Global headlines continue to churn out news of economic meltdown. With the US debt downgrade and the possibilities of defaults in the Eurozone by countries such as Greece and Spain it appears the economic crisis of 2008 is still with us. The issue of trying to increase economic growth continues to be the main strategy in ending this crisis. Is growth the correct measure for economic success?
What is Growth and how is it Measured?
Growth within a capitalist economy is calculated by measuring the amount that Gross Domestic Product (GDP) has increased over the period of a year with checks done every three months also known as every quarter. The following is a graph showing growth over the last three years as a percentage:
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