What should be the purpose of the economy, and the goal of public spending: promoting the wellbeing of people and the planet, or reacting to immediate, avoidable problems? Put this way, the answer seems obvious, yet the prevailing economic model forces governments towards the latter.
WEAll, a partner of ECG, has published a new report, “Failure Demand: Counting the costs of an unjust and unsustainable economic system”, written by Mark Anielski, Anna Chrysopoulou and Michael Weatherhead. It examines two case studies of Scotland and Alberta, Canada to demonstrate that in pursuit of economic growth – a stated goal of almost all governments – harm is caused to people and the planet. Governments then need to spend money to respond to these harms – which in turn becomes a justification for growth.