This Pioneering Economist Says Our Obsession With Growth Must End

[Dave P.]

This Pioneering Economist Says Our Obsession With Growth Must End
By David Marchese, July 17, 2022, NY Times

Growth is the be-all and end-all of mainstream economic and political thinking. Without a continually rising G.D.P., we’re told, we risk social instability, declining standards of living and pretty much any hope of progress. But what about the counterintuitive possibility that our current pursuit of growth, rabid as it is and causing such great ecological harm, might be incurring more costs than gains? That possibility — that prioritizing growth is ultimately a losing game — is one that the lauded economist Herman Daly has been exploring for more than 50 years. In so doing, he has developed arguments in favor of a steady-state economy, one that forgoes the insatiable and environmentally destructive hunger for growth, recognizes the physical limitations of our planet and instead seeks a sustainable economic and ecological equilibrium. “Growth is an idol of our present system,” says Daly, emeritus professor at the University of Maryland School of Public Policy, a former senior economist for the World Bank and, along with the likes of Greta Thunberg and Edward Snowden, a recipient of the prestigious Right Livelihood Award (often called the “alternative Nobel”). “Every politician is in favor of growth,” Daly, who is 84, continues, “and no one speaks against growth or in favor of steady state or leveling off. But I think it’s an elementary question to ask: Does growth ever become uneconomic?”

https://www.nytimes.com/interactive/2022/07/18/magazine/herman-daly-interview.html

[Kenny McCormack]

In article <a669577c-8893-4501...@googlegroups.com>,

Dave P. <imb...@mindspring.com> wrote:
>This Pioneering Economist Says Our Obsession With Growth Must End
>By David Marchese, July 17, 2022, NY Times
>
>Growth is the be-all and end-all of mainstream economic and political thinking.

This Pioneering Economist Says Our Obsession With Growth Must End By David Marchese,
July 17, 2022, NY Times

Growth is the be-all and end-all of mainstream economic and political think'ing.
Without a continually rising G.D.P., we're told, we risk socia'l
instability, declining standards of living and pretty much any hope of pr'ogress.

But what about the counterintuitive possibility that our current pursuit of growth,

rabid as it is and causing such great ecological harm, mig'ht be incurring more
costs than gains? That possibility 'that prio'ritizing growth is
ultimately a losing game 'is one that the laude'd economist Herman Daly

has been exploring for more than 50 years.

In so do'ing, he has developed arguments in favor of a steady-state economy, one
tha't forgoes the insatiable and environmentally destructive hunger for growth,
recognizes the physical limitations of our planet and instead seeks a sust'ainable
economic and ecological equilibrium. 'rowth is an idol of 'our present
system,'says Daly, emeritus professor at the Universit'y of Maryland
School of Public Policy, a former senior economist for the Wo'rld Bank and, along

with the likes of Greta Thunberg and Edward Snowden, a 'recipient of the
prestigious Right Livelihood Award (often called the 'alternative

Nobel'very politician is in favor of growth,'aly, who
is 84, continues, 'and no one speaks ag'ainst growth or in favor of steady

state or leveling off. But I think it's an elementary question to ask:
Does growth ever become uneconomic?'

https://www.nytimes.com/interactive/2022/07/18/magazine/herman-daly-inte rvi'ew.html

--
This is the GOP's problem. When you're at the beginning of the year
and you've got nine Democrats running for the nomination, maybe one or
two of them are Dennis Kucinich. When you have nine Republicans, seven
or eight of them are Michelle Bachmann.

[Lenona]

We're always hearing that low birth rates in industrialized nations will mean a disastrous shortage of young workers.

BUT...maybe the available jobs won't be as numerous as people think, and not just because of automation?

That's something I never thought of before.

It's from Martin Ford's 2015 book, "Rise of the Robots: Technology and the Threat of a Jobless Future."

(Specifically, the last quarter of chapter 8, which is titled "Consumers, Limits to Growth...and Crisis?")

http://digamo.free.fr/marford15.pdf

Scroll down to page 220 and read to 223.

Quick summary: Ford points out that in aging Japan, millennials cannot find stable careers and often live with their parents, well past age 30. In Italy and Spain, "two of Europe's most rapidly graying countries," the youth unemployment rate in Jan. 2014 was 42% and 58%, respectively. Why does this happen? One reason is that growing numbers of retirees spend less, and mainly on health care. So, "demand for products and services also declines, and that means fewer jobs."

And he predicted that consumer spending would go down in the U.S. as well, if for somewhat different reasons. (Of course, inflation is causing that as well.)


Reader reviews:

https://www.goodreads.com/en/book/show/22928874-rise-of-the-robots