Economic Growth

Abstract

Of the four main government economic objectives, growth is perhaps the most important. While inflation, unemployment and the balance of payments all place constraints upon the economy, it is growth that is the ultimate objective of the whole process. Growth provides us with the possibility of a rising standard of living. It may well be true that, unless we achieve the other three objectives, growth will be less than it might be, but it is also true that growth is possible even when we do not control inflation, unemployment and the balance of payments.