Wednesday, January 19, 2011

Massive Disconnect between Neo-classical economics and Global Reality


Climate scientists are divided over whether “the tipping point”, the point at which positive feedbacks make climate change accelerate and irreversible, thereby endangering the survival of the human species, has been reached....

Meanwhile the World Bank forecasts that by the end of the century global economic output will have risen almost tenfold.

Evidently NCE counts output as a plus but the consequent destruction of the environment in which we live does not count as a loss. It's like chopping down trees on Easter Island. As they approach the last stands, timber production, profit and success have never been higher. But no thought is given to what happens when all the trees are gone.

We need to change NOW the measures of production and economic growth by a full incorporation of environmental damage.

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