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Fully Grown - Why a Stagnant Economy Is a Sign of Success (Hardcover)
Loot Price: R841
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Fully Grown - Why a Stagnant Economy Is a Sign of Success (Hardcover)
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Most economists would agree that a thriving economy is synonymous
with GDP growth. The more we produce and consume, the higher our
living standard and the more resources available to the public.
This means that our current era, in which growth has slowed
substantially from its postwar highs, has raised alarm bells. But
should it? Is growth actually the best way to measure economic
success--and does our slowdown indicate economic problems? The
counterintuitive answer Dietrich Vollrath offers is: No. Looking at
the same facts as other economists, he offers a radically different
interpretation. Rather than a sign of economic failure, he argues,
our current slowdown is, in fact, a sign of our widespread economic
success. Our powerful economy has already supplied so much of the
necessary stuff of modern life, brought us so much comfort,
security, and luxury, that we have turned to new forms of
production and consumption that increase our well-being but do not
contribute to growth in GDP. In Fully Grown, Vollrath offers a
powerful case to support that argument. He explores a number of
important trends in the US economy: including a decrease in the
number of workers relative to the population, a shift from a
goods-driven economy to a services-driven one, and a decline in
geographic mobility. In each case, he shows how their economic
effects could be read as a sign of success, even though they each
act as a brake of GDP growth. He also reveals what growth
measurement can and cannot tell us--which factors are rightly
correlated with economic success, which tell us nothing about
significant changes in the economy, and which fall into a
conspicuously gray area. Sure to be controversial, Fully Grown will
reset the terms of economic debate and help us think anew about
what a successful economy looks like.
General
Imprint: |
University of Chicago Press
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Country of origin: |
United States |
Release date: |
2020 |
Authors: |
Dietrich Vollrath
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Dimensions: |
237 x 162 x 27mm (L x W x T) |
Format: |
Hardcover - Sewn / Cloth over boards
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Pages: |
296 |
ISBN-13: |
978-0-226-66600-6 |
Categories: |
Books
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LSN: |
0-226-66600-X |
Barcode: |
9780226666006 |
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