Nordic Sustainable Economy podcast: Sustainable growth or steady-state economy
GDP has been the measure of success for the economy since WWII. The more the GDP grows, the better the economy and hence the welfare of entire society. Now, this growth paradigm has been questioned as we see all the damage inflicted upon ecosystems around the world. Undeniably, growth of global economy has brought us a lot of benefits and welfare but laying our hopes merely on more growth for prosperity does not seem a resilient solution. Even with green economy, the growth inevitably brings more hazards and impacts for the living world. Despite decades of extraordinary technological advancement and huge efficiency improvements, the energy and resource demands of the global economy are still increasing. This is because within a growth-orientated economy, efficiency gains tend to be reinvested in more consumption and more growth, rather than in reducing impact. Efficiency without sufficiency is lost.