Summary
Macroeconomics- Chapter 24 Economic Growth summary
- Course
- Macroeconomics
- Institution
- University Of The Witwatersrand (wits)
Economics Theory IB, Macroeconomics, Chapter 24 Economic Growth summary pdf.
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Economic GrowthChapter 24
Economics 3ed: Global and Southern African Perspectives © 2020 1
,Main ideas
After studying this chapter, you will be able to:
• Define and calculate the economic growth rate and explain the implications of
sustained growth
• Describe the economic growth trends in South Africa and other countries and
regions
• Explain how population growth and labour productivity growth make potential
GDP grow
• Explain the sources of labour productivity growth
• Explain the theories of economic growth, the empirical evidence on its causes
and policies to increase its rate
Economics 3ed: Global and Southern African Perspectives © 2020 2
, The Basics of Economic Growth
• Economic growth: sustained expansion of production possibilities measured as
increase in real GDP over a given period
• Rapid (and maintained) economic growth: poor nation → rich
• Slow (or no) economic growth: → poverty
Calculating growth rates
Real GDP Growth Rate =
Real GDP in current year – Real GDP in previous year
Real GDP in previous year
Economics 3ed: Global and Southern African Perspectives © 2020 3
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