Open to Debate Does Economic Growth Cost Too Much?
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Oct 20, 2023 Exploring the costs of economic growth like environmental damage, health issues, and inequality. Differing perspectives on growth and well-being. The importance of technology in conserving the planet. The political risk cost and foregone innovation of the de-growth movement. Challenging the idea of economic growth costing too much. Expressing gratitude and signing off.
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GDP Misleads On True Well‑Being
- GDP often counts spending that responds to harm as economic 'growth' rather than welfare improvement.
- GDP also omits environmental damage, health harms, and inequality that reduce real well-being.
Alternative Metrics Reveal Divergent Trends
- Measures like the Genuine Progress Indicator show well‑being can stagnate despite rising GDP per capita.
- In many countries GDP rose while GPI and happiness peaked decades earlier.
Growth Drove Historic Human Progress
- Two centuries of growth dramatically reduced absolute poverty and raised life expectancy worldwide.
- Katherine Mangu‑Ward argues these gains show growth's central role in modern human progress.