Bonus Quotation of the Day…

by Don Boudreaux on September 9, 2022

in Growth, Inequality, Myths and Fallacies

… is from page 5 of my GMU Econ colleague Mark Koyama’s, and his co-author Jared Rubin’s, 2022 book, How the World Became Rich (original emphasis):

Nor do we necessarily have to choose between economic growth and a fairer society. In fact, a lack of economic growth has serious moral downsides. Historically, it is in stagnant or declining economies that one observes the worst episodes of violence, intolerance, and political polarization. On the other hand, social mobility and greater equality of opportunity are much more likely in an economy that is growing.

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