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The Forum > Article Comments > What does 'growth' in the 'Asian Century' even mean? > Comments

What does 'growth' in the 'Asian Century' even mean? : Comments

By Charles Berger, published 2/11/2012

Suppose we achieve our goal of being among the richest ten countries on the planet, will Australians be better off, on the whole?

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Sooner or later, and hopefully sooner, we will realise that money and the accumulation of material possessions does not lead to real wealth.
If any advancement in GDP is at the expense of our sustainable environment then we will have failed.
The result will be Evolution in action.
Posted by ateday, Friday, 2 November 2012 8:25:24 AM
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China is a so-called economic miracle!
Unprecedented economic growth has lifted millions out of poverty.
China now has over a million millionaires, all of who demand the best things in life!?
The dollars designated for a designer dress draped over one, would likely support a whole village, for over a year!?
A million millionaires, would disappear, in a sea of over a billion faces!
Yet, where would China be now, without the phenomenal economic growth?
Well, arguably where they were before, a largely pastoral economy, suffering the endless feast and famine/death and dying, that was par for the course in theirs'; and indeed, every similar subsistence economic model.
Literally millions were lifted out of poverty, with widespread industrialisation; and acceptance of innovation and technology.
While we can and should do better, and indeed, embrace economic models no longer reliant on population growth, there is simply no substitute for economic growth, for lifting millions out of poverty.
However, with that growth has come an ever widening gap between the very wealthy and the very poor.
Wealth also seems to breed greed and tax avoidance!
Almost as if no amount of wealth is enough for some individuals, or an inherent belief, if the less well off have more, the better off may have to manage with less?
Nothing could be further from the truth, but particularly as any economy transitions from export reliant growth, to a domestic consumption based economy.
For mine, we need to jettison current tax laws and arrangements; and replace all that complexity with an entirely unavoidable, stand alone expenditure tax!
A surprisingly small rate would raise more tax than the current complexity, simply by eliminating any opportunity to actually avoid tax.
The black economy will also disappear when we transition to a cashless economy!
The extra tax receipts garnered by eliminating both avoidance and a burgeoning black economy, could be redistributed, to allow others to be lifted from endemic and often generational poverty!
In any event, growth can no longer be allowed to mean or rely on population growth; just endlessly sustainable growth!
Rhrosty.
Posted by Rhrosty, Friday, 2 November 2012 3:17:51 PM
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"...Or start with people and the environment, as Senator Milne does, and ask how the economy can best serve their interests."

And what are the 'interests' of the environment? Does it prefer a kangaroo to a cow, or a molecule of nitrogen to a molecule of carbon dioxide? Animals have 'interests', and we should respect them, but to anthropomorphise 'the environment', and pretend its hypothetical 'interests' should take priority over human happiness and welfare, is simply madness. Even if Senator Milne's policies had been shown to help preserve or improve 'the environment' -- and they haven't -- that would mean nothing unless they could be shown to be consistent with protecting the humans that she has been elected to represent.
Posted by Jon J, Friday, 2 November 2012 6:21:44 PM
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Excellent article Charles.
Posted by Ludwig, Friday, 2 November 2012 11:11:25 PM
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Ditto - Very Good article Charles Berger and, "identifying things the economy is meant to deliver, such as worthwhile jobs, human wellbeing, and a healthy environment" as a blueprint for advancing futures.

I am surprised at the resistance to common sense given all the noise, the nanny-state policies and our nations knowledge as a whole.

http://www.miacat.com/
Posted by miacat, Saturday, 3 November 2012 12:18:10 AM
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Jon J, thanks for the excellent footnote mate!
Cogent credibility, which I couldn't have ever penned better!
Cheers, Rhrosty.
Posted by Rhrosty, Saturday, 3 November 2012 9:44:27 AM
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