Growth can also involve producing services instead of goods. In particular, a major expansion of public and caring services (like child care, education, elder care, and other life-affirming programs) would generate huge increases in GDP and incomes, with virtually no impact on the environment.
The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitraryand inequitable distribution of wealth and incomes.
I believe that there is social and psychological justification for significant inequalities of incomes and wealth, but not for such large disparities as exist today.
All decent people live beyond their incomes nowadays, and those who aren't respectable live beyond other peoples'. A few gifted individuals manage to do both.
House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals, including robust growth in jobs and incomes, low mortgage rates, steady rates of household formation, and factors that limit the expansion of housing supply in some areas.ben bernanke
I had, in my legal practice, often encountered really shocking examples of the devastating impact of the costs of long-term medical care on meagre incomes. And, just before I was elected, I had my own personal experience in paying very considerable bills for my mother's terminal illness.judy lamarsh
Thirty or forty proprietors, with incomes answering to between one thousand and five thousand a year, would create a much more effectual demand for the necessaries, conveniences, and luxuries of life, than a single proprietor possessing a hundred thousand a year.thomas malthus
In short, the early receivers of the new money in this market chain of events gain at the expense of those who receive the money toward the end of the chain, and still worse losers are the people (e.g., those on fixed incomes such as annuities, interest, or pensions) who never receive the new money at all.murray rothbard
This society in which knowledge workers dominate is in danger of a new "class conflict" between the large minority of knowledge workers and the majority of workers who will make their livings through traditional ways, either by manual work... or by service work. The productivity of knowledge work - still abysmally low - will predictably become the economic challenge of the knowledge society. On it will depend the ability of the knowledge society to give decent incomes, and with them dignity and status, to non knowledge people.Peter Drucker
The State is a collection of officials, different for difference purposes, drawing comfortable incomes so long as the status quo is preserved. The only alteration they are likely to desire in the status quo is an increase of bureaucracy and the power of bureaucrats.bertrand russell
Unless the countries of East Asia are very different, rising incomes and the weakening of extended family ties will lead to demands for rising social expenditure.
Growth can also involve producing services instead of goods. In particular, a major expansion of public and caring services (like child care, education, elder care, and other life-affirming programs) would generate huge increases in GDP and incomes, with virtually no impact on the environment.jim stanford
I have long argued that paying down the national debt is beneficial for the economy: it keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.