An economy that shrinks quantity and grows quality

The debate can be clarified by distinguishing quality from quantity. We can aspire to reduce the quantity of resources we use even as we continue to improve our quality of life. Whether the GDP rises or falls as we do so becomes irrelevant. Given that many exploitative and polluting activities are counted as positives in the GDP, it is quite plausible that the GDP would decline even as our quality of life improves.… Read More An economy that shrinks quantity and grows quality

Don’t call it inflation

If instead we say that the cost of living has just gone up, we might decide that everyone needs to make do with a bit less. We might decide that the wealthy are fine to look after themselves but the struggling battlers could use a bit of help. We might increase welfare payments, unemployment benefits (remember those?) and the minimum wage. We might close a few gaping tax loopholes to cover the cost.… Read More Don’t call it inflation