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Will the end of economic growth come by design — or disaster? | Gaya Herrington
Oct 18, 2024
Gaya Herrington, an environmentalist and economist, argues for a fundamental shift in economic thinking from relentless growth to prioritizing well-being. She discusses the paradox of rising wealth alongside ongoing poverty and pollution. Herrington critiques GDP as a measure of success, warning against the unsustainability of perpetual growth. She advocates for a post-growth economy focused on equality, sustainability, and community wellness, suggesting that we either embrace this new model or face the dire consequences of unchecked expansion.
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Quick takeaways
- The current economic model's obsession with growth often overlooks critical societal needs such as poverty alleviation and environmental sustainability.
- Transitioning to a well-being economy emphasizes meeting human needs within ecological limits, prioritizing shared prosperity over endless expansion.
Deep dives
The Flaws of Current Economic Growth
The prevailing economic system prioritizes growth above all else, often at the expense of crucial societal needs such as poverty alleviation and environmental sustainability. This focus on continuous growth has led to ecological degradation, despite advancements in technology and renewable resources. Historical analyses, such as the 1972 MIT model 'The Limits to Growth,' indicate that the relentless pursuit of growth may lead to a significant decline in well-being and essential resources by mid-century. Recognizing this fundamental flaw, it's essential to shift our priorities from growth to addressing human and ecological needs directly.
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