What's Wrong with Economic Growth?

For governments, using the figure for GDP as an indicator of economic performance has contributed to some of the most severe illusions of fiscal and monetary policy such as when spending for consumption is said to produce wealth or when government spending is said to boost economic growth as it happens-among others - with military expenditures.

These periods are obviously quite different from those that were experienced in Britain during the industrial revolution, or in the United States in the late 19th century, or during West Germany's "Economic miracle" after World War II. Currently, all eyes are on China's magical economic growth rates and by that it is put in the first league of economic performance.

What is being measured as high economic growth rates in China is quite different from that which takes place in the periods of economic transformation when economic development is guided by free markets and based on limited government-such as it is currently the case, for example, in Ireland, and what may happen more so in the future in Eastern Europe or India.

While there is a wide agreement among economists that economic growth figures do not indicate well-being, their use as a measurement of economic performance is fully en vogue.

In a non-collectivist economic system, the focus would not be on "Stable high economic growth", but on the conditions of market exchange as the way to economic amelioration.

In a non-collectivist economic system, the focus would not be on "Stable high economic growth" as the oxymoronic expression says for the "Common good" in economic policy.

The application of macroeconomic growth models has caused havoc when economic leaders naively adopted the interventionist creed and believe that it just takes the handling of a few economic policy instruments-like easy money or government expenditures - to achieve the blissful state of economic plenty.

https://mises.org/library/whats-wrong-economic-growth