Just started reading a book called Deep Economy by Bill McKibben. While I intend to write a full review once I finish it, it brings up an intriguing question:
Should our economy (and therefore society) strive for growth as its central economic policy or should it focus on locally driven prosperity?
I don't necessarily believe the two are directly tied to one another - as our economy grows, our people prosper. It seems we have surpassed some type of tipping point, where "more" does not mean "better". More so, "more" no longer means increased happiness like it once did.
An example - the U.S. economy grew by 3.3% (as a whole) in the last quarter, even as people lost their homes, unemployment grew, income decreased, fuel prices increased, and food prices increased. The economy has also become the central issue in our next round of elections, even with growth, tax breaks, and rebate checks.
Has the economic theory of Adam Smith become less relevant as we move into another era in history?
Saturday, August 30, 2008