Climate change and looking beyond GDP

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Droughts and floods have raised food prices. Deforestation, which has displaced living species from their natural habitats and into closer contact with humans, has contributed to pandemics which, as Covid-19 demonstrated, can devastate economies and lead to soaring medical costs.

Natural capital, which comprises the assets bestowed on us by nature, is ignored. So the erosion of natural assets is not recorded in official statistics.

GDP can go up without the vast majority of people experiencing any rise in their incomes or even becoming poorer - in other words, GDP increases can lead to greater inequality. They can also be the result of harmful products being produced such as weapons used in civilian mass shootings, sugar-rich foods which cause disease, and deadly, addictive drugs. 

GDP alone "does not guarantee improvement to our living standards" and does not "take into account who benefits and who is left out".

Bhutan has created a "gross national happiness index" which includes 33 indicators covering nine different social and economic areas.

Qns: 

1. In your society, how well are the demands of the economy and the environment balanced? (Cam. 2015)

2. To what extent should a nation pursue limitless growth?