Not only this, but another problematic side effect of the use of GDP as a measure for economic success is that it does not consider the ‘cost’ of the environment. On this basis, expecting the global economy to continually grow on a planet with finite natural resources highlights a potential conflict, right? Well, much of this production of goods that GDP measures is reliant on the use of natural resources – and this is both in the things we make, for example wood and rare earth metals, but also how we make and transport them through the use of fossil fuels.
Ok, but how does all this relate to the environment? So, this metaphor for prosperity doesn’t necessarily benefit everyone equally. Our current global economic trajectory is one of increasing inequality between the richest and poorest, especially within countries. It’s worth noting though, that this view is slightly rose-tinted.
In a piece in the Guardian, Richard Partington highlights that the use of “growth as a metaphor for prosperity has become deeply embedded in our language”. The current economic orthodoxy is based on the logic that a growth of Gross Domestic Product (GDP), which is a measure of the production of goods and services in a country, is closely tied to greater all round prosperity. Indeed, ‘growth’ has become a buzzword associated with good economic management and a healthy economy, but, is growth really all it’s hyped up to be? What do we mean by growth? The recent party conferences were abuzz with promises of growth, with the Conservatives promising to ‘grow, grow, grow’ our economy and Labour arguing for their own ideas to boost economic growth. As we’re hearing a lot at the moment from politicians on both sides of the political spectrum, ‘growing the economy’ is a key underpinning of their economic manifestos.
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