As we have seen, we have to be cautious about interpreting RGDP as a measure of well-being or of standard of living. At the very least, we have to allow for population growth. Thus, we will be concerned with the growth of production per person. The technical term is RGDP per capita. "Per capita" means "divided by the population."
Following Smith's example, this chapter will explore what economists know and think about the growth of RGDP and of RGDP per capita. This is what we mean by the term "economic growth:'
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