Growth in Economics

Growth means increase in some quantity over time. The quantity can be physical(growth in an amount of money,growth in height) and abstract (a system becoming more complex, an organism becoming more mature).

It can also refer to the mode of growth, i.e. numeric models for describing how much a particular quantity grows over time. Growth economics studies those factors which explain economic growth – the increase in output per capita of a country over a long period of time. The same factors are used to explain differences in the level of output per capita between countries, in particular why some countries grow faster than others, and whether countries converge at the same rates of growth.

Much-studied factors include the rate of investment, population growth, and technological change. These are represented in theoretical and empirical forms (as in the neoclassical and endogenous growth models) and in growth accounting.