> Brad DeLong wrote:
>Rates of growth of GDP per capita, India:
>1950-1980 1.1% per year
>1980-1990 3.3% per year
>1990-2000 4.2% per year
to sum up in a different way than Ken does, a utilitarian type might see "economic
growth"
as a good thing if
the per capital benefit as measured by market prices
+ the per capital benefit as missed by market prices
exceeds:
the per capita cost as measured by market prices +
the per capita cost as missed by market prices.
to blithely refer to GDP per capita (and to stop there) is to only refer to the parts
of
this inequality that are measured by market prices. This might be the result in some
quasi-religious faith that the Invisible Hand always does a good job.
-- Jim
Devine
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