![]() Comparisons over time and across borders are complicated by price, quality and currency differences, as explained below.įrom the long-term perspective of social history, we know that economic prosperity and lasting economic growth is a very recent achievement for humanity. More precisely, it is the monetary value of all final goods and services produced within a country or region in a specific time period. The Gross Domestic Product (GDP) of an economy is a measure of total production. Income measures are merely one way to understand the economic inequality between countries and the changing prosperity over time. Growth is often measured as an increase in household income or inflation-adjusted GDP, but it is important to keep in mind that this is not the definition of it – just like life expectancy is a measure of population health, but certainly not the definition of population health. While the definition of economic growth is straightforward, it is extremely difficult to measure it. Economic growth describes an increase in the quantity and quality of the economic goods and services that a society produces and consumes. ![]()
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