What makes an economy objectively “good”? People seem to complain about the economy being “bad” all the time but who/what determines if it’s truly “good” or “bad”?

Question

What makes an economy objectively “good”? People seem to complain about the economy being “bad” all the time but who/what determines if it’s truly “good” or “bad”?

In: Economics

Answer 1

If you are a Leftist, the economy is never good because acknowledging as much would undermine the core narrative about the economic system being fundamentally unjust, unsound, in perpetual crisis and hurtling toward cataclysm.

If you are Right-wing, the economy is never good when the occupant of the White House isn’t Right-wing. When the president is on your team, the economy is great, regardless of the facts on the ground.