Since the dawn of the industrial age, the world has steadily been getting wealthier, despite setbacks such as the Great Depression and the more recent global financial crisis.

We make more, sell more and consume more than ever before.

Yet,according to the United Nations, nearly three billion people still live on less than $2.50 (£1.70) per day.

So, how can we raise living standards for those who still live in poverty? The answer, according to most governments, is rapid economic growth.

Growth is seen as a panacea for a great many ills. It creates jobs, erodes debts and raises living standards. For politicians, it also generates votes. It is almost universally seen as a Good Thing.

Journalists are complicit in this. We frequently describe rapid growth as “robust”. Slower growth is “anaemic” and an economy in recession is often portrayed as “sick” or “ailing”.

‘Boiling the oceans’

Yet…