Conventional economic analysts argue that achieving adequate human development indicators require a country’s economy has to grow continuously at an appreciable rate; but, a densely populated and resource-constrained society such as ours cannot afford to ignore the implications of high energy and material consumption (which will be a consequence of high growth of the economy).
Aniket Motale writes: Many new age economists have realised the limitations of GDP as a measure of development, including a few Nobel Laureates like Joseph Stiglitz. US politician Robert F. Kennedy once criticised GDP saying, “It measures everything, except that which makes life worthwhile “. Let’s take a closer look at the arguments against GDP.
Deep in the Himalayas, on the border between China and India, lies the Kingdom of Bhutan, which has pledged to remain carbon neutral for all time. In this illuminating talk by TED, Bhutan’s Prime Minister Tshering Tobgay shares his country’s mission to put happiness before economic growth and set a world standard for environmental preservation.
The Industrial Society or the Carbon Society The present social system that we are living is called Industrial Society. It began with the Industrial Revolution (1760 -1830) in the West and was followed by social revolution in various countries – Holland, France, England and the USA, ending the age old feudal society and ushering in