The growth definition of economics given by Paul Samuelson. He says Economics is the study of how men and society choose with or without the use of money to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in future among various people and groups of society. Growth definition are given by other economists also like Spencer, Milton, Frederick Benham Etc.

The growth definition of economics focuses on economic growth as a central objective and indicator of a nation’s economic health. This perspective sees the increase in the production and consumption of goods and services over time as the primary goal of economic activity. Below are the features and criticisms associated with the growth definition of economics:

Features of the Growth Definition of Economics:

1. Emphasis on GDP Growth: Economic growth, often measured by Gross Domestic Product (GDP), is considered a key indicator of a nation’s economic success. Higher GDP is seen as a sign of increased economic activity and improved living standards.
2. Investment and Capital Accumulation: The growth perspective emphasizes the importance of investment in physical and human capital. Capital accumulation, through investments in infrastructure, education, technology, and research, is seen as a driver of economic growth.
3. Job Creation: Economic growth is expected to lead to increased employment opportunities. A growing economy is seen as capable of generating more jobs, reducing unemployment, and improving the overall standard of living.
4. Technological Progress: The growth definition acknowledges the role of technological advancements in fostering economic growth. Innovations and improvements in technology are considered vital for increasing productivity and efficiency.
5. Global Competitiveness: Nations often aim for economic growth to enhance their global competitiveness. A growing economy is seen as better positioned to participate in international trade and compete on the global stage.
6. Samuelson has made his definition dynamic by including the elements of time in it. Such phrase as “to produce various commodities over time” and distribute them for consumption now and in the future here intended to stress the dynamic nature of the definition.
7. Samuelson definition is not only dynamic in content; it is also wider in scope. It is applicable even to a barter economy where money is conspicuous by its absence

Criticisms of the Growth Definition of Economics:

1. Environmental Concerns: Critics argue that an exclusive focus on economic growth can lead to environmental degradation. Growth may result in the overexploitation of natural resources, pollution, and climate change, raising questions about the sustainability of such growth.
2. Income Inequality: Economic growth does not necessarily guarantee equitable distribution of wealth. Critics argue that in some cases, the benefits of growth may be concentrated among a privileged few, chances of  income inequality within a society might increases.
3. Quality of Life Issues: The growth definition tends to focus on quantitative measures like GDP, overlooking qualitative aspects of life. Critics argue that an obsession with growth might neglect factors such as health, education, and overall well-being, which are critical components of a good quality of life.
4. Social and Cultural Impacts: Rapid economic growth can lead to social dislocation and cultural changes. Critics argue that the pursuit of growth may neglect the preservation of cultural heritage and lead to the erosion of traditional social structures.
5. Short-Term Focus: Policymakers and businesses driven solely by the goal of economic growth may adopt short-term strategies that yield immediate gains but have negative long-term consequences. This can include neglecting investments in education, research, and development.
6. Alternative Metrics: Critics suggest that relying solely on GDP as a measure of economic success is insufficient. Alternative metrics, such as the Genuine Progress Indicator (GPI), which accounts for environmental and social factors, are proposed as more comprehensive indicators of well-being.

also read: explain the scarcity definition of economics.