Economic growth

Globally-good economic growth

Economic growth means there's more wealth (resources) to go around.

Even in a world with a stagnant population (not this one), economic growth results in a greater potential standard of living.

But not all growth is equal. Common criticisms leveled include:

• Unequal relative gains, and concentrated benefits: The returns on economic growth may accrue to a tiny fraction of people.
• Absolute losers, as well as winners: While still increasing the overall size of the pie, the process of generating economic growth may still be zero-sum, resulting in some transfer of wealth from one party to another.
• Failure to account for negative externalities: non-pecuniary (e.g. social or environmental) costs may arise from growth.
• Growth for growth's sake: on an individual level, certain generators of economic growth may be accused of failing to stop and enjoy the fruits of their labor: for example, by never ceasing work to ever enjoy the returns that growth delivers. Arguably, though, this is their loss, and to the benefit of others (a privately-borne cost with a "positive externality").

The role of technology

Technology has the potential to ensure that growth is always good. It does this by decoupling economic grwoth from physical resource demands.

In the physical realm, it lets us do more with less: by increasing producitivty and yields. But technology also takes the form of intellectual property.

Economic "growth" simply means we're producing more, better stuff.