We badly need to define growth. In the UK and the US growth is defined as an increase in GDP which itself is linked to increasing the money supply. Most new mon

We badly need to define growth. In the UK and the US growth is defined as an increase in GDP which itself is linked to increasing the money supply. Most new money is issued via mortgage lending and yet house prices are not accounted for fully in inflation. Therefore the GDP deflator is too small. And voila - house prices up, not a damn thing built or done and you have growth. Growth should reflect increasing living standards, not growth in economic rent extraction.