Economic growth -- meaning a rising standard of living for the clear majority of citizens -- more often than not fosters greater opportunity, tolerance of diversity, social mobility, commitment to fairness, and dedication to democracy...
But when living standards stagnate or decline, most societies make little if any progress toward any of these goals, and in all too many instances they plainly retrogress...
And as we shall see from our own experience as well as that of other countries, merely being rich is no bar to a society's retreat into rigidity and intolerance once enough of its citizens lose their sense that they are getting ahead.
"The commonwealth was not yet lost in Tiberius's days, but it was already doomed and Rome knew it. The fundamental trouble could not be cured. In Italy, labor could not support life..." - Vladimir Simkhovitch, "Rome's Fall Reconsidered"
Tuesday, September 17, 2019
Economics over Politics, always. Why?
If you need to ask why, I suppose you need an answer. Here's a good answer, from Chapter 1 of The Moral Consequences of Economic Growth by Benjamin M. Friedman:
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