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What is an 'Economic Growth Rate' An economic growth rate is a measure of economic growth from one period to another in percentage terms. This measure does not adjust for inflation; it is expressed in nominal terms.
Oh, and there will be a quiz in class. Click the link below for slides, a handout version of the slides, and links to interesting articles. Definition. Convergence, as used in the theory of economic growth, refers to the tendency of less developed economies to grow more quickly than more mature economies. . The theory is based on the idea that the growth rate will slow as an economy approaches the steady state level of capital per worker.