Economic Growth

Economic growth is most commonly defined as the rate of increase in the value of a country's output over a period of time. It is often presumed that economic growth is necessary and valuable to a society because it is accompanied by an improved quality of life for that society's citizens. For example, increased economic growth may allow a society to become better educated. As a result, more effective medical systems will be developed that allow for healthier lifestyles within that society. In this example, societal gains are achieved from both fiscal and health perspectives.