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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 25 October 2012 [View all]xchrom
(108,903 posts)23. Happiness, equality and the search for economic growth
http://www.guardian.co.uk/business/economics-blog/2012/oct/22/happiness-equality-economic-growth
Harbour scene, Suva, Fiji. Great inequality makes us hungrier for goods than we would otherwise be, by constantly reminding us that we have less than the next person. Photograph: Thomas Cockrem / Alamy/Alamy
The king of Bhutan wants to make us all happier. Governments, he says, should aim to maximise their people's gross national happiness rather than their Gross National Product. Does this new emphasis on happiness represent a shift or just a passing fad?
It is easy to see why governments should de-emphasise economic growth when it is proving so elusive. The eurozone is not expected to grow at all this year. The British economy is contracting. Greece's economy has been shrinking for years. Even China is expected to slow down. Why not give up growth and enjoy what we have?
No doubt this mood will pass when growth revives, as it is bound to. Nevertheless, a deeper shift in attitude towards growth has occurred, which is likely to make it a less important lodestar in the future especially in rich countries.
The first factor to undermine the pursuit of growth was concern about its sustainability. Can we continue growing at the old rate without endangering our future?
Harbour scene, Suva, Fiji. Great inequality makes us hungrier for goods than we would otherwise be, by constantly reminding us that we have less than the next person. Photograph: Thomas Cockrem / Alamy/Alamy
The king of Bhutan wants to make us all happier. Governments, he says, should aim to maximise their people's gross national happiness rather than their Gross National Product. Does this new emphasis on happiness represent a shift or just a passing fad?
It is easy to see why governments should de-emphasise economic growth when it is proving so elusive. The eurozone is not expected to grow at all this year. The British economy is contracting. Greece's economy has been shrinking for years. Even China is expected to slow down. Why not give up growth and enjoy what we have?
No doubt this mood will pass when growth revives, as it is bound to. Nevertheless, a deeper shift in attitude towards growth has occurred, which is likely to make it a less important lodestar in the future especially in rich countries.
The first factor to undermine the pursuit of growth was concern about its sustainability. Can we continue growing at the old rate without endangering our future?
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