University of Pardubice Jan Perner Transport Faculty Transport and ...
University of Pardubice Jan Perner Transport Faculty Transport and ...
University of Pardubice Jan Perner Transport Faculty Transport and ...
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2.1.3 Definition <strong>of</strong> economic growth<br />
"Economic growth is used to denote a steady <strong>and</strong> gradual change in the long run which comes<br />
through a general increase in the rate <strong>of</strong> saving <strong>and</strong> population in a dynamic economy”.<br />
Schumpeter, J.A. 17 Economic growth provides people with more goods <strong>and</strong> services, measured in<br />
gross domestic product (GDP) <strong>and</strong> purchasing power parity (PPP). Economic development uses<br />
economic growth to improve living st<strong>and</strong>ards <strong>of</strong> countries developed <strong>and</strong> undeveloped s economy<br />
status is based on their industrialization, GDP <strong>and</strong> PPP. Economic growth is an increase in a<br />
country's productive capacity, as measured by comparing gross national product (GNP) in a year<br />
with the GNP in the previous year. 18<br />
Figure 3: Graph for World PPP<br />
Source [60]<br />
17 Cornell <strong>University</strong>'s: Definitions <strong>of</strong> economic development [online]. 2010 [cit.2012.04.14]. Found from:<br />
www.cals.cornell.edu/cals/.../DefinitionsEconomicDevelopment.pdf<br />
18 World Bank: Beyond Economic Growth Student Book [online]. 2004 [cit.2012.04.19]. Found from:<br />
http://www.worldbank.org/depweb/english/beyond/global/glossary.html#12<br />
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