What does hypergrowth mean

growth

1. Numerical increase of Populations of living beings, e.g. population growth.

2. Economic growth: a) Term: Economic growth can generally be described as an increase in the economic performance of an economy.

b) Economic growth indicators: The performance is expressed by various quantities, in most publications by the gross domestic product (GDP). Economic growth therefore means an increase in domestic production or in domestic income. Thereby are basically two possibilities to distinguish: An increase can be due to an improved utilization of the existing production capacities through increased use of the productionfactors respectively (Utilization effect) or by expanding productioncapacities(Capacity effect), whereby growth effects are often only spoken of when it comes to capacity effects. The interest often applies to the Per capita sizes, because the growth of the performance indicators and the growth of the population are negatively related: If the growth rate of the population is higher than the growth rate of the GDP, for example, then the GDP per member of the population falls.

c) That GDP as a measure of growth is criticized for two reasons:
(1) Inadequate possibility of measuring all services provided in an economy: This criticism primarily relates to the failure to record all services provided within households as well as all services that are not exchanged on official markets but must be added to the so-called shadow economy.
(2) Insufficient consideration of certain qualitative Characteristics of economic development: This criticism has been (and is) under discussion quantitative vs. qualitative Growth led. The requirement for qualitative economic growth relates to various desirable properties of development. The focus is on reducing inequality personnel Income distribution and a Impairment of the environment as little as possible: (a) distribution questions can only be answered with explicit evaluations regarding the concept of justice. Most economists accept GDP as a target for growth, since increasing GDP at least ensures a greater mass of distribution, which makes distribution issues easier to solve.
(b) The problem of a increasing impairment of the living environment through economic growth was first analyzed in a comprehensive manner in the report of the Massachusetts Institute of Technology directed by Meadows (1972) for the Club of Rome (COR). The report is the basis for controversy that will arise in the following years under the topic Economics vs. ecology be guided. The stated goal of environmentally friendly economic activity is undisputed in this discussion, but the exact operationalization of this goal remains disputed. First of all, it can be said that citizens also have preferences for manufactured goods and for high environmental quality. In this process, resources (and often non-reproducible resources) are consumed in every production and almost every production leaves pollutants in the environment. Economists are therefore faced with the task of influencing economic development that serves both the goal of a desired supply of goods and a desired environmental quality. Quantitative and qualitative growth do not necessarily contradict one another, because an increasing proportion of GDP is generated, for example, by industries that produce environmental technology.

d) That Growth as a political goal has been legally prescribed in the Federal Republic of Germany since 1967 with the law to promote the stability and growth of the economy: Stability and Growth Act (StWG). It demands of economic policy measures "... that they should contribute to the stability of the price level, to a high level of employment and to an external balance with steady and appropriate growth within the framework of the market economy system".

See also growth theory, growth policy.