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illuminem summarizes for you the essential news of the day. Read the full piece on The Conversation or enjoy below:
🗞️ Driving the news: Eoin McLaughlin critiques the degrowth movement by drawing an analogy with the impact of the UK's economic stagnation
• The UK's GDP per person has declined in seven of the last eight quarters, showcasing the potential downsides of degrowth strategies
🔭 The context: Degrowth advocates argue for reducing society's throughput to achieve socially sustainable development, criticizing the unconditional pursuit of GDP growth for its environmental impact and resource consumption
• McLaughlin points out that the UK's decline in investment, particularly in productivity-enhancing technologies, illustrates the negative consequences of moving away from growth-oriented policies
🌍 Why it matters for the planet: The UK example shows that while degrowth may lead to reduced carbon emissions and a slight increase in equality, it also results in poorer living standards and less public spending capability
• This raises questions about the viability of degrowth as a strategy for achieving environmental sustainability without compromising economic stability and public welfare
⏭️ What's next: The debate between degrowth and sustainable growth continues, with the need for investment in technology highlighted as a critical factor for environmental and economic health
• McLaughlin suggests that technological innovation, rather than degrowth, might be a more effective approach to addressing climate change and economic challenges
📈 One stat: GDP per person in the UK was still lower than pre-COVID levels at the end of 2023, while the US equivalent is up by 7%
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