The meaning of the term "economic growth" is broad, and I do not deny
that it is a good thing in some usage of the term.
But I think that it is more enlightening to distinguish "growth" and
"development", and to limit the meaning of "growth" to those changes
which involves increases of some quantities representing the throughput
of mass or energy. Obviously, because the size of the earth is
limited, we cannot continue growth (in this sense) indefinitely. In
other words, we cannot expect "sustainable growth" (in this sense).
"Development" may be represented by increase of some quantities related
to value. Sustainable development is possible if we can increase the
value per unit throughput.
I am a climatologist, and not an economist myself. But this thought
follows the discussion in a book of Daly (1996), an economist. Perhaps
his opinion is regarded as a heresy among economists, but I think that
economics should shift toward his direction.
Reference:
Herman E. Daly, 1996: <em>Beyond Growth: The Economics of Sustainable
Development</em>. Boston: Beacon Press.
Ko-1 M. (Kooiti Masuda)
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