growth theory

Growth Theory is the study of how economies expand over time. It explores the factors driving this growth, such as investment in capital (like machinery and infrastructure), technological advancements, and improvements in human skills (education and training). The theory helps us understand why some countries grow faster than others and the role of policies in fostering economic development. Ultimately, Growth Theory highlights the importance of innovation, productivity, and the efficient use of resources in enhancing living standards and promoting prosperity within societies.