Uneconomic growth, in human development theory, welfare economics (the economics of social welfare), and some forms of ecological economics, is economic growth that reflects or creates a decline in the quality of life. The concept is attributed to the economist Herman Daly, though other theorists can also be credited for the incipient idea. Note that economic degrowth is different from uneconomic growth (or uneconomic degrowth), it is meant as a reduction of the size of the economy that would bring well-being and sustainability.
The cost, or decline in well-being, associated with extended economic growth is argued to arise as a result of "the social and environmental sacrifices made necessary by that growing encroachment on the eco-system." In other words, "neconomic growth occurs when increases in production come at an expense in resources and well-being that is worth more than the items made."
Read more about Uneconomic Growth: Good Vs. Bad Growth, The Limits To Growth, The Role of Technology, and Jevon's Paradox
Famous quotes containing the word growth:
“Rights! There are no rights whatever without corresponding duties. Look at the history of the growth of our constitution, and you will see that our ancestors never upon any occasion stated, as a ground for claiming any of their privileges, an abstract right inherent in themselves; you will nowhere in our parliamentary records find the miserable sophism of the Rights of Man.”
—Samuel Taylor Coleridge (1772–1834)