Difference between revisions of "Economic growth"
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| − | '''Economic growth''' 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, GDP annual growth should be 4% 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. | Ideally, GDP annual growth should be 4% 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. | ||
Revision as of 12:34, December 13, 2018
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.[1][2]
Ideally, GDP annual growth should be 4% 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.
A recession marks a period of "negative growth," or more precisely, a contracting or collapsing economy.
References
- ↑ 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
- ↑ http://usinfo.state.gov/products/pubs/oecon/chap12.htm