What is the future of economic growth?

One of the most fundamental questions of our time: What is the future of economic growth? More importantly: what should be the future of economic growth?

“The future of economic growth involves a debate that goes beyond GDP to improve the quality and sustainability of growth.”

It was a pleasure to hear Daniel Susskind talk about this topic at an RSA event recently, based on his new book 'Growth: A reckoning'.

📈 What is the problem?

The key dilemma is how to balance the fact that our pursuit of economic growth has driven huge improvements in our lives, lifting billions from poverty—YET it has also come at an enormous price...inequality, climate destruction, community breakdown.

🌱 What are the potential solutions?

One school of thought on how to solve this dilemma is the Degrowth movement. Another is the GDP revisionist approach. The alternative, that Susskind argues for, is *more growth but better*. And how do we make it better? Through idea innovation based on R&D, human intellect and technological progress. When I studied economics, I learnt about the ideas of Solow, Lucas and Romer through complex mathematical models and equations. I rather wish this book was around then to make it real!

🏛 What should we do next?

Finally, there is a call to action. It's not economists or policymakers that should decide these crucial questions, but you and me. We need more engagement to shape our future the way we want. A trend that caught my attention was the rise of mini publics in OECD countries. Yet my feeling is that we need more engagement to bring about the political renaissance that the author hopes for.

One of my favourite lines in the book:

"We ought to treasure the future as much as many people revere the past".