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Economic Growth

A nation experiences economic growth when its total output of goods and services—or, more precisely, the real market value of its total output of final goods and services per capita—increases over time. It is an economic phenomenon with an ethical dimension in that economic growth over the long run is, in the words of Gregory Mankiw (2007), “the single most important determinant of the economic well-being of a nation’s citizens” (p. 240). Indeed, economic growth over the long run has been strongly correlated not only with an increase in the ability of a nation’s citizens to consume goods and services but also with a decrease in infant mortality rates and an increase in life expectancies. As such, it is an economic phenomenon that every nation’s ...

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