Malthus, Marx, and Modern Growth
The promise that each generation will be better off than the last is a fundamental tenet of modern society. But will future generations, particularly in advanced economies, realize such expectations?
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CAMBRIDGE – The promise that each generation will be better off than the last is a fundamental tenet of modern society. By and large, most advanced economies have fulfilled this promise, with living standards rising over recent generations, despite setbacks from wars and financial crises.