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The “steady state” economy does not imply zero economic growth
Rob Dietz’s article, “Economics for the Story of Stuff” (May 10, 2010) contains unwarranted attacks on the economics profession. This is caused by a fundamental misunderstanding and misrepresentation of the desirability of economic growth. Economic growth does not imply “more stuff” but rather “more valuable output.” … We will NEVER run out of non-renewable resources simply because the price will rise to make extraction cost-prohibitive. At that point, we will have to switch to renewables simply because of the cost.
February 28, 2011
