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A point on economic growth

Tyler Cowen makes a point that is well known among economists, but is worth repeating. Over and over.

If a country grows at two percent, as opposed to growing at one percent, the difference in welfare in a single year is relatively small. But over time the difference becomes very large. For instance, had America grown one percentage point less per year, between 1870 and 1990, the America of 1990 would be no richer than the Mexico of 1990. ... If I had to explain, in one sentence, the reason I am not on the political left, I would cite the enormous long-run benefits of economic growth.

I'm in. Indeed, I've initiated an annual event at Clemson to repeat that message, over and over, to the outside world. More on that later.