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'''Economic growth''', or '''expansion''' is an increase in a nation's capacity to produce [[goods]] and services over time. It is usually calculated using a country's gross domestic product (GDP) as compared to the country's population.<ref>Bjork, Gordon J. (1999). The Way It Worked and Why It Won’t: Structural Change and the Slowdown of U.S. Economic Growth. Westport, CT; London: Praeger. pp. 2, 67. ISBN 0-275-96532-5</ref><ref>http://usinfo.state.gov/products/pubs/oecon/chap12.htm</ref>
'''Economic growth''', or '''expansion''' is an increase in a nation's capacity to produce [[goods]] and services over time. It is usually calculated using a country's gross domestic product (GDP) as compared to the country's population.<ref>Bjork, Gordon J. (1999). The Way It Worked and Why It Won’t: Structural Change and the Slowdown of U.S. Economic Growth. Westport, CT; London: Praeger. pp. 2, 67. ISBN 0-275-96532-5</ref><ref>http://usinfo.state.gov/products/pubs/oecon/chap12.htm</ref>
Ideally, sustainable growth should be 3% or more, as it was in the early 1950s and late 1980s, when the Nation benefited from [[Reaganomics]]. However, during the [[Obama Administration]] GDP never exceeded 2% annually. If economic growth - the creation of new goods and services (and [[money supply]] expansion) - does not match or exceed population growth, the society is in a static [[zero sum]] or recessionary state.
Ideally, sustainable growth should be 3% or more, as it was in the early 1950s and late 1980s, when the Nation benefited from [[Reaganomics]]. However, during the [[Obama Administration]] GDP never exceeded 2% annually. If economic growth - the creation of new goods and services (and [[money supply]] expansion) - does not match or exceed population growth, the society is in a static [[zero sum]] or collapsing recessionary state.
A [[recession]] marks a period of "negative growth," or more precisely, a contracting or collapsing economy.
A [[recession]] marks a period of "negative growth," or more precisely, a contracting or collapsing economy.