The Myth of Economic Growth - Herman Daly

The Myth of Economic Growth: Herman Daly

Herman Daly's groundbreaking book, "The Myth of Economic Growth," challenges the conventional wisdom that economic growth is the key to human progress. Daly argues that the pursuit of endless growth is unsustainable and that it is leading us to environmental collapse and social inequality.

The Limits to Growth

Daly begins by arguing that there are physical limits to economic growth. The earth is a finite planet with finite resources, and we cannot continue to grow our economy without eventually running up against these limits.

For example, we are already seeing the effects of climate change, which is caused by the burning of fossil fuels. Climate change is leading to more extreme weather events, rising sea levels, and the loss of biodiversity.

We are also seeing the effects of resource depletion. We are running out of oil, gas, and other non-renewable resources. And as we extract these resources, we are also damaging the environment.

The Social Costs of Growth

Daly also argues that economic growth has significant social costs. For example, growth often leads to increased inequality, as the rich get richer and the poor get poorer.

Growth also leads to increased stress and anxiety, as people work longer hours and have less time for their families and friends. And growth can also lead to social unrest, as people become frustrated with the lack of progress in their lives.

The Alternatives to Growth

Daly argues that we need to move beyond the myth of economic growth and adopt a new economic model that is sustainable and just. He proposes a number of alternatives to growth, including:

• Steady-state economy: A steady-state economy is an economy that does not grow or shrink over time. This would allow us to live within the limits of the planet and would reduce the social costs of growth.
• Degrowth: Degrowth is a movement that advocates for a reduction in economic activity. Degrowthists argue that we need to reduce our consumption and production in order to live sustainably.
• Circular economy: A circular economy is an economic model that is based on the principles of reuse, reduce, and recycle. This would help us to reduce waste and pollution.

Daly's book is a powerful indictment of the myth of economic growth. He argues that we need to change our ways if we want to avoid environmental collapse and social inequality. The alternatives to growth that he proposes offer a way forward to a more sustainable and just future.

Why You Should Read This Book

"The Myth of Economic Growth" is a must-read for anyone who is concerned about the future of our planet. Daly's book is a wake-up call that we cannot continue to grow our economy without eventually destroying the environment and ourselves.

This book is also a source of hope. Daly offers a number of alternatives to growth that can help us to create a more sustainable and just future. If you are looking for a book that will change the way you think about the economy, then I highly recommend "The Myth of Economic Growth."

How to Buy This Book

You can purchase "The Myth of Economic Growth" from a variety of online retailers, including Amazon, Barnes & Noble, and Books-a-Million. You can also find the book at your local library.