It is hard to argue against benefits brought to a society by economic growth, and it is hard to find an example of a society that rejects the prosperity delivered by its growing economy. The verdict of the international community is out—economic growth is a good thing, and the more of it you have, the better of you are. The question then becomes how to bring economic growth about, and the first step in answering this question is explaining the economic growth that took place previously. The approach to growing an economy is fairly simple—if we can explain the past, then we can use the obtained insights to impact the future. However, an explanation depends on the perspective on the nature of economic growth. There are many models that can help in explaining the factors impacting economic growth, but in this chapter, we concentrate on the framework of neoclassical growth accounting.