Supplemental Discussion 1 (Module 3)
I think it is possible to have prosperity without economic growth. In many cases, countries have experienced flouring and successful social status with a lot of wealth, but their economic growth rate remains constant. Further, prosperity measured with factors that are entirely different from economic factors. For example, prosperity is measured in wealth, happiness, and health of individuals in society. These factors are independent of economic factors for measuring economic growth, such as quality and quantity in the land, capital, labor, and entrepreneurship (Yanarella & Levine, 2014). In another view, economic growth is a measure of the outward shift in a countries production possibility curve and total output measured in gross domestic product. Prosperity is a more soft aspect of a country that entails both economic and social factors, which makes it independent and different from economic growth. I, therefore, agree that it is possible to have prosperity without economic growth.
References
Yanarella, E.J., & Levine, R.S. (2014, August). From sustainability to resilience: Advance or retreat?Links to an external site. Sustainability: The Journal of Record, 7(4), 197–208. doi: 10.1089/sus.2014.9782