Frontiers of the Biosphere Inhibit Perpetual Economic Growth: Exploring Pathways to Genuine Sustainable Development
Journal Title: Journal of Environmental and Social Sciences - Year 2016, Vol 3, Issue 2
Abstract
The neoliberal doctrine of perpetual economic growth (PEG), often referred to as sustainable economic growth, is disputed critically. Genuine sustainable development (GSD) is advanced as the best alternative. PEG means unfettered expansion of an economy’s productive capacity under laissezfaire to boost gross domestic product (GDP) at an inevitable risk of breaching “planetary boundaries”. Laissez-faire is a neoliberal free-market economic doctrine that promotes activities of multinational corporations to free-ride in the marketplace, enabled by their respective governments’ institutions. By contrast, GSD is a dynamic process by which human well-being is improved in an inclusive, a just, and an environmentally safe operating space. It can be achieved through inventions, innovations, diffusion, and adoption of appropriate technologies as well as learning-by-doing. Key features that characterize the competitive general equilibrium model of neoclassical microeconomic theory are highlighted to show the incompatibility of PEG with GSD. Diagrams, selected bioecological growth functions and basic microeconomic models are used to demonstrate that human well-being depends mainly on effective political governance system, ecological integrity, biodiversity, ecological carrying capacity, and the life sustaining multiple services of ecosystems. The consequences of destroying natural capital assets are explained; and a call is made for anthropogenic balancing act not to transgress ecological thresholds. The fact that the biosphere is an embodiment of all life on Earth and of the world’s material wealth is reiterated; selected pathways to GSD are summarized; and specific policy measures required to curtail excessive anthropocentric activities are proposed.
Authors and Affiliations
Asghedom Ghebremichael
Keywords
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