Steady State Economics

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Steady State Economics

In conventional economics it is axiomatic that the economy has to grow – but why? who says? Low or negative economic growth is the thing most feared by politicians, and by and large they are judged by how much growth has occurred during their term of office (whether or not they had anything at all to do with bringing said growth about).

The presumption is that economic growth will improve our quality of life – at least, if it is not supposed to do that it is hard to understand why we would want it. But detailed studies have now shown beyond doubt that this is not, in general, the case – as common sense would lead one to expect, growth is good up to a certain point, then, when you have enough, it is time to stop growing. When will that point be reached?