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
The base principle is activity, if an economy is highly active that means lots of people are trading and therefore accessing wealth. If it slows down that implies some section of the population is not able to trade, implying that they are unable to access goods and services that facilitate and enrich their life.
An economy can still be highly active while some people are still unable to trade, so you can have a strong economy while still lacking equality or good living conditions for some section of the population, which is why it should always be examined in tandem with other metrics like food access and quality of living across the board.
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