Economics in a Full World
by Herman E. Daley Sept. 2005
|
Source: Scientific American
|
Notes:
Summary: It was thought that growth would be the solution for economic ills in the modern world. Unfortunately, it wasn't. When an economy's expansion reaches a point where it too much for their surround ecosystem, we will begin to sacrifice natural capital that is worth more than a man made capital. We will have an uneconomic growth that'll makes us poorer and do more bad than good. Some people will benefit from economic growth. But as humans we have to make a transition to a sustainable economy, so we can have a long run for the future. If we don't make a change then there could be a possibility of lower living standards. In other words, we will become poor. Also, there is a higher chance that the workd will become more polluted.
Reflection: While reading this article it made me think that boy we have a lot of economical problems in the world lately! Like if we don't change this as soon as we can then we can be doomed!!! There is always a limit for everything. Now that just reminds me of the great deal on a jacket from an online store that was reduced to a $18 deal from a $49 value and did I take the chance to buy it? Well clearly the answer is no. And now it's $29.50 and now I'm crying in the corner. Missed a great deal on a awesome looking jacket :(, but anyways that's not my point! My point is that if we don't take the chances we are getting, like the signs we recieve from Earth showing how bad we are destroying it, to save the Earth then there's no turning back. Meaning that we can all dive deep down in poverty. Making a difference little by little can help a lot!
- Growth is thought to be the solution for all of major economic ills of the modern world.
- When an economy's expansion encroaches too much on its surrounding ecosystem, we will begin to sacrifice natural capital that is worth more than the man made capital added by growth.
- We will have an uneconomic growth which produces more bad than goods that'll make us poorer.
- Some people benefit from economic growth and have no incentive to change.
- Humans have to make the transition to a sustainable economy, so it can continue to operate long into the future.
- There is a possibility of lower living standards if we don't make a change.
- Most contemporary economics believe that we will be able to continue forever since we are so far in growth.
- What they don't belive is that the U.S is heading into un-economic growth.
- Mainstream economists consider sustainability to be a fad and are overwhelmingly committed to growth.
- “Ecological footprint” studies show that the total energy and materials needed to maintain and replace our artifacts has also vastly increased.
- As the world becomes full of us and our stuff it becomes empty of what it had before.
- When an activity expands, it eventually displaces some other enterprise and that displacement is counted as a cost.
- Establishing and maintaining a sustainable economy entails and enormous change in mind and heart by economists politicians and voters.
- The sustainable economy must at some point stop growing, but it need not stop developing.
- The main idea behind sustainability is to shift the path of progress from growth, which is not sustainable, toward development, which presumably is.
- We must make adjustments to achieve a sustainable economy.
- If we do not make adjustments, the world will become more polluted.
Summary: It was thought that growth would be the solution for economic ills in the modern world. Unfortunately, it wasn't. When an economy's expansion reaches a point where it too much for their surround ecosystem, we will begin to sacrifice natural capital that is worth more than a man made capital. We will have an uneconomic growth that'll makes us poorer and do more bad than good. Some people will benefit from economic growth. But as humans we have to make a transition to a sustainable economy, so we can have a long run for the future. If we don't make a change then there could be a possibility of lower living standards. In other words, we will become poor. Also, there is a higher chance that the workd will become more polluted.
Reflection: While reading this article it made me think that boy we have a lot of economical problems in the world lately! Like if we don't change this as soon as we can then we can be doomed!!! There is always a limit for everything. Now that just reminds me of the great deal on a jacket from an online store that was reduced to a $18 deal from a $49 value and did I take the chance to buy it? Well clearly the answer is no. And now it's $29.50 and now I'm crying in the corner. Missed a great deal on a awesome looking jacket :(, but anyways that's not my point! My point is that if we don't take the chances we are getting, like the signs we recieve from Earth showing how bad we are destroying it, to save the Earth then there's no turning back. Meaning that we can all dive deep down in poverty. Making a difference little by little can help a lot!