3 ms·
Lots of people underestimate the degree to which economic growth fuels good life outcomes for wide swaths of people. -Even though many people live paycheck to
by mech1234 7y ago
Lots of people underestimate the degree to which economic growth fuels good life outcomes for wide swaths of people.
-Even though many people live paycheck to paycheck at many different income levels, enough income growth can get you out of a paycheck-to-paycheck lifestyle and enable you to have real financial autonomy.
-One thing that has stuck in my mind over the last few years is that one of the worst outcomes of unemployment is when people feel useless as a person- leading to psychological problems and behavioral problems.
-The pace at which we solve real, useful problems grows with economic growth.
- thanatropism 7y agoMore importantly, you can enjoy (maybe exploding inequality moderates this a bit) a rising standard of living while living from paycheck to paycheck. Growing up I was raised by classical musicians permanently on the bleeding edge of solvency (not with debt either) but new stuff kept coming that increased both their quality of life and ”nonmonetary” productivity: microwave ovens and computers that my dad could use to take his orchestral compositions (in sheet music for all parts) to part sheets (for individual players) automagically whereas this was work before. We weren’t in the kind of self-reproducing poverty because my parents had a high “cultural level”, but we were definitely cash poor, and yet kept getting wealthier and wealthier.
- BlueTemplar 7y ago> one of the worst outcomes of unemployment is when people feel useless as a person- leading to psychological problems and behavioral problems This is more the outcome of de-socialisation, which unemployment tends to cause. (Compare with retirement.)