Economic Development and Growth

1. Economic Growth
   1. Definition and Scope
      1. Increase in a country's output or GDP
         1. Gross Domestic Product as a comprehensive measure
         2. Nominal vs. real GDP distinctions
      2. Expansion of productive capacity
         1. Utilization of capital, labor, and technology
         2. Efficiency improvements in production processes
      3. Industrialization and technological advancement
         1. Transition from agrarian to industrial economies
         2. Role of technology in accelerating industrial growth
   2. Measurement
      1. Gross Domestic Product (GDP)
         1. Components: consumption, investment, government spending, net exports
         2. Real vs. nominal GDP differences and their implications
         3. Limitations of GDP as a growth measure
      2. GDP per capita
         1. Per capita adjustments to account for population changes
         2. Reflects living standards over mere economic size
      3. Productivity metrics
         1. Total Factor Productivity (TFP)
         2. Labor productivity trends
         3. Capital productivity considerations
   3. Determinants
      1. Physical capital accumulation
         1. Investment in infrastructure and machinery
         2. Importance of savings rates
         3. Impact of foreign direct investment
      2. Human capital development
         1. Education and workforce skills
         2. Health improvements as economic catalysts
         3. Lifelong learning and adaptability
      3. Technological innovation
         1. Research and development (R&D) investments
         2. Diffusion of technology across industries
         3. Impact of innovation ecosystems
      4. Natural resources
         1. Resource-rich economies and their growth dynamics
         2. Sustainable resource management
         3. Diversification away from resource dependency
      5. Institutional factors
         1. Role of governance quality
         2. Legal and regulatory environment
         3. Political and economic stability
   4. Types of Growth
      1. Sustainable growth
         1. Integration of environmental sustainability in economic planning
         2. Long-term resource use efficiency
      2. Inclusive growth
         1. Ensuring equitable access to economic opportunities
         2. Addressing income and opportunity disparities
      3. Export-led growth
         1. Trade as a driver of economic expansion
         2. Dependency risks and market diversification
      4. Service-led growth
         1. Rise of service sectors in modern economies
         2. Knowledge economy and digital services proliferation
   5. Challenges
      1. Economic recession and cycles
         1. Understanding economic boom and bust cycles
         2. Policy responses to mitigate recessions
      2. Resource depletion
         1. Risks of over-exploitation of natural resources
         2. Transitioning to renewable resources
      3. Inflation and unemployment
         1. Inflation dynamics and monetary policy implications
         2. Natural rate of unemployment and structural factors