Fully Grown

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Economists typically view growth—an increase in GDP—as vital for thriving economies, linking higher production and consumption to improved living standards and job opportunities. While growth is recognized as an important economic success measure, many argue it is just one perspective of a healthy economy. Dietrich Vollrath, co-author of a leading undergraduate textbook, examines the implications of the current growth slowdown in the US and beyond, questioning whether it signifies a failure. He notes that living standards remain stable and businesses are not collapsing, suggesting that growth and its contributing factors may not be as crucial as previously believed. Vollrath posits that this slowdown might actually reflect economic success. In his analysis, he explores significant trends in the US economy, including the decreasing worker-to-population ratio, the transition from a goods-based to a services-based economy, reduced worker turnover, and diminished geographic mobility. He critically assesses what growth measurements reveal and obscure about economic success, identifying which factors are genuinely correlated with prosperity and which remain ambiguous.