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Growth is always good for the poor, as it is good for entire poor nations. The problem with modern capitalism though is that the rich benefit from growth to a g
by mojuba 7y ago
Growth is always good for the poor, as it is good for entire poor nations. The problem with modern capitalism though is that the rich benefit from growth to a greater extent compared to the rest. The gap is only widening. Then there's stagnation/recession/depression when it's the opposite: the poor lose more than the rich compared to what they have. So no, growth is a good thing, but it needs some serious fixing too.
- TheOtherHobbes 7y agoGrowth is only good for the poor when it's evenly distributed, which it mostly isn't, and when it doesn't have negative impacts on personal health and the environment, which it mostly does. Most "growth" is really just stripping the house and burning it down to make a fire - while a small number of people get most of the benefit.
- mojuba 7y agoNot true, no. We all become more productive over time, then we develop even more productivity tools etc. That's real growth. There's of course the inflated component in it which gets corrected regularly.