Heterodox
Conventional economics prioritizes "growth" measured chiefly by per capita real GDP, assuming that increasing per capita real GDP increases the standard of living of a society. However, per capita real GDP is not a metric of the standard of living since it does not include distribution. They becomes crucial as inequality of income and net worth increases. A small segment of the population can be getting better off, while most of the society either languishes or declines. The typical...
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