Diminishing Social Returns of Economic Growth:
Happiness and life satisfaction increase with income
but only up until a point. Once people’s basic needs are met and they have enough goods and services economic growth fails to improve people’s well-being.
Economic growth has also failed to deliver lasting solutions to unemployment and poverty. And even with the 24-fold increase in
the size of the global economy over the past century more than one billion people in the world still live on less than $1 per day and a total of 2.7 billion live on less than $2 per day. Someone is profiting from global economic growth but it’s not the world’s poor.