This Isn’t News

To those with a good basic econ education, it isn’t news that the world economy continues to grow.  Nevertheless, it is worth remembering and repeating from time to time.  Tyler Cowen:

It may not feel that way right now, but the last 10 years may go down in world history as a big success. … Steady economic growth is an underreported news story — and to our own detriment. As human beings, we are prone to focus on very dramatic, visible events, such as confrontations with political enemies or the personal qualities of leaders, whether good or bad. We turn information about politics and economics into stories of good guys versus bad guys and identify progress with the triumph of the good guys. In the process, it’s easy to neglect the underlying forces that improve life in small, hard-to-observe ways, culminating in important changes.

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