[Marxism] Fwd: The euro train: going off the rails? | Michael Roberts Blog

ehrbar at marx.economics.utah.edu ehrbar at marx.economics.utah.edu
Sun Jul 19 09:08:27 MDT 2015


Bad analogy to compare the growth rate of an economy with the speed of a
train.  A train is built to move people or cargo, here the speed is an
important criterion.  An economy has the purpose to satisfy the needs of
the people, here growth is irrelevant and often counterproductive.  In
the train analogy, the growth rate of an economy should be compared with
the acceleration of the train.  This would show how irrational the
growth requirement is.

The EU population grows very slowly (les than .4 percent per year,
mainly due to immigration), Europe is producing enough (while overusing
natural resources world wide) that everyone would be able to lead a
prosperous life if income would be distributed fairly.  The growth rate
is irrelevant for the quality of life of the people.  It is only
relevant because capitalism cannot function without growth.  India needs
growth, Africa needs growth, Europe does not.  Feeding the growth engine
of capitalism in the rich countries is feeding the engine which is
making the planet uninhabitable for humans.

Hans G Ehrbar






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