Economic growth Quotes

“A long decade ago economic growth was the reigning fashion of political economy. It was simultaneously the hottest subject of economic theory and research, a slogan eagerly claimed by politicians of all stripes, and a serious objective of the policies of governments. The climate of opinion has changed dramatically. Disillusioned critics indict both economic science and economic policy for blind obeisance to aggregate material "progress," and for neglect of its costly side effects. Growth, it is charged, distorts national priorities, worsens the distribution of income, and irreparably damages the environment. Paul Erlich speaks for a multitude when he says, "We must acquire a life style which has as its goal maximum freedom and happiness for the individual, not a maximum Gross National Product." [in Nordhaus, William D. and James Tobin., "Is growth obsolete?" Economic Research: Retrospect and Prospect Vol 5: Economic Growth. Nber, 1972. 1-80]”

“A long decade ago economic growth was the reigning fashion of political economy. It was simultaneously the hottest subject of economic theory and research, a slogan eagerly claimed by politicians of all stripes, and a serious objective of the policies of governments. The climate of opinion has changed dramatically. Disillusioned critics indict both economic science and economic policy for blind obeisance to aggregate material "progress," and for neglect of its costly side effects. Growth, it is charged, distorts national priorities, worsens the distribution of income, and irreparably damages the environment. Paul Erlich speaks for a multitude when he says, "We must acquire a life style which has as its goal maximum freedom and happiness for the individual, not a maximum Gross National Product." [in Nordhaus, William D. and James Tobin., "Is growth obsolete?" Economic Research: Retrospect and Prospect Vol 5: Economic Growth. Nber, 1972. 1-80]”

“I wish politicians the world over would stop claiming credit for economic growth that happens despite them, not because of them. Grow up...”

“But a progressive policy needs more than just a bigger break with the economic and moral assumptions of the past 30 years. It needs a return to the conviction that economic growth and the affluence it brings is a means and not an end. The end is what it does to the lives, life-chances and hopes of people. Look at London. Of course it matters to all of us that London's economy flourishes. But the test of the enormous wealth generated in patches of the capital is not that it contributed 20%-30% to Britain's GDP but how it affects the lives of the millions who live and work there. What kind of lives are available to them? Can they afford to live there? If they can't, it is not compensation that London is also a paradise for the ultra-rich. Can they get decently paid jobs or jobs at all? If they can't, don't brag about all those Michelin-starred restaurants and their self-dramatising chefs. Or schooling for children? Inadequate schools are not offset by the fact that London universities could field a football team of Nobel prize winners.”

“The road to economic well-being is to reward productive economic activity and to provide a moderate and predictable growth of money to finance real economic growth without reigniting the fires of inflation.”

“Imperialism was born when the ruling class in capitalist production came up against national limitations to its economic expansion. The bourgeoisie turned to politics out of economic necessity; for if it did not want to give up the capitalist system whose inherent law is constant economic growth, it had to impose this law upon its home governments and to proclaim expansion to be an ultimate political goal of foreign policy.”

“By posing climate change as a battle between capitalism and the planet, I am not saying anything that we don't already know. the battle is already under way, but right now capitalism is winning hands down. it wins every time the need for economic growth is used as the excuse for putting off climate action yet again, of for breaking emission reduction commitments already made. it wins when Greeks are told that their only path out of economic crises is to open up their beautiful seas to high-risk oil and gas drilling. it wins when Canadians are told our only hope of not ending unlike Greece is to allow our boreal forests to be flayed so we can access the semisolid bitumen from the Alberta tar sands . it wins when a park in Istanbul is slotted for demolition to make way for yet another shopping mall. it wins when parents in Beijing are told that sending their wheezing kids to school in pollution masks decorated to look like cute cartoon characters is an acceptable price for economic progress. it wins every time we accept that we have only bad choices available to us: austerity or extraction, poisoning or poverty.”

“We learned that economic growth and environmental protection can and should go hand in hand.”

“The social phenomenon of economic growth is, thanks to the principle of the conservation of matter, nothing other than the physical phenomenon of increasing resource depletion.”

“Environmental agencies in China are hamstrung by local officials who put economic growth ahead of environmental protection; even the courts are beholden to local officials, and they are not open to environmental litigation.”

“The dynamic drives of modern economic growth, in the countries that entered the process ahead of others, meant a reaching out geographically; and the sequential spread of the process, facilitated by major changes in transport and communication, meant a continuous expansion to the less developed areas.”