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Economic growth is measured as the rate of relative change in gross domesticproduct (GDP) per capita. Yet, when incomes follow random multiplicativegrowth, the ensemble-average (GDP per capita) growth rate is higher than thetime-average growth rate achieved by each individual in the long run. Thismathematical fact is the starting point of ergodicity economics. Using theatypically high ensemble-average growth rate as the principal growth measurecreates an incomplete picture. Policymaking would be better informed byreporting both ensemble-average and time-average growth rates. We analyserigorously these growth rates and describe their evolution in the United Statesand France over the last fifty years. The difference between the two growthrates gives rise to a natural measure of income inequality, equal to the meanlogarithmic deviation. Despite being estimated as the average of individualincome growth rates, the time-average growth rate is independent of incomemobility.

The Two Growth Rates of the Economy