Productivity growth is the overriding determinant of quality of life over any extended period of time.
Take two countries at the same starting level of per capita GDP, and give one a GDP growth rate of 2%, and the other a rate of 4%, and within 30 years the latter will have twice the per capita GDP of the former.
It's very hard for a country with half the per capita productivity of another country to match their quality of life.
Take two countries at the same starting level of per capita GDP, and give one a GDP growth rate of 2%, and the other a rate of 4%, and within 30 years the latter will have twice the per capita GDP of the former.
It's very hard for a country with half the per capita productivity of another country to match their quality of life.