Robert Reich: Debunking Myth #10: Economic Growth Is Always Good – OpEd

A 10th basic tenet of our system is that economic growth is always good.

This, too, is utter bunk. Unconstrained economic growth is causing such grave harm to the climate that its costs are likely to be greater than the gains.

Mainstream economists don’t measure the costs of growth. They talk about climate change as a so-called “externality,” as if it were just incidental to growth.

But if you consider the deaths and injuries caused by chemical pollution, wildfires, and more intense hurricanes and storms, the costs of growth are huge.

It’s possible to shift from an economy organized around growth to one organized around sustainability. How? Dramatically reduce the use of fossil fuels. Limit what can be mined and extracted.

Treat the Earth the same way we treat any limited natural resource: We prevent overfishing by limiting the amounts of fish that can be taken out of the sea over a given period of time.

We should also limit the amount of gunk that can be put into the air, limit how much plastic can be produced, how much of our coastlines can be developed, and how much land can be owned and developed.

In other words, if we accept that the Earth is a finite resource, let’s also agree that infinite growth will destroy the Earth. It’s already on its way.

• This article was published at Robert Reich's Substack