Articles & Blogs on Economic Growth & GDP

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Money Buys Even More Happiness than It Used to

“While the old adage says that money can’t buy happiness, several studies have determined that the more your income increases, the happier you are, up until US$75,000 a year. […] But in a new analysis of more than 40,000 U.S. adults aged 30 and over, my colleague and I found an even deeper relationship between money and happiness. […] Today, money and happiness are more strongly related than they were in the past. It seems money buys more happiness than it used to. How did this happen?”

After Growth; Is There Any Alternative to Planet-Destroying Growth?

“In the 1960s, President Julius Nyerere had a difficult message for citizens of the newly independent nation of Tanzania: accept less. […] Nyerere’s challenge—how to make a compelling argument for less—resonates anew in the context of global climate change. It is also one of the central challenges posed by Julie Livingston in her book Self-Devouring Growth. In giving this name to our collective planetary predicament, she is not invoking a metaphor, but describing an observable physical process.”

Need Growth? Scrap Policies That Favour Rich People and Monopolies

“In the Oxford Review of Economic Policy last year, Joshua Gans, Andrew Leigh, Martin Schmalz and I showed how market power is transferring wealth from poor people to rich people. The mechanism is straightforward: big companies have more power to increase their mark-ups, and so they do. That might be good for shareholders (who get higher profits), but it’s bad for consumers (who pay more to consume).”

Making the Best of a Post-Pandemic World

“All three – greater government action, retreat from hyper-globalism, and lower growth rates – predate the pandemic. And while they could be viewed as posing significant dangers to human prosperity, it is also possible that they are harbingers of a more sustainable, more inclusive global economy.”, says economist Dani Rodrik.

Is This the Moment for a Global ‘Degrowth’ Movement?

“What is interesting to me is how much of the global pandemic response to Covid-19 overlaps with the recommendations of a corner of scholarship that I’ve found inspiring, primarily from ecological economics and political ecology: the ‘degrowth’ movement. Degrowth provides a vocabulary for thinking of economics in human terms, where people are not simply another resource to exploit for the expansion of capital.”

What If a Shrinking Economy Wasn’t a Disaster?

“As the coronavirus pandemic grows, it brings a secondary, economic disaster—unemployment, small business closings, local government budget shortfalls. Given the way our economy is structured, widespread job losses and plummeting consumer demand trigger a whole lot of suffering. But, as philosopher Barbara Muraca explained in 2013, the activist and scholarly movement known as degrowth is building a vision of a society where economies would get smaller by design—and people would be better off for it.”

Interested in this topic? Visit the Moral Markets book shelf on economic (de)growth

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