by Accumulate, accumulate! That is Moses and the prophets! [embedded content] In the postwar period, it has become increasingly clear that economic growth has not only brought greater prosperity. The other side of growth, in the form of pollution, contamination, wastage of resources, and climate change, has emerged as perhaps the greatest challenge of our time. Against the mainstream theory’s view on the economy as a balanced and harmonious system, where growth and the environment go hand in hand, ecological economists object that it can rather be characterized as an unstable system that at an accelerating pace consumes energy and matter, and thereby pose a threat against the very basis for its survival. The Romanian-American economist Nicholas
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Accumulate, accumulate! That is Moses and the prophets!
In the postwar period, it has become increasingly clear that economic growth has not only brought greater prosperity. The other side of growth, in the form of pollution, contamination, wastage of resources, and climate change, has emerged as perhaps the greatest challenge of our time.
Against the mainstream theory’s view on the economy as a balanced and harmonious system, where growth and the environment go hand in hand, ecological economists object that it can rather be characterized as an unstable system that at an accelerating pace consumes energy and matter, and thereby pose a threat against the very basis for its survival.
The Romanian-American economist Nicholas Georgescu-Roegen (1906-1994) argued in The Entropy Law and the Economic Process (1971) that the economy was actually a giant thermodynamic system in which entropy increases inexorably and our material basis disappears. If we choose to continue to produce with the techniques we have developed, then our society and earth will disappear faster than if we introduce small-scale production, resource-saving technologies and limited consumption.
Following Georgescu-Roegen, ecological economists have argued that industrial society inevitably leads to increased environmental pollution, energy crisis and an unsustainable growth.
Today we really need to re-consider how we look upon how our economy influences the environment and climate change. And we need to do it fast. Nicholas Georgescu-Roegen gives us a good starting point for doing so!