Growth does not create jobs
The way the current economic system is designed, it does the opposite. The constant drive to increase productivity, which is what economic growth really is, requires manufacturers to steadily reduce input costs. Economic growth destroys jobs.
Before the 1980s this didn’t matter much, because many new manufacturing businesses were established to soak up a rising working population. Since then, though, this has not happened – growth has increased the number of people without jobs, certainly in the rich world.
In the last 35 years, the world has experienced the fastest economic growth in human history. Yet, according to the Organisation for Economic Co-operation and Development (OECD), unemployment went up. Even extreme policy tools introduced since 2007, such as ultra-low interest rates and quantitative easing, have not achieved much. We were told that these would generate faster economic growth, yet growth has remained weak and unemployment is still higher than it was three decades ago.