Economic growth is the rate of change of real income or real output.

The production function shows the maximum output obtainable from specified quantities of inputs, given the existing technical knowledge.

Depletable resources can be used only once. Renewable resources can be used again if not overexploited.

Technical advances in productivity come through invention, the discovery of new knowledge, and innovation, the incorporation of new knowledge into actual production techniques.

Along the steady-state path, output, capital and labour grow at the same rate. Hence output per worker and capital per worker are constant.

In a growing economy, capital-widening extends the existing capital per worker to new extra workers. Capital-deepening raises capital per worker for all workers.

Labour-augmenting technical progress increases the effective labour supply.

The convergence hypothesis asserts that poor countries grow more quickly than average, but rich countries grow more slowly than average.

The part of output growth not explained by the growth of measured inputs is known as the Solow residual.

Endogenous growth implies the steady-state growth rate is affected by economic behaviour and economic policy.

The zero-growth proposal argues that, because higher measured GNP imposes environmental costs, it is best to aim for zero growth of measured GNP.