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Is America in Decline? Posner's Comment

Posted on August 03, 2008

I agree that there is no reason to expect the rate of growth of per capita income in the United States to decline in the foreseeable future. Of course it may decline; the future is uncertain; a particular uncertainty concerns the ever-present possibility of catastrophe (see my book Catastrophe: Risk and Response [2004]). Abrupt global warming, nuclear terrorism, a pandemic, an asteroid strike all are possible events that could have cataclysmic effects on economic growth. Also, it is important to distinguish between monetary income and economic welfare. Increases in leisure and in the quality ...

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