We are now at the point where I hopefully have laid out the case to demonstrate that any kind of significant growth in GDP is very unlikely for…
We are now at the point where I hopefully have laid out the case to demonstrate that any kind of significant growth in GDP is very unlikely for Scotland.
You will also undoubtedly see that wonderful passage from Robert Kennedy highlighting all the most important things in life that GDP does not include. It is from our natural resources that we pull all of our wealth. The salmon that we sell abroad comes from the stock in our rivers and seas. The furniture we make is from the trees in our forests. The machines we build are from the minerals we mine. The crops from the land.Every time we create a form of real wealth – not financial wealth that can be created without much energy or resource use at all – we pull it from the store of natural resources.
Many financial crises can be traced to the desire for sharp rises in GDP. The 2007-2008 financial crisis was a debt-fuelled GDP race. I am sure the current Scottish government has Scotland's best interests at heart. However, by chasing GDP growth, they are preventing the outcomes they wish to achieve.: “The world’s leaders are correctly fixated on economic growth as the answer to virtually all problems, but they’re pushing with all their might in the wrong direction.”
Many people know that chasing GDP does not mean chasing wellbeing. But few can comprehend the damage to our economy and society caused by chasing GDP growth.
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