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Can There Be Prosperity Without Growth?

1437 words - 6 pages

Prosperity without Growth (A case study for Colorful Corporations)

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Introduction
Issues of growth and prosperity have raised many controversies among policy makers. Growth in the economy has been associated with strong GDP levels. Nations are struggling towards achievement of economic growth. Policy makers believe that, through growth, there is prosperity, full employment, stability, and future economic sustainability. Just as humans, growth relies on ecosystems for survival. The question is whether economic growth is substantial for assuring stability and prosperity. Jackson, the author of “Prosperity without growth” has inspired ...view middle of the document...

The traditional growth models have failed to materialize. Society has highly depended on Keynesianism and forgotten the green deal of environmental microeconomics (Victor, 2008, p. 19). Today, mankind has lost the sense of prosperity through the current trends of economic growth. For humans, resisting growth is risking the economy. Policy makers have failed to understand that continued growth endangers the ecosystem, on which, they base their living (Samli, 2011, p. 66). Bureaucrats in the United Kingdom argued that economies must get to the drawing board and forget the principles of economics of growth. They suggested for better models that would lead to sustainability.
There are several conditions that might define a sustainable economy. The first condition is the ecology of a steady-state economy. This entails a constant reserve of the corporeal capital that can be maintained through low rates of resources without undermining the ecosystem (Vezzoli & Manzini, 2008, p. 29). Ecology of a steady state economy is challenging and requires the application of different microeconomic models in order to reach its objectives. Currently, there is no microeconomic model for achieving this condition unless one applies the consumption growth model. The second condition advocates the deviation from the use of fossil fuels. This condition is not only essential but possible to attain in an economy. Transiting to this model requires sacrifice. The economy has to pass through sustainability windows in order to make the conversion successful. The major challenge of this design is that transportation in various business operations is costly without dependency on fossil fuels.
The third condition entails building of sustainable macroeconomics. This involves the deviation from a debt obsessed materialistic consumption; through the adoption of macroeconomic variables that do not rely on growth. In order to achieve this condition, various policies have to be identified. These policies include the reforms on macro-economic accounting, investment on infrastructures and public assets, and finally, reshuffling the economy’s financial and fiscal prudence. The last condition involves capabilities for flourishing. This condition entails the digression from a materialistic consumerism to ecological friendly limits (Jackson, 2011, p. 58). The condition is challenging in the sense that there are difficulties during elimination of the culture of consumerism. Various policies are used to address this challenge and includes; measuring capabilities and flourishing, tracking frequent inequalities and strengthening of social and human capital.
Vision and Strategy to be considered for sustainable Colorful Corporation
The vision advocated for a sustainable Colorful Corporation is to achieve prosperity without growth. As reviewed earlier, growth is dependent to the ecosystem and has led to the depletion of natural resources. Prosperity and sustainability cannot be achieved...

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