Chapter

Long Run Growth:

Dipankar Dasgupta

in Modern Growth Theory

Published in print November 2010 | ISBN: 9780198069966
Published online October 2012 | e-ISBN: 9780199080458 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198069966.003.0001
Long Run Growth:

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An increase in the annual growth rate of a country’s real per capita gross domestic product (GDP) is, to a large extent, an indication of improvement in the standard of living. Most nations which are reasonably progressive based on social indicators exhibit substantially large values of real per capita GDP. Economists try to come up with theories to explain why the real GDP rises significantly over time. The explanations centre around supply and demand, two of the most basic tools of economic analysis. This chapter discusses growth economics and growth theory, command economy and private economy, investment, and technological progress.

Keywords: growth economics; growth theory; gross domestic product; investment; standard of living; supply and demand; private economy; command economy; technological progress

Chapter.  8329 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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