Mismeasure of Progress: Economic Growth and Its Critics

Economic growth has had a significant impact on financial, political, and governmental systems. However, Stephen J. Macekura's book "The Mismeasure of Progress" argues that endless economic growth is not essential for the flourishing of civilization and that focusing on growth alone can lead to social, political, and environmental problems. Critics of growth have put forth alternate methods for defining and measuring human progress, such as focusing on social, political, and environmental well-being. In today's global political scene, where inequalities of power and wealth are rampant and climate emergency is a pressing issue, the ideas presented by these critics resonate more loudly than ever.

\n Format: Hardback
\n Length: 320 pages
\n Publication date: 23 October 2020
\n Publisher: The University of Chicago Press
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Few ideas in the past century have had a wider financial, political, and governmental impact than that of economic growth. The common belief that endless economic growth, as measured by Gross Domestic Product (GDP), is not only possible but actually essential for the flourishing of civilization remains a powerful policy goal and aspiration for many. In The Mismeasure of Progress, Stephen J. Macekura exposes a historical road not taken, illuminating the stories of the activists, intellectuals, and other leaders who long argued that GDP growth was not all it was cracked up to be.

Beginning with the rise of the growth paradigm in the 1940s and 1950s and continuing through the present day, The Mismeasure of Progress is the first book on the myriad thinkers who argued against growth and the conventional way progress had been measured and defined. For growth critics, questioning the meaning and measurement of growth was a necessary first step to creating a more just, equal, and sustainable world. These critics argued that focusing on growth alone would not resolve social, political, and environmental problems, and they put forth alternate methods for defining and measuring human progress.

In today's global political scene, marked by vast inequalities of power and wealth and made even more fraught by a global climate emergency, the ideas presented by these earlier critics of growth resonate more loudly than ever. Economic growth appealed to many political leaders because it allowed them to avoid addressing political trade-offs and class conflict. It sustained the fiction that humans are somehow separate from nonhuman nature, ignoring the intimate and dense connections between the two. In order to create a truly just and equitable society, Macekura argues, we need a clear understanding of the true costs of economic growth and the ways in which it perpetuates inequality and environmental degradation.

One of the key arguments presented by Macekura is that GDP growth is not a reliable measure of human well-being. While GDP growth can increase economic output and improve living standards for some individuals, it does not necessarily reflect improvements in health, happiness, or social equality. For example, the growth of the financial sector has led to increased wealth and income for many, but it has also contributed to rising levels of inequality and financial instability. Similarly, the growth of the manufacturing sector has led to increased employment and economic output, but it has also resulted in pollution, environmental degradation, and worker exploitation.

Macekura also argues that the growth paradigm has led to a misalignment of priorities and a focus on short-term gains rather than long-term sustainability. This has resulted in a waste of resources, a depletion of natural resources, and a degradation of the environment. For example, the pursuit of economic growth has led to the over-exploitation of natural resources, such as oil, gas, and minerals, which has contributed to climate change and environmental degradation. Similarly, the growth of the agricultural sector has led to deforestation, soil erosion, and water pollution, which has harmed both human health and the environment.

In order to create a more just and equitable society, Macekura argues, we need to shift our focus away from GDP growth and towards a more holistic approach to measuring human progress. This approach should include measures of social equality, environmental sustainability, and human well-being. For example, we could measure the level of social cohesion, the quality of education and healthcare, and the level of environmental protection and sustainability. We could also measure the level of happiness and well-being of individuals and communities, using tools such as surveys, interviews, and other empirical methods.

Another important aspect of Macekura's argument is that we need to recognize the role of power and politics in shaping economic growth and development. Economic growth is often driven by the interests of powerful corporations and wealthy individuals, who benefit from the profits and benefits of economic growth. This can lead to a concentration of wealth and power in the hands of a few, which can undermine social equality and political stability. Macekura argues that we need to promote a more democratic and accountable system of economic governance, which includes measures such as progressive taxation, public ownership of key industries, and the protection of workers and the environment.

In conclusion, The Mismeasure of Progress is a powerful and thought-provoking book that challenges the conventional belief that endless economic growth is essential for the flourishing of civilization. Macekura exposes the historical road not taken, illuminating the stories of the activists, intellectuals, and other leaders who argued against growth and the conventional way progress had been measured and defined. By questioning the meaning and measurement of growth, these critics paved the way for a more just, equal, and sustainable world. In today's global political scene, marked by vast inequalities of power and wealth and made even more fraught by a global climate emergency, the ideas presented by these earlier critics of growth resonate more loudly than ever. We need to shift our focus away from GDP growth and towards a more holistic approach to measuring human progress, which includes measures of social equality, environmental sustainability, and human well-being. We also need to recognize the role of power and politics in shaping economic growth and development and promote a more democratic and accountable system of economic governance. By doing so, we can create a more just and equitable society that is sustainable and resilient in the face of the challenges of the 21st century.

\n Weight: 586g\n
Dimension: 162 x 237 x 28 (mm)\n
ISBN-13: 9780226736303\n \n