91. Can GDP continue to be our measure for economic success?
The
economic system we’ve built relies on growing consumption to function. Endlessly
Rising GDP is a requirement, one that can only be met by a relentless increase in
the purchase of goods and services by the population. This is aided by
population growth, and even more by slow but steady increases in the standard
of living of consumers in developing countries. Africa’s development, combined
with its predicted large increase in population, up to 2 billion people by
2050, will be the next growth engine. But It cannot last forever. Global
population will plateau at 11 Bn, and there is only so much appetite normal
consumers can have for buying things they don’t need and rarely use or engaging
with useless services. Resources are scarce and there is a limit to what we can
make. We therefore need a new way to measure success, or we will eventually
fail consistently. A worrying observation is that no currently credible political
option challenges the dominance of GDP as a society’s yardstick
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