Gross domestic product (GDP) is the basic social accounting measure of the total output of goods and services. In other words, it gives the monetary value of total output in of a country on an annual basis. On the other hand, economic welfare entails the level of financial satisfaction and prosperity that is realized by individuals in an economic system. Therefore, GDP is used to measure the economic welfare of a country.
I concur with Jackson (2009) that the “society clings to a myth by which it lives”. Economic growth in this case is considered as a myth of a society. Society here represents the people found in a country or the world at large. According to Jackson in his article, thinking the Unthinkable, people in world focus a lot on economic growth and they endeavour at achieving the set goals. The myth of economic growth has affected various how human beings conduct economic activities in their locality. The economic activities have comprised the balance of nature, and this has affected the ecology that we depend on for survival.
Ecosystem acts as the house where man lives. It consists of components that rely on each other for survival. Therefore, when ecosystem is degraded it means that its components cannot be interdependent hence affecting their survival. In line with this, if one component is eliminated in an ecosystem it means not all the activities that relied on that component can take place. For instance, if people depend on farming as an economic activity and vegetation cover of that area is destroyed, people are likely to suffer. People should not focus on economic growth only they should also focus on the effects of economic growth to our environment.
I also concur with Mc Donough (2005) that we have to ask ourselves our intentions as species on this planet. Our intentions should focus on prosperity without compromising the future generations. Williams Mc Dough believes green can prevent environmental disaster and derive economy growth. I agree with Williams because our environment provides the space, and finite resources that we use are found in it. Therefore, it is vital to take care of our environment so as we realize economic growth. Appropriate farming methods ensure high output from the farm produce.
In addition, clean environment ensures that people of a certain country are healthy. Healthy population leads to healthy life and this translates to high standard of living. This is because people carry out their economic activities in an environment that is conducive. As a result, maximum out puts of a country’s economy is realized. People should not focus on the myths, but they should focus on the effects that can arise from economic growth. Moreover, people should embrace the idea of cradle-to-cradle design in carrying out the economic activities.
REFERENCES
Donough. (2005). The ideas worthy Spreading. Cradle to cradle design , 1.
Jackson, T. (2009). At what point does economic growth become uneconomic growth? Thinking the Unthinkable , 1-4.
Samuelson. (2005). Economics. New York: McGraw-Hill companies.
Webfinance. (2012). Economic Welfare. Business dictionary , 1.
