In the ongoing debate about economic growth versus sustainability, Ellie VanHouten argues in her recent opinion piece for Common Dreams that the relentless pursuit of economic growth has become society's 'most dangerous game.' She highlights how this pursuit has led to increasing inequality, environmental degradation, and the consolidation of corporate power. According to an Oxfam report, the top 1% of the global population now owns more wealth than 95% of humanity, illustrating the stark rise in income inequality over the past 30 years, which is now more stratified than during the Gilded Age [8c75caa0].
VanHouten points out that a Verasight survey reveals only 12.8% of Americans view economic growth as a 'mostly accurate' measure of societal well-being, suggesting a growing skepticism towards traditional economic indicators like GDP. Critics argue that GDP fails to account for pollution costs and unpaid labor, leading to calls for alternative measures of progress. For instance, Vermont adopted the 'Genuine Progress Indicator' in 2012, which aims to provide a more comprehensive assessment of societal health [8c75caa0].
In a similar vein, India's Ease of Living Index assesses well-being across 114 cities, while the UN promotes a 'Human Rights Economy' that prioritizes human welfare over mere economic output [8c75caa0]. This shift in perspective aligns with the arguments made by Gail Tverberg, who contends that the complexity of the global economy, driven by energy consumption and population growth, is unsustainable. Tverberg's analysis suggests that a simplification of economic structures may be necessary to address the pressing issues of inequality and resource depletion [28389bf0].
Adding to this discourse, Bruce Baron from Meer.com discusses the evolution of human social systems and the obsolescence of endless economic expansion. He notes that the era of perpetual growth is coming to an end, driven by factors such as the rise of AI and robots replacing labor, and the looming threat of climate change on food supplies and biodiversity. Baron emphasizes that humanity currently uses 1.7 Earths worth of resources annually, and the Post Carbon Institute warns of what they term 'The Great Unraveling' [60eaccd8].
Baron argues for a shift towards Circular Economy and De-Growth models, which prioritize meeting human needs over profit. He suggests that political systems will face significant strain under climate chaos, and potential paths forward may include centralization, decentralization, or even chaos. The future will necessitate new social systems driven by survival needs and renewable energy [60eaccd8].
As both VanHouten and Tverberg highlight, a shift towards a more equitable and sustainable economic model may be essential for addressing the challenges posed by an overcomplicated economic system and ensuring a viable future for all [8c75caa0][28389bf0]. The ongoing debate between growth advocates and degrowth proponents continues to evolve, with each side presenting compelling arguments about the future of our economies and the planet [69359c06].