Fully Grown: Why a Stagnant Economy Is a Sign of Success

Vollrath challenges our long-held assumption that growth is the best indicator of an economy’s health.

Most economists would agree that a thriving economy is synonymous with GDP growth. The more we produce and consume, the higher our living standard and the more resources available to the public. This means that our current era, in which growth has slowed substantially from its postwar highs, has raised alarm bells. But should it? Is growth actually the best way to measure economic success—...