Wednesday, February 14, 2018

Growth is dying as the silver bullet for success. Why this may be good thing

The idea that the economic “pie” can grow

indefinitely is alluring. It means everybody can have a share without limiting anybody’s greed. Rampant inequality thus becomes socially acceptable because we hope the growth of the economy will eventually make everybody better off.
In my new book “Wellbeing Economy: Success in a World Without Growth” I point out that the “growth first” rule has dominated the world since the early 20th century. No other ideology has ever been so powerful: the obsession with growth even cut through both capitalist and socialist societies.
But what exactly is growth? Strangely enough, the notion has never been reasonably developed.