On a broader level, this helps explain why orthodox economics has clung to the illusion that economic growth inexorably leads to progress, even in advanced industrial countries where plenty of wealth already exists. This belief has led to a profound moral judgment: that those who lose in the march toward economic progress do not matter when compared to what will be achieved by greater growth. It’s all part of a trade off between economic equality and economic growth. Economists assume that more economic equality comes at the price of reduced economic growth, yet Nobel laureate Joseph Stiglitz picked apart this presumption in his recent book The Price of Inequality.
Not to mention it is unsustainable over the long-term.