|
That might be a simple no, but let's look at what growth is. Increase in consumption, and there's still a lot to go when it comes for the economy to provide the basic stuff for a decent life. Sure, if all that extra growth does not translate into increased well being for the median, or if it can't lift those out of poverty who need those efficiency gains that led to "growth", then, no, of course that growth is useless. However. Growth is amoral, and most economists are trying to understand the economy, not normatively influence it. (Though there are a lot of oped and blogs by economists.) And how the economy works, how does that growth happens is not up to the "modern economy", it's up to people. Politics. Modern economics is the religion of Cassandraism, anyone who understands what's going on is unable to persuade others. Look at how the Net Neutrality debate went down the drain, because somehow libertarian/dumb free market advocates can't comprehend that zero-touch no-regs complex systems have a tendency to end up in a pathological state. Or look at how people still can't believe that a bail-out was better for the economy short term, and how trying to do central planning without honest signals likely won't work. And this doesn't mean that it's easy to figure out these things, or that there's a 100% idiot proof way to get magical silver-bullet solutions, far from it. But it seems pretty straightforward that blindly ignoring those who study these things all their lives and just repeating a mantra - be it socialism or libertarianism - is not exactly helpful. |