I liked the article, but I liked the image they picked for it even more (Porto).
Over the past decade, the United States has outperformed every other G7 nation. Key measures show why the US is not just getting bigger, but also growing richer.
Americans aren’t happy with their economy. In October, Pew Research reported that “26 percent now say economic conditions are excellent or good, while 74 percent say they are only fair or poor.” This weighs heavily on their minds. In December, Gallup reported 35 percent of Americans “naming any economic issue” as “the most important problem facing this country today,” up from 24 percent in October.
Together, this is a significant headwind for Republicans entering an election year. But, for whatever it’s worth, it could be worse. Indeed, the average American’s economic conditions would be worse in most of the developed world.
“I Once Thought Europeans Lived as Well as Americans,” economist Tyler Cowen wrote in the Free Press last year; “Not Anymore.”
“I went to live in Germany as a student in 1984, and I marveled at how many things were better there than in the United States,” Cowen writes. “Now, 40 years later, I’ve massively revised my original judgments. I go to Europe at least twice a year, and have been to almost every country there. More and more I look to it for its history — not for its living standards.”Total vs Per Capita GDP GrowthTotal vs Per Capita GDP Growth
Immigration and Economic GrowthImmigration and Economic Growth
Productivity and Economic GrowthProductivity and Economic Growth
...read more at thedailyeconomy.org
Why do you suppose Europeans are relatively content with poor economic performance?
I can’t speak for all Europeans, but here in Portugal, regular folks don’t have time to think about these things. It’s work, home, work, and barely any free time. Basically, people are living on the edge of survival, and then they still get distracted on social media!
I was gonna call bullshit on this (because generally working hours are down are we have more free time than ever before)... but then Our World in Data actually sort of supports your Portugal story: There's no work-time improvement in a generation or more
...and then GDP/capita is like a third of the U.S., so I guess I believe your story?
I think Americans work more than Europeans and are more likely to have families, so I don't see free time as a great explainer.
The little free time people have is spent on social media, and that just leads to total alienation. Maybe it’s got to do with the culture, less ambition, more laziness. It’s true that Americans work more, and maybe that keeps people more alert to these things. I don’t know, I’m just guessing, but there’s probably a study on this! Haha
THAT I definitely subscribe too... it's not so much that we don't have time, it's that we waste it away frivalously on mind-numbingly stupid things
It’s hard to imagine being worse than Americans on that.
You make it sound like Europeans are a thoroughly defeated people
That sounds like something an American would say. Your context is more like a jungle! ~lol
In a quick search, I found a few factors:
Social Welfare Systems: Many European countries, especially the Nordic ones (Sweden, Denmark, Norway, etc.), have strong social welfare systems that provide a safety net for citizens, regardless of economic performance.
Life Philosophy and Satisfaction: There’s this idea that many European societies value quality of life more than constant economic growth.
Focus on Sustainable Prosperity: In European countries, there’s a more long-term approach to prosperity and sustainability, rather than quick growth driven by consumption.
Differences in Measuring Well-Being: Studies show that people in different parts of Europe might measure success and well-being differently from Americans.
History of Stability and Political Culture: Many European countries have a long history of political stability and governance, which can lead to greater trust in the system, even if the economic performance isn’t extraordinary.
Less Pressure for Constant Growth: Compared to younger, emerging economies, many European countries have well-established infrastructure and an aging population, so there’s not as much pressure to drive growth at super high rates.
This isn't really a meaningful statement. At best, it's probably suggesting that economic growth is being measured poorly.
Should leisure be counted in economic growth statistics?
more than Europooreans, not (much) more than the Portuguese
we don't know better
we value work-life balance/health-and-safety/income-security more
I blame the EU and labor union mindset
Both of those are likely results of the underlying cultural factor
Americans just love complaining, it's normal though.
In Portugal, people are always complaining too, but not about economic growth!