"Increasing rates of economic growth has long been the holy grail of conventional economics and politics. To a large extent most developed economies have been highly successful in increasing economic output. But has such an impressive increase in national output actually improved people's standard of living?"
Costs and limitations of Economic Growth include factors such as:
- Diesease of affluence
- Higher Crime
- Longer working hours and more stress
- Diminishing marginal utility of extra income.
- Increased Inequality
Are we better off because of growth. Will future economic growth solve our problems or just magnify our existing ones?
What do you think? Feel free to leave a comment.