Steady-State Economy: Obstacles to the Theory

Taisiia Meshcheriakova


Modern people live in the world of consumption. There is a big gap between rich and poor people and poor try to become richer improving the living conditions through the economic growth and more resources consumption, at the same time rich people do not stop looking for the ways of improving their life standards and continue expanding their economies and resources consumption. Everyone seeks to grow, to achieve quantitive and qualitative development. According to the logic of thinking among most people, this state of affairs seems to be positive, because people got used to think that the word "development" (thinking about quantity) has only positive connotation. If some people tried to think out of the box they would probably notice that some quantitive development can lead to negative consequences. For example, as it is known not all Earth resources are renewable and if people continue consuming them with the current speed and amount one day they will be run out of the resources. Year by year the population of the Earth increases enormously and it can or even will lead the world to the problem of the food shortage. Also people produce too much waste and cannot store and recycle it, and that leads to dramatic ecological problems.
Today people live in the world where economic growth might be impossible due to the fact that it can bring the whole humankind to a disaster. In 1973 an American ecological economist and Herman E. Daly developed a concept of a Steady-State economy which suggests that any state should stop its quantitative development and maintain its economy at the same level so that to avoid most of the problems listed above. However, in spite of all the advantages of the theory it has not been put into practice yet. Thus, in this research paper it is going to be discussed what are the main reasons that prevent the use of the theory, in what kind of society people should live to be able to follow the rules of the Steady-State economy concept.

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ISSN : 2251-1571