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08/23/2012

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Ken Barrows

Growth is such a slippery word. How should we define it? I guess GDP will have to do, but I am not satisfied.

If one compares decade by decade, real GDP growth was a little over 3% per annum from 1970 through 2000 (even higher in the 1960s). 2000-2010 was under 2% (the official stats). Any projection of 3% real growth, or even 2%, is quite hopeful and probably delusional.

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