What Counts—Why Growth Economics is Failing Us

Abstract

A rapidly growing body of research suggests that modern economies find themselves at existential crossroads: both prosperity and survival are a function of consumption-fueled economic growth. Prosperity seemingly depends on it; survival is made increasingly impossible by it. Economists measure economic growth by what is generally recognized as a deeply flawed yet still hegemonic economic performance indicator—GDP. This paper suggests that growth based in increased consumption is in need of reconceptualization no matter what the measure, and invites the research community of the Journal of Consumer Culture to investigate what such a research agenda might look like. Economic logic itself, this essay argues, needs to be re-embedded in science, rather than operate as a self-referential logic outside of natural boundaries. Biophysical limits force us to question economic growth as a goal. A wide range of social pathologies, furthermore, from inequality to stress to loneliness, raise deep questions about the desirability of growth. The essay is a self-conscious provocation to the discipline of economics: there is an emerging need to move beyond a conceptualization of the economy as a self-contained system of monetary market exchanges defining the relations between production, distribution, and consumption.