Rethinking Economic Growth: From Production Efficiency to Market Darwinism
Year: 2025
Type: article
Abstract: For a long time, the global understanding of economic growth and recession has been superficially equated with changes in GDP: GDP growth means prosperity, while stagnation or decline indicates economic downturn. However, this view overlooks the true driving forces behind economic performance. This paper proposes that the real determinant of a nation's economic rise or fall is not the mere fluctuation of GDP figures, but the continuous improvement of overall national production efficiency, combined with the market's ability to self-select based on efficiency. Through an analysis of the current situations in China, the United States, Japan, South Korea, and Europe, this paper reexamines the fundamental logic of economic growth.
Source: Figshare
Author: OHHAKBONG, HAKBONG
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6902340600
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