Economic growth is contributing to the heating of the planet, as rising gross domestic product equates to more planet-warming pollution, prompting some to call for countries to "move beyond GDP."

What is economic growth?

Economic growth is simply a measure of how much the production of goods and services has increased. It is quantified via gross national product or gross domestic product, although occasionally alternative metrics are utilized. 

GDP places a monetary amount on the total market value of all services rendered and goods produced by a country over a specific period.

Why you should care about economic growth

While economic growth leads to higher incomes, which in turn drive up consumer spending and raise the material standard of living and quality of life, it also drastically increases planet-warming pollution. On top of that, constant expansion brings the planet closer to depleting finite resources, which might result in less food worldwide and higher mortality rates. 

According to The Guardian, some economic studies now factor in what is known as "planetary boundaries," or hard environmental limits that should not be crossed unless the world wants to face dire consequences. 

In 2018, a research team at the University of Leeds took these boundaries and applied them to over 150 countries. Metrics such as land use, carbon emissions, and ecological footprints were examined to determine how many boundaries countries had breached, and this was compared to progress on economic growth and other social indicators.

The team found that not a single nation was meeting its residents' basic needs while also staying within the boundaries. This demonstrated that the trade-off between constant expansion and environmental damage isn't worth it and that failing to address the shifting climate now will prove far more expensive in the long run.

As Tim Jackson, a professor of sustainable development at the University of Surrey and a leading post-growth economist, explained to The Guardian, "Economic growth has a near mythical status in the affections of economists and politicians. But wishful thinking won't solve the climate crisis."

What might prove better for the environment?

Those calling to move beyond GDP belong to several other camps of economics that might prove healthier for the planet and its citizens. 

Many are in the post-growth camp, which focuses more on well-being and quality of life instead of economic growth. 

However, some in this camp believe that any continued economic growth isn't viable if the planet is to be preserved, placing them more in the degrowth movement. This movement calls for significant scaling down of consumption and production and includes proposals such as maximum income caps and four-day workweeks.

Additionally, there are two green economic movements — the green Keynesians and the green capitalists. 

The green Keynesians believe state-led transitions can achieve green economic growth, such as more green infrastructure, more jobs in the green industry, and a Green New Deal. 

Green capitalists, on the other hand, believe that technology and innovation will help champion change through ideas such as carbon pricing.

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