A bleak economic future
ROBERT Lucas, a towering figure of 20th-century macroeconomics and a Nobel laureate, opined on economic growth and the standard of living that “the consequences for human welfare involved in questions like these are simply staggering: once one starts to think about them, it is hard to think about anything else” (On the Mechanics of Economic Development, 1988). The context of his observation was…
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A bleak economic future (opens Dawn in a new tab)
ROBERT Lucas, a towering figure of 20th-century macroeconomics and a Nobel laureate, opined on economic growth and the standard of living that “the consequences for human welfare involved in questions like these are simply staggering: once one starts to think…
