The following Table shows figures I have calculated for the per capita growth in GDP from the year 1 to 2008. After the year 1000 AD per capita GDP begins to rise and continues to rise to this day. What will be the end? What will world growth be in 2050 in 3000? Will we be happier or have more well-being with higher incomes?
I doubt it....We can not measure all aspects of human well-being using GDP as a measure. I guess in the past, people were happier following their little worlds in many sections of a society without much movement/comforts.
There are many societies in the world who are happy without having access to modern facilities....Income/financial gains do not make people happy after a certain limit (meeting the living necessities- these vary with people's aspirations and demands). There are ecological limits...Prof. Herman Daly's book on limits to growth is a very good read. Certainly, ecosystems will limit this pattern of growth as we all experience ecological and climate disasters.
EXPERIMENTAL RESULTS SHOW THAT BEYOND LIMITED AMOUNTSOF INCOME THERE ARE DIMINISHING RETURNS TO INCREASING INCOME> SO THAT Kamajit and I are in agreement about this. I know Daly and know his book, but as the failure of the Club of Rome results in past years, it is difficult to predict whether or how severe are any ecological limits to income growth. What is more important is to cultivate growth in well being. ONe approach is to think of institutional and cultural arrangements that promote status on the basis of contributions to society and not on the amount of iincome
Richard Zerbe
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