Economic Growth

• Growth according to David Ricardo

  • Increase in market value of goods and services produced by an economy over time.
• Growth according to Adam Smith

  • increase in capacity of economy to produce goods and services.
• Growth according to Milton Friedman

  • Increase in quantity of resources and improvements in technology.
• Development according to Thomas Maltus

  • Process of economic, political, and well-being improvement of a nation.
• Development according to John Maynard Keynes

  • Quality of life is improved.
• Development according to Michael Todaro

  • Increase in standards, self-esteem, and freedom from oppression.