Defining Economic Progress
When we measure economic growth, we gauge the increase in the value of everything produced in an economy. For many, growth equals economic progress. But the notion of progress is harder to unpack. Indicators such as standard of living, access to health care, minimum wage, access to tech, and environmental externalities are critical measures of economic well-being. With the ubiquity of technology, new applications of artificial intelligence, a rise in protectionism, and more, how should we define progress? Who benefits from what growth and why? How do we reconcile economic growth with an increasing wealth gap? What does low unemployment actually look like? Across the week, we will explore how to assess and address economic development and its impact on our lives, our businesses, our families, and communities.