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Growth Economy: To Hansen, government was a growing and essential factor of production rather than a drain or drag on production. He found public expenditures to be productive because they satisfied direct human wants (for instance, providing a public park), or because they created efficiency or capital (as in providing an education or a hospital), or because they created income.
Hansen sought to turn an unstable economy into a balanced economy by using fluctuating and compensatory government spending. He sought to turn a stagnant economy into a growth economy by establishing a higher level of government investment. He saw the problem of persistent stagnation at a low level of production in a mature economy as stemming from the slowing of population growth and the closing of frontiers, as well as the decline of large new investment opportunities.
The Greek economy expanded rapidly and continuously after World War II. The annual growth rate of its gross domestic product, averaging 7.5% from 1948 to 1966, compared favorably with that of most developed European economies. However, there has been less change in the basic structure of the economy. Agriculture still occupies the largest portion of the labor force, while industry still contributes only a small portion of the national income.
The growth of the British economy—measured conventionally as the compound annual rate of growth of the gross national product per head-has averaged since 1950 about 2.5%, or about one half the rates of other industrialized economies. Productivity in manufacturing has grown at a slightly higher rate than in the service sector, and in some sectors of manufacturing (chemicals and motors, for example) much faster than in others (textile and food industries).
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