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The simple answer is that yes there's a limit to all growth. Economic growth in particular is mostly just made up in contrast to the limited material wealth pro
by ladyattis 5y ago
The simple answer is that yes there's a limit to all growth. Economic growth in particular is mostly just made up in contrast to the limited material wealth produced. Just because a given corporate bond is valued at X plus some multiple of a given currency doesn't mean there's X plus multiple of the physical good or service produced. If anything economic growth leads to societies over shooting in production while at the same time artificially constraining consumption for the sake of property norms to enforce the fictitious growth. Worse still, we often don't see growth where it matters such as home economy or the work of artisans. These things never get captured into metrics such as GDP.
- rmah 5y agoThat's because that's not what GDP tries to capture. Might as well complain the # of songs played on the radio doesn't capture the quality of music composition..
- uoaei 5y agoWhen the GDP is used as a de facto synonym for "progress" in the entirety of popular culture, yours is not really a critique from solid ground.
- ladyattis 5y agoThat's kind of the problem. The originator of the GDP formula explicitly told Congress that it wasn't meant for wealth creation metrics but Congress continues to utilize it to measure said wealth creation for obvious reasons (haha, line goes up meme here).