Angus Deaton on Health, Wealth, and Poverty

Prosperity Insights

The discussion on prosperity highlights the complexities of measuring living standards over time. Angus Deaton emphasizes that comparing material prosperity across centuries is challenging due to the evolution of goods and services. He notes that despite these difficulties, the overall direction of change is clear, with significant improvements in living standards over generations 1. Russ Roberts commends Deaton's book, "The Great Escape," for its educational approach to these complex questions 2.

Over the long run, there's been just a tremendous amount of progress.

--- Angus Deaton

Deaton suggests that while exact measurements are elusive, the progress in material prosperity is undeniable.

   

Growth Debate

The debate on economic growth rates reveals differing perspectives on their implications for policy and prosperity. Angus Deaton expresses concern over the declining growth rates over the past decades and the challenges in accurately accounting for new goods that enhance quality of life 3. He acknowledges the philosophical divide between those who see material advancements as beneficial and those who do not.

Economists are not very good at understanding economic growth in spite of a century of hard work on the topic.

--- Angus Deaton

Russ Roberts adds that the implications of slower growth are complex, with differing views on the role of government in addressing these issues.