How to correct wrong information about economic growth.
- Geschreven door Roefie Hueting.
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Summary: Economic growth is generally defined as increase of national income (NI) (or GDP) as a measure of production. However, according to the subject matter of economics economic growth can mean nothing other than increase in welfare. Welfare is dependent on more factors than solely production. It is also dependent on employment, income distribution, labour conditions, leisure time and the scarce possible uses of the non-human-made physical surroundings: the environmental functions. The paper discusses four ways to correct the current misleading information about economic growth. For more information: How to correct wrong information about economic growth