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Rethinking the Costs of Economic Growth. Association for Social Economics Presidential Address, 2008

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  • John Tiemstra

Abstract

The source of economic development and growth is specialization in the context of comparative advantage. Growth in capital and other inputs, energy use, and technological change are insufficient to explain the magnitude of growth. Earlier critics of economic growth failed to connect growth to specialization, and so were distracted by nostalgia and sentiment. The specialization process itself produces three significant problems. First, as economies become more specialized, they become less flexible. Second, diversity tends to make ecological systems more robust, while specialization weakens them. Third, specialization produces social isolation. Solutions to these problems may be found in participatory, indicative planning.

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  • John Tiemstra, 2008. "Rethinking the Costs of Economic Growth. Association for Social Economics Presidential Address, 2008," Review of Social Economy, Taylor & Francis Journals, vol. 66(4), pages 423-435.
    • Handle: RePEc:taf:rsocec:v:66:y:2008:i:4:p:423-435
    DOI: 10.1080/00346760801956246
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    References listed on IDEAS

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    1. Kindleberger, Charles P., 1996. "World Economic Primacy: 1500 to 1990," OUP Catalogue, Oxford University Press, number 9780195099027.
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