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Economic Growth & Development Structure - Introduction

This chapter will outline how GDP is used as a measure of economic growth. In section 2, we look at short term economic growth, the causes of fluctuations in the short term growth rates and this will be linked to the business cycle. Section 3 will examine the key determinants of long run economic growth. In this section we find out that a country’s capacity to produce must increase. So, we will be looking at the supply side of economics (human capital and technology). This will lead us to the introduction of the Solow growth model in order to examine the effects of technology and population growth on the economy.  We look at Endogenous growth theory, and here the AK model of economic growth is introduced in section 5. Section 6 defines economic development and explores the other growth and development determinants.  The next two sections consider the costs and benefits of economic growth. Lastly, we distinguish between developed and underdeveloped countries.

Learning Outcomes

To be able to:

  1. Define and distinguish between economic growth, economic well-being and economic development
  2. To examine the cause of fluctuations in economic growth
  3. Outline the determinants of economic growth in the short and long run
  4. Understand the Solow growth Model
  5. Understand Endogenous growth theory

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