Daily Archives: August 7, 2012

Debunking economic growth

Herman Daly is one of the few academic economists who talks sense. He has been a staunch advocate of sustainable development and steady-state economics. Here is an excerpt from his recent article. –t.h.g  

Eight Fallacies about Growth

by Herman Daly

One thing the Democrats and Republicans will agree on in the current U.S. presidential campaign is that economic growth is our number one goal and is the basic solution to all problems. The idea that growth could conceivably cost more than it is worth at the margin, and therefore become uneconomic in the literal sense, will not be considered. But, aside from political denial, why do people (frequently economists) not understand that continuous growth of the economy (measured by either real GDP or resource throughput) could in theory, and probably has in fact, become uneconomic? What is it that confuses them?

Read the full article here.