What Does ‘Economic Growth’ Mean for Americans?

12 de Dezembro de 2011 § Deixe um comentário

Suppose we placed a carefully selected sample of men on a hot stove and another sample of men on dry ice. Could we reasonably conclude that, on average, they were comfortable?

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[I]f an American macroeconomist — a specialist who tends to think of nations as people — or high-level government officials or politicians mimicking a macroeconomist boasted on a television talk show that “average family income grew by 3 percent during 2002-7, more than in most European economies,” about 99 percent of American viewers, reflecting on their own experience, would probably scratch their heads and wonder, “What is this guy talking about?”

U. E. Reinhardt – What Does ‘Economic Growth’ Mean for Americans?

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