A young hamster doubles its weight each week between birth and puberty. But if it grew at the same rate until its first birthday, we’d be looking at a nine billion tonne hamster, which ate more than a year’s worth of world maize production every day. There are good reasons why things don’t grow indefinitely. And yet politicians are convinced that the economy needs to keep growing, no matter what the costs.
New research published by nef (the new economics foundation) argues that unless economic growth in rich countries levels off at a steady-state, we will have absolutely no chance of avoiding dangerous climate change. It’s time to realise that rich countries have matured enough and now, like a healthy hamster, we need to stop growing.
The report, Growth isn’t Possible: Why rich countries need a new economic direction, concludes that, in an economy designed to respect environmental thresholds, it may actually be easier to achieve human well-being, social equality, full employment and strong public services.
Go read. This is the reality of life.
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This is, in my view, the biggest issue facing the world at the moment. How do we stop depleting natural resources when the whole world is obsessed with grown while we already have enough to satisfy all our reasonable needs.
Perhaps the internet will eventually provide a way out of an advertising led culture of wanting into a more contemplative culture of appreciating.
I’m sure the answer lies with services which consume the least resources, including repair and adaptation of goods built to last, and artworks. How many natural resources are consumed by a masseur? The unfair distribution of wealth lies at the heart of all our economic woes. Population growth, which is always cited as ‘the big problem’ is totally the result desperate poverty (of essential goods and services and education) – not helped, of course, by some religious teachings.
the link to the report is not working.
@Colman Stephenson
Sorry – corrected now
“How do we stop depleting natural resources when the whole world is obsessed with grown while we already have enough to satisfy all our reasonable needs.”
We do? Average GDP per capita for the entire world is around $8,000 per person. Maybe £5,000 or so. If we in the UK had that level of income we’d be able to afford about half of our current government. And that’s it. Nothing else.
Now I don’t know about you but I think I have reasonable needs which include a little more than only half of what Alistair Darling currently spends each year. You know, things like housing, food, clothes and so on…..
Tim,
Average GDP is meaningless without referring to average cost of living. If you have the rule of law, enough to eat, clean water, well insulated housing and basic healthcare you are doing alright. If you then add in a supportive community then you have it all.
There is much of the modern world that is non-essential – imported Asparagus from Chile, anti-obesity drugs, Sky TV, beauty products, fashion, cars, pornography, jewellery – and all of it has a hidden subtext: that if you could just be different and buy more things your life would be better.
Well, it doesn’t work like that. While it is better to be rich than to be poor, once you have enough, more makes no difference. And trashing the planet in a frenzy to prove otherwise seems unlikely to succeed.
Tim Worstall
Do you understand anything that is proposed here?
What a ridiculous post
@Tim Worstall
The article clearly references developed countries only, yet you’ve averaged across both developing and developed countries, creating a deliberately spurious figure.