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Pursuing proper balance between economics, ecology
By Wu Jiayin |
November 14, 2009, Saturday
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Print Edition
Print Edition
IN the modern era, many people take it for granted that rapid economic development serves the interests of the vast majority.
But Peter G. Brown and Geoffrey Garver, authors of "Right Relationship," are among the few exceptions.
They argue that the world's frenzy with money making and economic development is contributing little to human welfare while driving the earth's ecosystem to the verge of collapse.
They call for a change in the world's obsession with economic growth.
They particularly emphasize the importance of establishing the right relationship between economics and ecology, the ultimate purpose of which is to "preserve the integrity, resilience and beauty of the commonwealth of life."
The thought-provoking book prompts reflection on the uncontrolled depletion of natural resources and encourages efforts to strike a balance between economic growth and environmental sustainability.
It is a pity that while economics and ecology have at their root the Greek word ?≤cos, meaning "home," the two are not at home with each other in modern society, which is characterized by greed.
This imbalance, Brown and Garver argue, results from the distorted perception of the purpose of the economy.
Originally, the economy's simple purpose was to supply humanity with the basics, including food, clothing, shelter and health care.
This premise has disappeared from today's economic model, which fails to supply the basics to many while giving more than enough to some, the authors say.
Worse, rapid industrialization poses huge threats to the ecology, not only endangering wildlife but also polluting life-sustaining air, water and food.
This in turn calls global sustainability in question.
In the authors words, the world must move "from endless production and concentration of wealth to providing only as much wealth as is needed for dignified, secure living."
Indeed, the pursuit of accumulated wealth has gone too far beyond the purpose of meeting basic life requirements.
To foster change, the authors suggest economists evaluate the globe's wealth in a larger context.
Currently, most economists focus on easily measured items like incomes and GDP, but tend to ignore economic failures, such as the increasing income gap and the cost of pollution, they point out.
As a result, despite the rapid GDP growth in many countries, basics such as health care and education are out of reach for many.
Their view jibes with that of economist Joseph Stiglitz, who told Shanghai Daily in a recent interview that GDP "is not a good measure either of market activity, social progress, or society's well-being."
Stiglitz is university professor at Columbia University and a Nobel laureate in economics (2001).
But Brown and Garver acknowledge that replacing GDP with a new economic metric is not easy.
Among the four variables they say undermine the ecosphere's integrity, lack of ethics stands out. The other three are population, affluence and technology.
Selfishness, entitlement and consumption are hallmarks of modern society, they note.
Indeed, when human souls fall prey to material desires, no economic models will advance a right relationship between man and nature.
But Peter G. Brown and Geoffrey Garver, authors of "Right Relationship," are among the few exceptions.
They argue that the world's frenzy with money making and economic development is contributing little to human welfare while driving the earth's ecosystem to the verge of collapse.
They call for a change in the world's obsession with economic growth.
They particularly emphasize the importance of establishing the right relationship between economics and ecology, the ultimate purpose of which is to "preserve the integrity, resilience and beauty of the commonwealth of life."
The thought-provoking book prompts reflection on the uncontrolled depletion of natural resources and encourages efforts to strike a balance between economic growth and environmental sustainability.
It is a pity that while economics and ecology have at their root the Greek word ?≤cos, meaning "home," the two are not at home with each other in modern society, which is characterized by greed.
This imbalance, Brown and Garver argue, results from the distorted perception of the purpose of the economy.
Originally, the economy's simple purpose was to supply humanity with the basics, including food, clothing, shelter and health care.
This premise has disappeared from today's economic model, which fails to supply the basics to many while giving more than enough to some, the authors say.
Worse, rapid industrialization poses huge threats to the ecology, not only endangering wildlife but also polluting life-sustaining air, water and food.
This in turn calls global sustainability in question.
In the authors words, the world must move "from endless production and concentration of wealth to providing only as much wealth as is needed for dignified, secure living."
Indeed, the pursuit of accumulated wealth has gone too far beyond the purpose of meeting basic life requirements.
To foster change, the authors suggest economists evaluate the globe's wealth in a larger context.
Currently, most economists focus on easily measured items like incomes and GDP, but tend to ignore economic failures, such as the increasing income gap and the cost of pollution, they point out.
As a result, despite the rapid GDP growth in many countries, basics such as health care and education are out of reach for many.
Their view jibes with that of economist Joseph Stiglitz, who told Shanghai Daily in a recent interview that GDP "is not a good measure either of market activity, social progress, or society's well-being."
Stiglitz is university professor at Columbia University and a Nobel laureate in economics (2001).
But Brown and Garver acknowledge that replacing GDP with a new economic metric is not easy.
Among the four variables they say undermine the ecosphere's integrity, lack of ethics stands out. The other three are population, affluence and technology.
Selfishness, entitlement and consumption are hallmarks of modern society, they note.
Indeed, when human souls fall prey to material desires, no economic models will advance a right relationship between man and nature.
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