What is the economic growth theroy?

Question

What is the economic growth theroy?

Answer 1

It concerns growth of output (usually GDP) in economy, sometimes is measured in output per person. Some of these models are Solow theory, Overlaping generations, Diamond, etc.

Answer 2

Economic growth is the result of abstention from current consumption. An economy produces a variety of commodities. The act of production generates income. The very same income is used to buy these commodities (consumption).

Western countries use GDP as a measurement of income (i don't remember correctly, but before 90's most of them used GNP).. Harrod-Dommar theory is the stepping stone of new theory of economic growth, followed by Solow, Ramsey-Cass-Koopmans, Research & Development, Real Business Cycle, etc...