The term economic growth refers to the increment of the market value of goods and services produced by an economy over time. This raise is usually measured using percentages and considering the real gross domestic product (GDP) of a country.
The aspects considered while measuring the GDP are the labour productivity, the intensity, the participation rate and the demography.
Historically, an increment in labour productivity was the major aspect that affected the economic growth. Indeed, this increment was associated with the accumulation of physical and human capital, as well as the increment of efforts to create new goods and technological innovations.
Additionally to these four main factors, there are other aspects that influence the economic growth of a nation, including political institutions, rule of law, entrepreneurship, property rights, capital, new products and services, and sectors shares.
Furthermore, over the years, different theories and models have been developed to explain economic growth, including the classical growth theory, the natural rate of growth, the Solow-Swan model, the unified growth theory, the endogenous growth theory, the big push, and the Schumpeterian growth.
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