3. Sustaining Economic Growth in the Long-term
3.1 The case for economic growth
Despite short-term downturns and setbacks, the long-term trend in economic output over the last 200 years has been unambiguously upward (see figure 3.1). New ideas and their transmission, in combination with the accumulation of labour and capital, have enabled sustained economic growth. Average income has tripled over the last 60 years53 (with absolute increases in household income for even the lowest income groups)54 and people are more educated, healthier, and have a higher standard of living than ever before55. The benefits of economic growth have not been restricted to the UK or other advanced economies. As global GDP has multiplied 21-fold over the last 100 years56, it has helped improve quality of life and pull countless millions out of poverty.