Economic Growth in Wealthy Countries

This lecture discusses the need for economic growth in high-income countries, focusing on the challenges of balancing public budgets, reducing public debt, and maintaining full employment through consumption growth. It also explores the relationship between country income levels and public debt, as well as the reasons why rich countries may still require more growth. The lecture highlights that economic growth is crucial for social stability, funding research, environmental protection, and poverty reduction. It presents data from countries like Spain, the USA, and the UK to illustrate the impact of growth on income distribution, poverty rates, and historical GDP per capita. Ultimately, it emphasizes the importance of economic growth in already wealthy countries for governance, employment, and societal well-being.