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Tuesday, February 21, 2012

John Peet: Time to defy the worship of growth

Will policies to grow the economy work? There are two sides to a response to that question.
Side A says economic growth is undermining the very ecological systems that not only support life on the planet but also are the foundation of the economy, and for that reason it is not sustainable.
Side B says failure to grow the economy risks social and political instability. Both are probably correct.

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In the end, however, money is still a claim on future consumption - an IOU, in effect - so when it is spent, the physical and resource connections kick in. Mother Nature doesn't do bailouts, so printing or borrowing money simply builds up resource problems for the future.



Please read the whole thing
John Peet: Time to defy the worship of growth

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