Examination of Economic Growth of UK, US and Australia for the Past 20 Years (Essay Sample)

MACROECONOMICS ASSIGNMENT: MONEY AND FINANCE
EXAMINATION OF ECONOMIC GROWTH OF UK, US AND AUSTRARIA FOR THE PAST 20 YEARS EXPLAINING WHY ECONOMIC GROWTH MAY DIFFER ACROSS THE COUNTRIES
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INTRODUCTION
Economic growth has been reviewed widely in literature. It has been referred to addition, or increase in goods and services. Adding a time measure, economic (EG) of a country is seen as the increase in goods and services per head within a given period of time (Les and David 1995). The increased capacity of a country to make production has also been seen as EG. According to Robert (1999) EG is mainly driven by aggregate demand (AD) and aggregate supply (AS). Thus economists have come to a common agreement that EG is mainly driven by human capacity, physical capacity, natural resources endowment, and technological advances. Since EG has been seen to foster development, it has been stipulated and encoded through; employment levels of a country, inflation rate, interest rates, wage, retail market operations, real estate and property development, industrial production.
Different organisations including World Bank has been in the outlook to measuring EG of different countries, they have thus made use of real gross domestic product (GDP), gross national income (GNI), and other have used quarter GDP or GNI (Federico 2014).