(Let’s just state the full picture instead) “It’s not just productivity growth t

(Let’s just state the full picture instead)
“It’s not just productivity growth that matters:”
(a) it’s whether it’s growth (productivity) or expansion (population, consumption) (b) how the growth is distributed in the population (c) how the benefits of any growth and productivity are distributed (d) both directly through income and indirectly through investment in the commons or redistribution as brenefits (e) all of which depend on the underlying spectrum of instittutions whether normative, informal, or formal. (f) But, what people OBSERVE in a large democratic republic is just the aggregate of how they are distributed affects them.

Reply addressees: @michaelxpettis @ProSyn