After all, the more rapidly an economy grows, the more rapidly its living standards rise given the path of its population, and rapid increases in standards of living are positive from virtually every perspective. Improved resource allocation, brought about both by technological progress and by the creative destruction that favors new industries, is at the heart of economic progress.
Growth is a key economic issue from several perspectives.
After all, the more rapidly an economy grows, the more rapidly its living standards rise given the path of its population, and rapid increases in standards of living are positive from virtually every perspective. Not only are people better off in material terms, but they also tend to enjoy greater economic security and greater opportunity in a rapid growth environment. To be sure, some worry that growth may be accompanied by degradation of the environment or by other undesirable side effects, but it is worth bearing in mind that the higher incomes growth creates are in the long run essential to preserving, and ultimately enhancing, the environment. This is, perhaps, not a startling formula, but it is nevertheless one many countries have had difficulty achieving. Let me now proceed to try to make my case.