Over the weekend, against the odds, Joe Hockey got the G20 leaders to commit to a global growth target of 2% above current predictions. This is supposed to fix all the ills of the GFC and the contraction in China.
When will economists understand the Globe is not growing? On the contrary as they are exploited resources are diminishing, in some cases at an alarming rate. Treating the globe as a factory that can support ever increasing production is totally flawed. It is the mother of all Pyramid or Ponzi Schemes.
We have to see the world as a biosphere with a finite capacity to support human activity. Far better to aspire to a reduction in exploiting the earth’s resources by 2%, because if we do nothing the planet will. We are fast reaching Peak Growth! What will our legacy to future generations be? I want it to be a planet in better shape than we inherited not a Mad Max world.