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Are the arguments for maximising economic growth stronger or weaker than those for restricting it?
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Are the arguments for maximising economic growth stronger or weaker than those for restricting it? Economic growth is sometimes referred to as the 'Holy Grail' of economic policy. All governments want to increase growth because economic growth means higher incomes, and higher incomes mean higher living standards. Governments would like as much growth as possible, but the trouble is that too much growth causes other problems. So the Chancellor's aim is as much growth as possible without inflation and balance of payments problems. Unemployment is a big problem for the economy. Not only is it a severe personal blow to those concerned, but it is also an economic waste. Not only are the unemployed not working, and therefore not contributing to the economy, but they will also be claiming benefits and costing the government money. To maximise economic growth, the governments aim should be to keep unemployment as low as possible....
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