Economic Growth : Will Resources Be There Forever?

Take a minute ,close your eyes- imagine a world where our demands have surpassed the available resources. All caused by our insatiable appetite for economic growth.What do you see? The world over is chasing for economic growth in the face of diminishing resources.

A recent study resurrected the vital point shared in a 1972 book : The Limits to Growth. The book speaks of the bitter truth that we have not paid keen attention to or have just ignored : the Earth’s resources are limited and perhaps can not support the ambitious growth schemes to the end of the 21^st Century.

This may seem as fiction or unrealistic to some. In fact one may argue that the earth has it’s own way for providing what is vital for human survival. That is agreed. However, whatever the earth is providing is not infinite. Meaning a time is coming when there will be need to has as little as possible. For then it will be in scarcity.

The Million Dollar Question about Economic Growth

University of California professor Thomas Murphy poses a mind boggling question in his study:

“ What does life look like after resource depletion? What actions can we take now to mitigate the worst outcomes – and how do we get people to take this seriously? “

There is already evidence to show that the resources are finite. Take a look at fossil fuels, mined minerals and land itself. A time is coming when as humans we shall have to adjust to live with the few resources that will be there at that time.

One may not see this clearly as the study tries to point out because it’s something that has never happened before. Another may question whether human beings should stop chasing economic growth for it will lead to rapid depletion of resources.

The Answer to Economic Growth

In response to such a question Murphy says the real solution is long-term planning. This requires a fundamental shift in how we think of ourselves as a species:

“ We need to change our relationship with the planet.We need the humility to accept that we do not own the earth.But how do you convince somebody of something that’s never happened before, lies in the future and requires sacrifice?I hope that we can plant some seeds soon that will lead to wiser decisions down the road.” Murphy said.