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The Forum > Article Comments > The growing divorce between GDP and the 'real' economy > Comments

The growing divorce between GDP and the 'real' economy : Comments

By Jonathan Rutherford, published 28/3/2017

What I mean by 'real economic expansion' is the ability of the economy to deliver additional goods & services on a per capita basis in a way that is affordable over time.

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“There is now a large literature highlighting the inadequacy of GDP growth as a useful measure of overall societal progress.”

Notice the unspoken assumption that the State is the instrument of “overall societal progress”? The author doesn’t identify, let alone justify, this ludicrous assumption.

“The trends above should rather shake us out of our slumber, and waken us up to the fact that, whatever the GDP figures tell us, we face ecological, social and energy limits to growth. “

Ho hum, another Malthusian. One of the interesting things about this primitive tribe is that they regard every accumulated disproof of their belief system as further proof that they must be right.

“We need to take our collective eyes off the GDP, and develop alternative indicators of progress but, more importantly, new ways of living involving much lighter footprints but which still enable a good quality of life for all.”

(He says, typing away on his computer made from plastics, metals and rare earths, and powered by coal-fired power stations. Why do the leftards always assume that their hypocrisy is not glaringly obvious?)

Three questions, Jonathon:
1. Who’s “we”?
2. Would it be voluntary?
3. What are the limits of legitimate government power?
Posted by Jardine K. Jardine, Tuesday, 28 March 2017 11:09:06 AM
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What happened to jobs ang growth. The last quarter said it all. A surprise lift in the economy and no one could see it coming. There should not be any surprises, that is what we have a treasurer for.
A missed opportunity on claiming jobs and growth. A surprise !.
Posted by doog, Tuesday, 28 March 2017 12:43:50 PM
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Agree with most of this And note that regardless of the "ecological" ideology or imperatives, every western style economy rest solely on just two support pillars, i.e., energy and capital!

We've always needed foreign capital and foreign investors/owners, because we haven't got the smarts or balls for anything else, like say reacquainting our 2+ trillion super fund with income earning opportunities here, that come with an very compelling financial imperative for so doing, and as usual we will instead just tinker at the edges of transnational tax avoidance and profit repatriation!? Then there's energy and here the deputy PM seems to think a 44% approval rate for a new government financed coal fired power station is a majority view? Well, if we have that sort of rationalized imperative applied to our very narrow, you can have any baseload power you want as long as it's coal, list of allowed choices? What hope is their for a financial turnaround not preceded by another great depression and the accompanying rape and pillage of our remaining wilderness!

Time to end the mindless refusal to look at the nuclear option, but only as weapons free thorium and applied as walkaway safe, molten salt thorium reactors, and the cheapest energy in the world after homemade biogas, consumed in ceramic fuel cells, which as a combination come with an 80% energy efficiency, coal just managing a 20% coefficient! Debt reduction and affordability!

How dare you ask that of our current leaders or the would be if they could be alternative! Their political masters would never ever agree with that! Go wash your mouth out!
Alan B.
Posted by Alan B., Tuesday, 28 March 2017 12:57:50 PM
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