Kenneth Rogoff argues that high economic growth rates are less important than we imagine:
[A]sk yourself how much you really care if it takes 100, 200, or even 1,000 years for welfare to increase eight-fold. Wouldn’t it make more sense to worry about the long-term sustainability and durability of global growth? Wouldn’t it make more sense to worry whether conflict or global warming might produce a catastrophe that derails society for centuries or more?
Will Wilkinson counters:
Kahnemann and Deaton have found that while life satisfaction, a judgment about how one's life is going overall, does continue to rise with income, the quality of subjective experience improves until an annual income of about $75K and then plateaus. They conclude that "high income buys life satisfaction but not happiness [i.e., subjective experiential quality], and that low income is associated both with low life evaluation and low emotional well-being."
What's average world income? About $8K per year! The typical experience of a human being on Earth is "low life evaluation and low emotional well-being" due to too little money. How many times does global GDP need to double in order to put the average person at Kahnemann's $75K hedonic max-out point? Three and change. But life satisfaction ain't worth nothin', and it keeps rising. And, of course, rising income doesn't just correlate with rising happiness, but with better health, greater longevity, more and better education, increased freedom to choose the sort of life one wants, and so on. If it's imperative to improve the health, welfare, and possibilities of humanity, growth is imperative.
The Dish 