Abundance Is About More Than Stuff
"We need abundance to address our social problems, not just our economic ones."
What It’s About
What is economic growth for? Masci & Norcross explore the most important and most human implications of economic prosperity, arguing that true abundance in rich nations should extend beyond providing “stuff” to encouraging happier and freer lives, which include both taking on new challenges and maintaining strong community and family ties. They argue that a “stubborn attachment” of policymakers to economic growth provides a foundation for this flourishing.
Upshot
Masci & Norcross argue for:
- Growth: Solving contemporary problems such as environmental degradation and social isolation requires more growth rather than less
- Growth Institutions: Strong economic institutions like property rights, rule of law, and low corruption not only generate growth but channel its benefits toward sustainable social outcomes
- Turning Growth into Flourishing: True abundance creates space for meaningful work, family connection, civic engagement, and intellectual development
Why It Matters
What if the same agenda can make housing more affordable, healthcare more accessible, the environment more sustainable, all while increasing both satisfaction at work and quality time at home? Masci & Norcross see material abundance as just this — not an end but a means to improve lives in meaningful ways.
Who Wrote It
David Masci is Editor-in-Chief of Discourse at the Mercatus Center at George Mason University.
Eileen Norcross is the Vice President of Policy Research at the Mercatus Center.
