In its simplest sense, inflation is an increase in the prices of goods and services. For instance, if the price of a certain good is $10 and in the next month the price increases to $12, the inflation on that item over one month is 20%. Many economists consider low levels of inflation sustained over time to be normal in a functioning economy. However,
Something new and troubling is happening as economies grow across much of the globe. In contrast to prior decades, when human health improved as global GDP swelled, the link to health progress has been broken. No longer is economic growth delivering a health dividend, it seems.
Meanwhile, another metric, the health of the environment, has continued to deteriorate with economic growth. We now face a “ghastly” global environmental crisis,
Like a doctor measuring a patient’s vital signs, environmental scientists use various indicators to assess the health of the global ecosystem. These planetary vital signs are reckoned in a variety of units, such as tons of greenhouse gas emitted or hectares of land deforested. Meanwhile, conventional economists try to measure everything in terms of dollars (or other currencies). For example, they assign monetary values to the “ecosystem services”
Last week the Intergovernmental Panel on Climate Change (IPCC) issued what Greenpeace International called the “final warning” in the global effort to limit warming to 1.5 degrees Celsius (2.7° Fahrenheit) above preindustrial levels. After three decades of increasingly insistent wake-up calls, the Panel laid out the sobering reality: Meeting the temperature goal set by the global community in 2015 is impossible without an immediate response, “a quantum leap in climate action,” in the words of United Nations Secretary General Antonio Guterres.
I’m having an ongoing conversation with a friend about the merits and drawbacks of degrowth as a climate action strategy. She is easily the most astute climate thinker I know, with insights available only to those deeply immersed in the nuances of climate finance and decarbonization. She’s wary of the degrowth movement, as are many prominent players in the climate transition. She views it as an unhelpful distraction from humanity’s efforts to grapple with the climate crisis.
On a scale of one to ten, COP15—the UN Biodiversity Conference in Montreal last month—was a solid five. That may not sound like a ringing endorsement, but it represents significant progress from prior COPs, which dabbled along in the one or two range for the better part of three decades. The progress was evident from the start, when UN Secretary General António Guterres kicked off the conference by noting,
The American Southwest is a bit parched at the moment. The region is in the midst of its 23rd consecutive year of drought, its longest and most extensive since 800 CE. The drought is so bad that California’s two largest reservoirs—Shasta Lake and Lake Oroville—reached critically low levels in March, when they should have been at their highest.
The southwestern USA (and Mexico) is not the only place facing water shortages.
Steady-state advocates know that peace is required for a stable and prosperous world. Herman Daly said, “It is hard to imagine a steady state economy without peace; it is hard to imagine peace in a full world without a steady state economy.” Brian Czech emphasized succinctly, “Peace is a steady state economy.” And peace campaigners have long connected their goals to the environment.
Industries strive incessantly to increase human productivity, often by way of mechanizing or automating tasks. After all, there are limits to purely human energy, strength, and ability. Without more workers, we require technological innovation to overcome these limitations. Fortunately for the pro-growth industries, technology doesn’t earn wages.
Even outside of the workplace, technology takes the place of utilitarian exercise. Long ago, most people hunted and gathered their own food.
In January 2022, Microsoft announced that the company planned to buy the videogame company Activision Blizzard for almost $70 billion, giving it control of franchises like Call of Duty, Candy Crush, and World of Warcraft. This signaled to the world the potential of gaming for the tech industry’s pursuit of speedier growth despite technology being an already high-demand industry.