How does the disadvantages of economic growth outweigh the advantages?

Answer 1

In general, most economists disagree with this notion, arguing that economic growth has more advantages than disadvantages. Here are some reasons why:

1) Economic growth and indicators of quality of life (such as education, basic services, access to food and water, life-span, etc.) are positively statistically correlated. This means that as economic growth increases, quality of life tends to increase.

2) Although distribution of wealth is sometimes problematic for many people, even the poorest people in growing societies are better off than they would be without economic growth.

3) Economic growth is logarithmic, which means that it is a positive feedback: more growth tends to increase growth and thus improves the well-being of society.

4) In a system with increasing population, economic growth is required in order to maintain a base standard of living. That is, an economy must grow at the rate of population growth in order for standard of living not to fall.