Understanding Economic Growth: Facts and Theories

This lecture covers the understanding of economic growth, including historical growth rates, the theory of economic growth, the concept of diminishing returns, growth boosters, and growth killers. It explains the importance of capital accumulation, the types of capital (physical, human, and knowledge), and the impact of innovation on sustained growth. The lecture also discusses the role of knowledge spillovers, the relationship between innovation and investment, and the necessity of continual productivity rises for sustained growth.