Good Vs. Bad Growth
Uneconomic growth often reflects poorly developed or poorly planned growth, rather than growth that is inherently bad. For example, if one assumes that Atlantic hurricanes and Pacific typhoons have intensified in recent years due to human-caused global warming, then a rapid surge in automobile ownership in China, Brazil, and India could be seen as uneconomic growth. This is based on the assumption that significantly increasing the number of internal combustion engines worldwide would increase global warming, and that the economic damage from global warming would more than offset any economic growth brought about from the increase in automobiles; however, if the new automobiles were ethanol-fuelled or battery powered from non-greenhouse-gas-producing energy sources such as solar, wind, or nuclear instead of petroleum-fuelled, the effect on global warming might be very minor and not uneconomic at all. Note that the hypothetical surge in automobiles might be 'uneconomic growth' from a global perspective, but 'good economic growth' from those countries' perspective (an example of an externality).
Read more about this topic: Uneconomic Growth
Famous quotes containing the words bad and/or growth:
“Good masters generally have bad slaves, and bad slaves have good masters.”
—Herodotus (c. 484–424 B.C.)
“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)