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Juli 21, 2018

EU degenerates: Immiserizing Growth

In the online we read,

Immiserizing growth…makes people more miserable in that it actually decreases the real output of an economy. It is often modelled as occurring because of structural rigidities in a model with international trade.

Economists for well over 200 years constructed mechanisms by which economic growth – an overall increase in domestic production – might result in national impoverishment. For David Ricardo the mechanism was job destroying technical change; for Marx a falling average rate of profit was the culprit; and, more recently, free trade advocate Jagdish Bhagwati suggested a sharp deterioration in the prices of a country’s exports as the villain.

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