WellBeing

Beyond economic growth

In the 2016 Australian federal election, the Coalition campaigned under the mantra of “Jobs and Growth”, one that may have played a role in their victory. This tendency to elevate the economy above other considerations is a modern phenomenon common to many industrialised countries.

While growth is generally considered to be an intrinsic element of any economy, it’s the result of choices that were made in the late 17th century when the Bank of England was being established. The goals behind organising the financial system in this fashion were to foster competition and encourage development. It was only in the 1930s that a system was drawn up for measuring economic performance: this was the birth of Gross Domestic Product (GDP) that is ubiquitous today.

A desirable level of growth is considered to be positioned at around 2–3 per cent annually, one that is sufficient for large companies to make profits. If it rises too high, it risks “overheating” the economy and later sending it backwards into a recession. Below this level is considered to be weak and unhealthy. If its performance drops too far, the resulting lowering of the national currency value could trigger instability and even panic if investors scramble to remove assets from

You're reading a preview, sign up to read more.

More from WellBeing

WellBeing8 min readNutrition
Fabulous Fruits
Did you know that you can naturally refresh and renew your body’s largest organ — your skin — by using fresh fruit? It can be that simple! Humans feed their skin with all kinds of beauty products. According to the Australian Academy of Science, off-t
WellBeing20 min read
SPECIAL REPORT Renew Your Body
In Star Wars, Luke Skywalker’s critically injured body is regenerated in a “bacta tank”. You might not be out fighting aliens but your body cops a regular beating from environmental toxins, modern diets, stress, infections, negative emotions and othe
WellBeing3 min readFood & Wine
Egg Hoppers for Breakfast
By nature, human beings are creatures of habit. We wake up at the same time, eat the same breakfast every day, worry about the same things, have similar thoughts, go to the same takeaway place for lunch, take the regular commute home, eat meat and th