Preface -- 1 Introduction -- Part I: The Quality of Life in Two Different Good Societies: Denmark and Switzerland -- 2 Two Wealthy Economies and Their Development -- 3 Are the Standards of Living Similar or Dissimilar?- 4 Happiness in Denmark and Switzerland.- Part II: Two Models of Good...

The paper considers a two-sector economy with a constant population: The public sector, with stable productivity, and a private sector, with productivity growth. Baumol’s law says that such an economy has no steady state. It is demonstrated what this means. Two attempts to uphold a policy that...