A Quote by Said Musa
Without productivity gains, any growth in GDP is exactly offset by population growth, and the average income stays the same.
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Growth that adds volume without improving productivity is fat. Growth that diminishes productivity is cancer.
Our GDP growth rates are creating - our high GDP growth rates, the success of our economy means we're creating lots of disposable income.
The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.
In my view, the key aim of economic policy in many countries, and particularly in Russia, should be the sort of policy that stimulates productivity growth because only on the basis of growth of labour productivity can we enjoy healthy growth.
It is this obsession with GDP and FDI growth and a facile belief that this growth in the GDP would trickle down to the poor as well, that has led to the neglect of the genuine concerns of the poor in the country.
From 2008 to 2016 all the growth in the American economy, all the growth in national income, was earned just by the wealthiest 5% of the population. So they got all the growth. 95% of the population didn't grow. If you can get a flat tax or other lower tax, as Trump is suggesting, then this richest 5% will be able to keep even more money. That means that the 95% will be even poorer than they were before, relative to the very top.
Productivity gains are vital to long-term growth because they typically translate into higher incomes, in turn boosting demand. That process takes time, of course - especially if, say, the initial recipients of increased income already have a high savings rate.
Productivity growth, however it occurs, has a disruptive side to it. In the short term, most things that contribute to productivity growth are very painful.
Capitalism with near-full employment was an impressive spectacle. But a growth in wealth is not at all the same thing as reducing poverty. A universal paean was raised in praise of growth. Growth was going to solve all problems. No need to bother about poverty. Growth will lift up the bottom and poverty will disappear without any need to pay attention to it. The economists, who should have known better, fell in with the same cry.
With a tree, all the growth takes place at the growing tips. Humanity is exactly the same. All the growth takes place in the growing tip: among that one percent of the population. It's made up of pioneers, the beginners. That's where the action is.
Of all the things that can have an effect on your future, I believe personal growth is the greatest. We can talk about sales growth, profit growth, asset growth, but all of this probably will not happen without personal growth.
For every challenge we face - unemployment, poverty, crime, income growth, income inequality, productivity, competitiveness - a great education is a major component of the solution.
Growth, growth, growth -- that's all we've known . . . World automobile production is doubling every 10 years; human population growth is like nothing that has happened in all of geologic history. The world will only tolerate so many doublings of anything -- whether it's power plants or grasshoppers.
Growth is a substitute for equality of income. So long as there is growth there is hope, and that makes large income differentials tolerable.
My research in this period centered around growth, technical change, and income distribution, both how growth affected the distribution of income and how the distribution of income affected growth.
A combination of very rapid population growth over the last 50 years and reckless economic growth during the same time has stored up massive problems for societies the world over. No nation is immune. The scientific evidence tells us all we need to know: carry on with business-as-usual growth-at-all-costs, and we're stuffed
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