25.1 The Basics of Economic Growth
MyEconLab Concept Video
Some nations are rich and others poor because they have enjoyed or missed out on economic growth—a sustained expansion of production possibilities. Maintained over decades, rapid economic growth transforms a poor nation into a rich one. Such has been the experience of Hong Kong, South Korea, Taiwan, and some other Asian economies. Slow economic growth or the absence of growth can condemn a nation to devastating poverty. Such has been the fate of Sierra Leone, Somalia, Zambia, and much of the rest of Africa.
Economic growth is different from the rise in incomes that occurs during the recovery from a recession. Economic ...
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