GDP growth and inflation are different things. If inflation-adjusted GDP goes up, that means the average person is able to buy more things they want. Compare living in the US vs India today for the median citizen
replyYes they are, inflation-adjusted GDP is efficency. My point exactly, bc I don't think when people say the economy is growing they are ajusting for inflation at all.
replyLow growth means young people are miserable and have worse standards of living than their parents, as we're seeing in most of western Europe, where GDP per capita hasn't meaningfully increased for decades.
replyThat's due to inflation though no? Prices are increasing, sometimes due to more than just demand?
replyExactly. Low growth is a problem, but the primary reason young people feel so miserable is on the cost of living side of the equation.
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