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Economic Growth
The increase in the production of goods and services in an economy over a certain period.
Wealth of Nations
The concept that wealth is created through productive activities and is necessary for societal well-being.
GDP per capita
A measure of a country's economic output that accounts for its number of people.
Physical Capital
The stock of tools that includes machines, structures, and equipment used in production.
Human Capital
The productive knowledge and skills that workers acquire through education, training, and experience.
Technological Knowledge
Knowledge about how the world works that is used to produce goods and services.
Compounding Growth
The process of growth building on previous growth, leading to exponential increases over time.
Free Rider
Someone who consumes a resource without working or contributing to its upkeep.
Institutions
The 'rules of the game' that structure economic incentives including laws, regulations, and social practices.
Corruption
Dishonest behavior by those in power, typically involving bribery or the misappropriation of resources.
Economic Growth Miracles
Countries that experience rapid and sustained economic growth over a significant period.
Economic Growth Disasters
Countries that experience stagnation or decline in economic growth over time.
Property Rights
The legal rights to use, control, and manage an asset or resource.
Political Stability
A situation where a government is stable, effective, and functions without significant political turmoil.
Dependable Legal System
A legal framework that effectively enforces contracts and protects property rights.
Competitive Markets
Markets characterized by many buyers and sellers, where competition leads to efficient allocation of resources.
Economies of Scale
Cost advantages gained by producing large quantities of goods, resulting in lower average costs.
Ultimate Causes of Wealth
Factors such as natural resources, geography, history, and culture contributing to a country's wealth accumulation.
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