Economic growth

        How important is economic growth? Does it really make people better off in the long run? Or, as the question is sometimes misleadingly put, “Can money buy happiness?”  

Economic growth

We have described economic growth as a function of increased worker productivity, and have argued that worker productivity has risen due to increased levels of capital and technology. We have argued that the more capital a country has, the more it will be able to...

GDP, economic growth, unemployment and inflation

  1. What is the gross domestic product of a country? What is meant by ‘intermediate goods’ and are they included in the measure of GDP? Give an example of a good that could be an intermediate good or a final good depending on the situation. Explain...