Experts warn if the US and other top carbon emitters don’t take action, rising global temperatures will only get worse
, Herman Daly, a lauded economist who was once a senior figure at the World Bank and is now a emeritus professor at the University of Maryland School of Public Policy, argues that modern economics’ obsession with growth is misguided, due in part to the damage done to the planet.
Economic growth is considered a major barometer of a country’s health, both for wealthy nations and the developing world. In the interview, Daly argues that we are viewing growth incorrectly, and that it’s implausible all nations can continue expanding their GDP endlessly. From the interview, here’s an encapsulation of his argument:
It’s a false assumption to say that growth is increasing the standard of living in the present world because we measure growth as growth in G.D.P. If it goes up, does that mean we’re increasing standard of living? We’ve said that it does, but we’ve left out all the costs of increasing G.D.P. We really don’t know that the standard is going up.
The article only briefly gets into what Daly would propose to change the growth paradigm across the world, and indeed, his ideas would be a tough lift for many countries: Daly’s policy prescriptions for how this would happen include, among many ideas, establishing minimum and maximum income limits, setting caps for natural-resource use and, controversially, stabilizing the population by working to ensure that births plus immigration equals deaths plus emigration.
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