Long-term growth is more vulnerable than it looks

A new book argues the belief that economies should always expand is relatively new, and threats to the future of growth are as large now as any time in the post-Industrial Revolution era.

Guy DebelleFormer Central Banker

May 23, 2024 – 5.00am

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Why does the economy grow? How does the economy grow? Should the economy grow? How do we even know how fast the economy is growing?

We have taken economic growth for granted for much of the past century. When the economy isn’t growing it dominates the news cycle, because those periods of decline have very much been the exception, not the rule. Even the slightest prospect of a recession can generate reams of tomorrow’s fish and chip wrappers.