---
type: claim
title: GDP growth requires either population growth or productivity growth
domain: grand-strategy
confidence: proven
date_claimed: 2023-05-15
source: "Standard macroeconomic theory; Solow growth model"
---

[Original content preserved]

### Additional Context: GENIUS Act and financial infrastructure productivity (March 2025)

The GENIUS Act's regulatory framework for stablecoins may contribute to productivity growth in financial infrastructure by reducing transaction costs and settlement times for digital payments. By establishing clear federal rules, the Act could enable more efficient capital allocation and payment processing.

**Scope of impact**: This represents incremental infrastructure improvement rather than transformative productivity growth. Payment efficiency gains are real but modest compared to broader productivity drivers (technological innovation, capital deepening, human capital formation). The Act's contribution to GDP growth, if any, would operate through the productivity channel but at a scale that is difficult to measure and likely small relative to aggregate growth.

Source: [[genius-act-establishes-payment-stablecoins-as-non-securities-under-federal-law]]