ABSTRACT

Is economic growth a good thing? As we live in societies where it is a major political goal, the answer would seem to be yes. A straightforward definition of economic growth is an increase in the size of the economy; that is, in the production and consumption of goods and services. This means, generally speaking, that a country can only have economic growth by increasing production and/or consumption (per head of population), or increasing the population – or both. It also comes through innovation, which leads to different forms of goods, services and consumption. Just think how microelectronics has changed the economy and our lives.