Economics
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Boundless Economics
Economic Growth
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Economics

Section 4

Long-Run Growth

Book Version 3
By Boundless
Boundless Economics
Economics
by Boundless
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6 concepts
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Determinants of Long-Run Growth

Long-run growth is defined as the sustained rise in the quantity of goods and services that an economy produces.

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Aggregate Production

The aggregate production function examines how the productivity depends on the quantities of physical capital per worker and human capital per worker.

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Changing Worker Productivity

In economics and long-run growth, worker productivity is influenced directly by fixed capital, human capital, physical capital, and technology.

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Technological Change

In economics, technological change is a term used to describe the change in a set of feasible production possibilities.

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Government Activity

Government activity and policies have a direct impact on long-run growth. It can invest, and operate through monetary and fiscal policy.

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Arguments in Favor and Opposed to Economic Growth

Economic growth has the potential to make all people richer, but may have downsides such as increased inequality and environmental impacts.

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