Get Over the Growth Fetish

July 14, 2014 • News

Get Over the Growth Fetish

See: http://www.thehindubusinessline.com/opinion/get-over-the-growth-fetish/article6182959.ece

Perpetual growth is a piece of nonsense. The focus should be on protecting livelihoods through sustainable means

Construct a building, demolish it, reconstruct, break it down again, and go on repeating this meaningless exercise. You will have economic growth, as currently measured. But no net gain in employment during the endless cycle of construction and demolition, no net increase in productive capacity, and no appreciable change in poverty levels.

Add to this the ecological cost of mining materials and using energy for the construction. And when the owners of the building decide it is more profitable to employ machines instead of people, you’ll have net loss of livelihoods.

India’s growth story is, of course, not as caricaturish, but it is not far off. Despite many years of a cracking pace of growth, net increase in employment in the formal sector has been insignificant in the last two decades.

See: http://www.thehindubusinessline.com/opinion/get-over-the-growth-fetish/article6182959.ece



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