Can I just throw another factor into the mix - the environment? During the 'boom' times (periods of sustained economic growth) the environment suffers. Simply put, more of the earth's surface get s concreted over and there's more pollution.

During depressions/recessions the pressure eases off a bit and the planet is not degraded quite as fast (at least not in those areas with economic problems).

Hence, I believe that economic growth is bad for the environment and ultimately unsustainable. To me this is a statement of the 'bleeding obvious' (although a councillor in this city has just told me, in a letter, that "economic growth can be good for the environment" - he doesn't say how!).

I think that if a new progressive politics ever emerges (probably not in my lifetime) it will have to address the question of sustainability.