Background: A nation’s standard of living is the most significant indicator of national economic performance. Economic growth is considered the most powerful engine for generating long term increases in standards of living. In today’s world economy, technology is a key factor that has a strong impact on economic growth both in short and long term. Thus, economists have become accustomed to associate long term economic […]

Economic growth is defined by, among other things, material capital formation, human capital formation and the creation of innovation. Put another way, economic growth is determined by the amounts and types of capital and labor that are invested, and how they are utilized for production. The objective of economic growth through economic policy is not necessarily GDP or GNP maximization but maybe enhancing and improving […]

The research of the impact of natural resources on economic growth is relevant because everyone who not only economists and financiers care problems of the economy through society anyway in their daily life. This research is controversial because while some believe that many countries without natural resources could develop their economy, others believe that natural resource is the most important part of the development of […]

Spending by the government on all nal goods and services. e. g. ages for government employees, the upkeep of military bases, the maintenance of Air Force One, the maintenance of roads and bridges This category includes government investments such as the maintenance/construction of roads. Does NOT include transfers of wealth such as Social Security, Medicare, and unemployment bene ts as they are already accounted for […]