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by vslira·4y ago·view on hn ↗
This is not a definition of economic growth, this is a description of how economists derive an indicator to measure it. It’s like saying that space is defined because you can define hot to get a meter

Parent is right, when you add subjective considerations to what growth is the answer is not obviously “yes”. Or rather, it still is because eventually the universe will be devoid of subjective experience, but that’s a later point and higher bar than the physical limits of our current ecosystem

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No, really, it is the definition, it is the target, and it is what drives policy and practices.

I'm not arguing that GDP is perfect, that there aren't other options, and that it captures whatever it is that we mean when we speak of overall true macroeconomic wealth.

It is, however, what is meant in economic discussion. The measurement here is the reality so far as policy and theory are concerned.