Assignment 1



Assignment 1

The process whereby productive activity, and with it national income, increase. The analysis of economic growth is one of the major preoccupations of political theorists and economists, partly from the questionable assumption that well-being requires growth, partly from the simpler view, upheld by some macroeconomic theories, denied by others, that full employment depends upon a steadily increasing output (see unemployment) (Aghion & Peter, 1998). The first of these views, often criticized by moralists and philosophers, has also been abandoned by some economists. E.J. Mishan, for example, argues on various grounds that it is perfectly rational to prefer current ...