Based on the provided reference, modern economic growth can be characterized by the following elements:
- High growth rate of per capita income (GDP/population).
- High growth rates in Total Factor Productivity (TFP), which considers capital, enterprise, land, and labor.
- High growth rate of structural... (Note: The reference is incomplete here.)
Because the provided reference is incomplete, a definitive list of six characteristics cannot be given. However, we can augment the list with commonly accepted characteristics of modern economic growth, keeping in mind these may not be what the original reference intended. These supplementary characteritics, based on general economic principles, include:
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High Rates of Economic Growth: This is usually measured by increases in real GDP per capita.
- Example: Countries experiencing rapid industrialization and technological advancement often demonstrate high GDP growth rates.
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Increased Productivity: Arises from advancements in technology, human capital, and organizational efficiency.
- Example: The invention of the assembly line significantly increased manufacturing productivity.
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Structural Transformation: Shifts in the economy's composition, such as a move from agriculture to manufacturing and services.
- Example: The decline of agricultural employment and the rise of the tech sector in many developed economies.
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Urbanization: The concentration of population and economic activity in cities.
- Example: The growth of megacities like Tokyo and Shanghai is a testament to urbanization.
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Increased International Trade: Greater openness to trade and investment flows between countries.
- Example: The expansion of global supply chains and the World Trade Organization.
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Technological Change: The development and adoption of new technologies that drive economic growth.
- Example: The internet and mobile technology have revolutionized communication and commerce.
Therefore, in addition to high per capita income growth and high TFP growth as mentioned in the incomplete reference, the characteristics of modern economic growth often also include structural transformation, increased urbanization, increased international trade, and rapid technological change.
