The Fallacy of GDP

Belated blog. I have just come across this, thank you Scott Santens.

The link is self-explanatory, but in case it doesn’t work, the true cost of externalities of  currently ‘normal’ economic activity is greater than it is worth. In other words, if sustainability was a criterion, it would all have to close down. The total unpriced natural capital consumed by more than 1,000 “global primary production and primary processing region-sectors” amounts to $7.3 trillion a year — 13 percent of 2009 global GDP. The article is dated 2013, but is even more relevant today. All we have to do is act on it.

David Roberts, who wrote the original article, quotes Paul Hawken (in a linked report) “We are stealing the future, selling it in the present, and calling it GDP.”

(If you read a few other blog posts, there are suggestions of how the Basic, citizens, unconditional  guaranteed income might help us act on this advice.)

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