economic growth is the increase in the inflation adjusted market value of the goods and services produced by an economy over time. it is conventionally measure as the present rate of increase in real gross domestic product, or real GDP.
Indicator of economic growth
Increase in national income:- increase the national income indicate economic growth of a country such increase in national income should be constant and permanent in the view of mier and baldwin, increase in national income indicate economic growth because a large national income is prerequisite of for an increase in seal per capita income .
increase in per capita income:- some scholar think that national income is not an indicator of economic growth increase in per capita income should be recognised as an indicator of economic growth increase the standard of living and level of conception high standard of living and consumption level improve economic welfare distribution of national income should ensure the similarity in per capita income and per capita of economic growth it will increase unequal distribution of income.
economic welfare or standard of living :-some scholar recognised standard of living also as an indicator of economic growth they argue that in standard of living in indicate economic growth economic growth is an indicator of standard of living and standard of living depends mainly upon the level of conception does increasing consumption and standard of living or a better indicator of economic growth.
