1.

Define or explain Economic Growth.

Answer»
  • Economic growth refers to an increase in the amount of goods and services produced in a country over a specific period of time. It has a quantitative dimension.
  • In other words, economic growth means an increase in the real national income of the country.
  • In the words of J. K. Mehta, “Economic growth indicates the quantitative increase in National Income”.
  • According to Prof. Miller, “Economic growth is a process whereby, an economy’s real per capita income increases over a longer period of time”.
  • According to Simon Kuznet, “Economic growth is a long term rise in capacity to supply increasing diverse economic goods to its population, this growing capacity being based on advanced technology and the institutional and ideological adjustments that it demands.”


Discussion

No Comment Found

Related InterviewSolutions