?","160","11.0"],["\u003Cmw.lua:694\u003E","80","5.5"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::match","80","5.5"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::sub","60","4.1"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::plain","60","4.1"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::getEntityStatements","60","4.1"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::gsub","40","2.7"],["[others]","220","15.1"]]},"cachereport":{"origin":"mw-web.codfw.main-f69cdc8f6-gtx6v","timestamp":"20241124053621","ttl":2592000,"transientcontent":false}}});});</script> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"Article","name":"Economic growth","url":"https:\/\/en.wikipedia.org\/wiki\/Economic_growth","sameAs":"http:\/\/www.wikidata.org\/entity\/Q189833","mainEntity":"http:\/\/www.wikidata.org\/entity\/Q189833","author":{"@type":"Organization","name":"Contributors to Wikimedia projects"},"publisher":{"@type":"Organization","name":"Wikimedia Foundation, Inc.","logo":{"@type":"ImageObject","url":"https:\/\/www.wikimedia.org\/static\/images\/wmf-hor-googpub.png"}},"datePublished":"2002-08-08T16:09:13Z","dateModified":"2024-11-22T18:54:21Z","image":"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/4\/45\/Gdp_accumulated_change.png","headline":"measure of increase in market value of goods"}</script><script>(window.NORLQ=window.NORLQ||[]).push(function(){var ns,i,p,img;ns=document.getElementsByTagName('noscript');for(i=0;i<ns.length;i++){p=ns[i].nextSibling;if(p&&p.className&&p.className.indexOf('lazy-image-placeholder')>-1){img=document.createElement('img');img.setAttribute('src',p.getAttribute('data-src'));img.setAttribute('width',p.getAttribute('data-width'));img.setAttribute('height',p.getAttribute('data-height'));img.setAttribute('alt',p.getAttribute('data-alt'));p.parentNode.replaceChild(img,p);}}});</script> </body> </html>