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Need for alternative metrics for measuring progress in Australia
PHYS5031 - Ecological Econ and Sustainable Analysis
1 Found helpful • 7 Pages • Essays / Projects • Year: Pre-2021
Criticism of the staggering rise in importance of economic growth has become commonplace in contemporary society. Ecological economics is at the frontier of this criticism and is rapidly developing a set of alternative theories, metrics and outcomes. This heterodox movement against ‘growth fetishism’ has strong roots in Australia, as reflected by the focus on ‘ecologically sustainable development’ with the pioneering enactment of the National Strategy for Ecologically Sustainable Development in 1992. This paper will thus look to understand the case for an alternative trajectory for Australia away from the entrenched ideology of growth and neoliberalism. An overview of economic growth and its environmental and social costs will firstly be outlined. Next, the contentious study Limits to Growth will be discussed. An empirical analysis of viable alternatives to Gross Domestic Product (GDP) will then be reported on, before concluding with the final section on the ideology and politics behind growth fetishism.
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