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
As other people have said, there are lots of different objective measures that can be used to determine whether an economy is good or bad.
But ultimately “good” and “bad” are subjective.
It depends on what you value, it depends on where you draw the line. What matters to you? How well-off the poorest in society are? Your country’s economic power against others? Should you benchmark your economy against its peers, against past performance, against other goals you’ve set?
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