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Is Economic Growth Good For Us?

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  • Nicholas Crafts

Abstract

This article reviews Britain’s experience of economic growth in the twentieth century. It argues that average living standards have risen much more rapidly than is generally appreciated. The main reasons for this include increased life expectancy which is highly valued by the public and downward bias in conventional estimates introduced by traditional price deflators which do not measure the true cost of living. The main policy implication of this analysis is the need to think about the value of outcomes if appropriate public expenditure policies are to be implemented.

Suggested Citation

  • Nicholas Crafts, 2003. "Is Economic Growth Good For Us?," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 4(3), pages 35-49, July.
    • Handle: RePEc:wej:wldecn:149
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=149
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    Cited by:

    1. Crafts, Nicholas, 2004. "Social savings as a measure of the contribution of a new technology to economic growth," Economic History Working Papers 22554, London School of Economics and Political Science, Department of Economic History.

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