Economic progress with corporations

Economic growth describes an increase in the quantity and quality of the economic goods and services that a society produces and consumes. While the definition of economic growth is straightforward, it is extremely difficult to measure it. Growth is often measured as an increase in household income or inflation-adjusted GDP, but it is important to keep in mind that this is not the definition of it – just like life expectancy is a measure of population health, but certainly not the definition of population health. Growth can best be described as a process of transformation. Whether one examines an economy that is already modern and industrialized or an economy at an earlier stage of development, one finds that the process of growth is uneven and unbalanced. Economic historians have attempted to develop a theory of stages through which each economy must pass as it grows.