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Prosperity Without Growth - Essay Example

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Summary
The object of analysis for the purpose of this assignment is “Prosperity without Growth” by Tim Jackson that introduces interesting concepts relating to the evident needs to restructure the economic mindsets and focus on sustainable economic development an opposed to mere notions of growth…
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Prosperity Without Growth
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Prosperity Without Growth

Download file to see previous pages... This paper illustrates that economists like Tim Jackson have deviated from the notions of economic growth, to incorporate more ideas that lead to sustainable economies. Indeed, the well-being of the individuals and households has taken center stage and the politics have been geared to address these forgotten notions. Indeed, most of the growth that had been the focus of most economies in the past has led to massive boosts in the global economy, but at the cost of the environment and the society. On this grounding, the productions and consumption activities have contributed to more than 60% of the degradation of the eco-systems, raising serious questions on whether this path will lead to sustainable development in the near future. Indeed, only a very small portion of the benefits of the global income is redistributed to the poor, worsening the gap between the rich and the poor. Getting an equitable distribution of resources, therefore, is one of the reasons that the author points to zero economic growth in prosperity in the world economy. The notion of endless growth has engulfed modern economists, who overlook the social progress related to such kind of growth. Indeed, social stability and development are one of the key pillars of sustainability, which leads to prosperity even in the global economy. In addition, the convening of countless global economic summits to address economic growth and challenges have not prevented the world from going into countless recessions. On this platform, the capitalist movements seem to postulate an endless path of growth, spurred by economic activities of production, looking for new markets and consumption as the main drivers of growth. From this perspective, the postulation of prosperity without growth comes alive, because this continuous cycle may go on indefinitely without improvements in the standards of living of the masses. Indeed, it is imperative to note that any human activity is geared towards the improvement of welfare, and when such a system fails, it would be preferable to have prosperity even without growth in the world. ...Download file to see next pagesRead More
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