projects that increase the rate of GDP growth by .01% per year in a way that compounds over many centuries
Michael Wiebe comments: “Can we please stop talking about GDP growth like this? There’s no growth dial that you can turn up by 0.01, and then the economy grows at that rate forever. In practice, policy changes have one-off effects on the level of GDP, and at best can increase the growth rate for a short time before fading out. We don’t have the ability to increase the growth rate for many centuries.”
Michael Wiebe comments: “Can we please stop talking about GDP growth like this? There’s no growth dial that you can turn up by 0.01, and then the economy grows at that rate forever. In practice, policy changes have one-off effects on the level of GDP, and at best can increase the growth rate for a short time before fading out. We don’t have the ability to increase the growth rate for many centuries.”