{"id":14450,"date":"2016-11-08T21:20:56","date_gmt":"2016-11-09T02:20:56","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=14450"},"modified":"2016-11-08T21:20:56","modified_gmt":"2016-11-09T02:20:56","slug":"gittins-forget-growth-aim-for-quality-of-life-macrobusiness","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/08\/gittins-forget-growth-aim-for-quality-of-life-macrobusiness\/","title":{"rendered":"Gittins: forget growth, aim for quality of life | Macrobusiness"},"content":{"rendered":"<p><em>By <a href=\"http:\/\/www.macrobusiness.com.au\/leith-van-onselen\/\">Leith van Onselen<\/a><\/em><\/p>\n<p>Published with kind permission by <a href=\"http:\/\/www.macrobusiness.com.au\/2016\/11\/gittins-forget-growth-aim-quality-life\/\" title=\"Ross Gittins: forget growth, aim for quality of life\">Macrobusiness<\/a><\/p>\n<p><a href=\"http:\/\/www.rossgittins.com\/\" target=\"_blank\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"240\" height=\"360\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/11\/55f7d-922926897.jpg?resize=240%2C360&#038;ssl=1\"><\/a><\/p>\n<p><em>Fairfax\u2019s<\/em> Ross Gittins has penned a <a href=\"http:\/\/www.canberratimes.com.au\/comment\/an-economy-without-growth-is-far-from-our-biggest-worry-20161107-gsk817.html\">good article<\/a> questioning the economics profession\u2019s infatuation with growth and calling for policy makers to focus on quality and raising living standards instead:<\/p>\n<blockquote>\n<p>Most economists I know never doubt that a growing economy is what keeps us happy and, should the economy stop growing, it would make us all inconsolable.<\/p>\n<p>They can\u2019t prove that, of course, but they\u2019re as convinced of it as anyone else selling something.<\/p>\n<p>I\u2019m not so sure. I\u2019m sure a lot of greedy business people would be unhappy if their profits and bonuses stopped growing, but I often wonder if the rest of us could adjust to a stationary economy a lot more easily than it suits economists and business people to believe\u2026<\/p>\n<p>That\u2019s been my big problem with economists\u2019 obsession with economic growth. It defines prosperity almost wholly in material terms. Any preference for greater leisure over greater production is assumed to be retrograde.<\/p>\n<p>Weekends are there to be commercialised. Family ties are great, so long as they don\u2019t stop you being shifted to Perth.<\/p>\n<p>But I\u2019d like to see if, in a stagnant economy, we could throw the switch from quantity to quality. Not more, better.<\/p>\n<\/blockquote>\n<p>I feel your pain, Ross. I have <a href=\"http:\/\/www.macrobusiness.com.au\/2014\/09\/you-cant-feed-your-family-on-gdp\/\">previously argued<\/a> that <em>\u201ceconomists\u2019, the media\u2019s, and the Government\u2019s infatuation with GDP is one of the biggest shortcomings in macro-economics\u201d.<\/em><\/p>\n<p>This infatuation with real GDP growth has led to spurious (and damaging) policies like the pursuit of endless population growth on the basis that it stimulates headline GDP (more inputs equals more outputs), even though it provides next to <a href=\"http:\/\/www.macrobusiness.com.au\/2016\/10\/evidence-clear-population-growth-prosperity-arent-linked\/\">no long-term benefits to everyone\u2019s share of the economic pie<\/a> and arguably reduces living standards of the incumbent population (think greater competition for jobs, more time stuck in traffic, smaller and more expensive housing, environmental degradation, etc).<\/p>\n<p>Then there is the focus on the quantity of growth in GDP, rather than the quality (and sustainability) of growth, such as frivolous debt-fuelled consumption and the Government and RBA\u2019s never ending drive to increase house (land) prices and private debt, which <a href=\"http:\/\/www.macrobusiness.com.au\/2014\/02\/its-housing-thats-killing-productivity\/\">creates structural imbalances and damages longer-run productivity and competitiveness<\/a>.<\/p>\n<p>The sooner economists, commentators and policy makers abandon their fetish with \u201cgrowth\u201d and replace it with broader measures of well-being, the better.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Leith van Onselen Published with kind permission by Macrobusiness Fairfax\u2019s Ross Gittins has penned a good article questioning the economics profession\u2019s infatuation with growth and calling for policy makers to focus on quality and raising living standards instead: Most economists I know never doubt that a growing economy is what keeps us happy and, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/08\/gittins-forget-growth-aim-for-quality-of-life-macrobusiness\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gittins: forget growth, aim for quality of life | Macrobusiness&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,49],"tags":[1528,2125,2830],"class_list":["post-14450","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-economic-theory","tag-gdp-infatuation","tag-living-standards","tag-quality-of-life"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gittins: forget growth, aim for quality of life | Macrobusiness - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gittins: forget growth, aim for quality of life | Macrobusiness - the patient investor\" \/>\n<meta property=\"og:description\" content=\"By Leith van Onselen Published with kind permission by Macrobusiness Fairfax\u2019s Ross Gittins has penned a good article questioning the economics profession\u2019s infatuation with growth and calling for policy makers to focus on quality and raising living standards instead: Most economists I know never doubt that a growing economy is what keeps us happy and, &hellip; 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Our expectations for a sequential acceleration in infrastructure build do not align with insights on the ground. The 13th Five Year Plan makes it clear the emphasis to 2020 will be on services,\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26334,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/06\/16\/productivity-not-population-key-to-aussie-living-standards-macrobusiness\/","url_meta":{"origin":14450,"position":1},"title":"Productivity not population key to Aussie living standards | Macrobusiness","author":"Colin Twiggs","date":"June 16, 2021","format":false,"excerpt":"From Leith van Onselen at Macrobusiness: Former ALP minister Craig Emerson has penned an article in The AFR calling on the Morrison Government to tackle Australia\u2019s declining productivity growth, which is central to boosting the nation\u2019s living standards: \u201cProductivity growth has contributed 95 per cent of the improvement in Australians\u2019\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5586,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/ross-gittins-we-need-a-more-balanced-approach-to-progress\/","url_meta":{"origin":14450,"position":2},"title":"ROSS GITTINS: We need a more balanced approach to progress","author":"Colin Twiggs","date":"September 26, 2012","format":false,"excerpt":"Ross Gittins: A lot of the problems the nation struggles with and argues over boil down to the considerable potential for conflict between what economists summarise as \"equity\" and \"efficiency\". We act as though one is right and the other wrong but, in truth, sensible people want a mix of\u2026","rel":"","context":"In &quot;The Big Picture&quot;","block_context":{"text":"The Big Picture","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/the-big-picture\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6890,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/06\/non-mining-australia-in-recession-last-quarter-macrobusiness\/","url_meta":{"origin":14450,"position":3},"title":"Non-mining Australia \u201cin recession\u201d last quarter &#124; MacroBusiness","author":"Colin Twiggs","date":"March 6, 2013","format":false,"excerpt":"Leith van Onselen considers that Australia\u2019s non-mining economy may be in recession based on two consecutive quarters of negative growth in state final demand: The blanket statement that Australia grew close to trend in 2012 not only obfuscates the fact that the current growth rate is well below trend and\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12826,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/01\/25\/chinas-commodity-demand-has-barely-begun-its-fall-macrobusiness\/","url_meta":{"origin":14450,"position":4},"title":"China&#8217;s commodity demand has barely begun its fall &#8211; MacroBusiness","author":"ColinTwiggs","date":"January 25, 2016","format":false,"excerpt":"These four charts, posted from Investing in Chinese Stocks by David Llewellyn-Smith, illustrate China's failure to rebalance their economy and the challenge that economies reliant on Chinese real estate and infrastructure investment, like Australia, face. ....China now accounts for fully a third of global industrial production (up from only 5%\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12892,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/02\/27\/citi-brace-for-global-recession-macrobusiness\/","url_meta":{"origin":14450,"position":5},"title":"Citi: Brace for global recession | MacroBusiness","author":"ColinTwiggs","date":"February 27, 2016","format":false,"excerpt":"David Llewellyn-Smith quotes Willem Buiter at Citi: ....The main \u2018game changers\u2019 in our view are the emerging belief that even the US economy is no longer bullet-proof and that policymakers (in the US and elsewhere) may not be there to come to the rescue of their own economies, let alone\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/02\/screen-shot-2016-02-25-at-14-12-36-590x260.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/02\/screen-shot-2016-02-25-at-14-12-36-590x260.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/02\/screen-shot-2016-02-25-at-14-12-36-590x260.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=14450"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14450\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=14450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=14450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=14450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}