Capitalism requires constant growth: an impossibility
STEADY-STATE ECONOMICS
By Herman Daly
A Catechism of Growth Fallacies
The part played by orthodox economists, whose common sense has been insufficient to check their faulty logic, has been disastrous to the latest act.—J. M. Keynes (1936)
The first question asked of any critic of the status quo is: What would you put in place? In place of the growth economy we would put a steady-state economy. But such a theoretical alternative is not of great interest unless there is dissatisfaction with the business-as-usual growth economy. If you have eaten poison, it is not enough to simply resume eating healthful foods. You must get rid of the specific substances that are making you ill. Let us, then, apply the stomach pump to the doctrines of economic growth that we have been force-fed for the past four decades. Perhaps the best way to do that is to jump right into the growth debate and consider critically some fifteen to twenty general pro growth arguments that recur in various guises and either expose their errors or accommodate their valid criticisms. Continue reading »










