Growth facts
This topic contains a series of figures meant to establish some of the key stylized facts about economic growth. Stylized means that we’re looking at broad trends, and that there are going to be exceptions all over the place. When we start building models of how the economy grows, we’re going to check that our models make sense by asking if they can replicate these key stylized facts. If they can, great. If they cannot, then there is probably something wrong with our model.
Remembering these stylized facts is perhaps the single most important aspect of learning economic growth. If you don’t have a grasp of what the data tell us, then it is irrelevant what your favorite theory of economic growth says should be true. Learn these facts!