Economic growth vital for prosperity from "summary" of EBOOK: Macroeconomics by Rudiger Dornbusch,Stanley Fischer,Richard Startz
Economic growth is a fundamental driver of prosperity in any economy. By expanding the total output of goods and services in an economy over time, economic growth leads to higher incomes, improved living standards, and increased opportunities for individuals and businesses. As the economy grows, more jobs are created, wages tend to rise, and businesses see greater profits, which in turn leads to increased consumer spending and investment. One of the key benefits of economic growth is its potential to reduce poverty and inequality. When an economy is growing, more people have the opportunity to lift themselves out of poverty through increased employment and higher wages. Additionally, government tax revenues tend to increase with economic growth, allowing for more resources to be alloc...
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