The fallacies run deeper than "growth" as the end-all of "prosperity."
The billions being spent on hurricane recovery will register as
positives to our GDP. The millions Iowa farmers have spent on 900,000
miles of drainage tile also show up as "growth." The cleanup and
reconstruction costs downstream are factored in as "growth." Jack
buys dynamite and blows up Joe's barn. The added profit to the
dynamite company is "growth." The lumber yard's profit for lumber to
rebuild the barn is "growth."
For economic theorizing only slightly more sophisticated than this,
Milton Friedman got a Nobel Prize.
Bill Witt
Quoting daryl andersen <[log in to unmask]>:
> I agree with your comments. A really good read on this is The Last
> Hours of Ancient Sunlight by Thom Hartmann. As he notes, The end of
> oil will be a main factor in adjustment. The earth can sustainably
> accommodate approx 1 billion people living somewhere between our
> lifestyle and an indigenous lifestyle. Another great read is
> Sustainable Operating Systems/ The Post Petrol Paradigm by Michael
> Richards. If all else fails read Into The Wild by Jon Krakauer.
> Daryl Andersen
> On Sep 25, 2008, at 10:56 PM, Thomas Mathews wrote:
>
>> Cindy,
>>
>> You note that ". . . economic prosperity, as we currently define
>> it, depends on growth."
>>
>> This summarizes the problem perfectly. Our mainstream economists
>> define a healthy economy as being a growing economy. A recession is
>> defined as a cessation of economic growth.
>>
>> Yet it occurs even to bright middle school students that on a
>> finite planet endless growth is impossible. But being an "adult"
>> means denying this obvious fact.
>>
>> In an underdeveloped country, economic growth is needed just to
>> provide enough for everyone. But in over-developed regions like the
>> US, growth serves mainly to provide more wealth for the already
>> rich. And despite the events of the past two weeks, it is the rich
>> who run the country, including its media, and who keep alive the
>> myth that growth equals prosperity.
>>
>> We clearly need a new economics, one which defines prosperity as
>> sufficiency, not growth.
>>
>> Richard Douthwaite has written a very good book whose title
>> summarizes these issues. (The Growth Illusion: How economic growth
>> has enriched the few, impoverished the many, and endangered the
>> planet, New Society Publishers, 1992, 1999.)
>>
>> Tom
>>
>>
>>
>> Looking for simple solutions to your real-life financial
>> challenges? Check out WalletPop for the latest news and
>> information, tips and calculators.
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