After two days of the latest G7 Summit, global growth was announced as their priority. The problem is, of course, that seven of the most powerful countries of the world don’t know how to achieve it, never mind the hundreds of thousands of graduate economists they share between them..
Has it not occurred to them that the industrial revolution has come and gone in the advanced countries? The typical citizen in these countries has all the basic goods such as food, labour-saving goods such as washing machines and all the basic kit of status goods — house, car, etc.
It’s becoming a different ball game now with jobs being replaced or dumbed down by computers. Is that too much to understand? The leaders of the G7 countries are plainly worried that if economic growth is not resumed then we will inevitably go backwards. Considering that innovations will continue apace whatever grounds are there for saying that?