The world is full of clichés. One to question proclaims that "economic growth is only good if it benefits everyone". Really? Sarah lives out in the middle of nowhere. She grows vegetables and raises livestock to survive. In 2016, her cow produced a calf — in terms of Sarah’s economics that’s growth. In addition, Sarah managed to double her vegetable crop. She is now better fed than ever before and happy. But that growth benefited only her, no one else. If economic growth "is only good if it benefits everyone", does that mean the growth Sarah saw is bad? Of course not. Economic growth, itself, is good. Without it, you can’t end poverty.It would be extremely difficult to intentionally design an economy where economic growth is not inclusive. As hard as the apartheid regime tried, it failed. When economic growth occurs, it spreads benefits to the Smiths as well as to the Rockefellers. Another cliché frequently used is that "economic growth has furthered inequality and the rich get rich...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.