Economists Forecast the End of Growth as We Know It (Resource Depletion) [View all]

[NickB79]

http://www.alternet.org/economy/economists-forecast-end-growth-we-know-it-its-about-time

Unlimited GDP growth is over as we enter a new age of resource scarcity - we must transition to a new economy.

The last few weeks has seen bad news for the global economy, with the US and Europe facing growth slowdowns, and even much vaunted economic powerhouses Brazil, Russia, India and China faltering unexpectedly. While mainstream economists continue to predict an ongoing 'recovery', other leading experts point to the end of growth as we know it for the foreseeable future.

snip

These downgrades are yet another example of the failure of mainstream economic models to keep up with the real nature and pace of global economic deterioration. Indeed, missing from the above analyses is recognition of a central factor: that the productivity gains driving industrial growth were enabled by the abundance of cheap fossil fuelsand other resources.