Progress will be slow if we can’t define it
Academic research on economics is useful, but has so far failed to answer crucial questions about what kind of society we want. Patrick Collison is right – a new approach is needed, writes Diane Coyle
Do we know how economies develop? It seems not, otherwise every country would be doing better than it is in these low-growth times. In fact, cases of sustained rapid growth, such as Japan beginning in the 1960s or other Southeast Asian countries a decade later, are so rare that they are often described as economic miracles.
Yet when Patrick Collison of software infrastructure company Stripe and Tyler Cowen of George Mason University recently wrote an...
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