Starvation is a distant memory in both countries.
The Club of Rome refused to take a look at the beneficial effects of the "Green Revolution," pioneered by American scientists in the 1960's. This revolution increased Indian agricultural production to the point that the country was not only able to feed itself, but to do it well. As soon as China gave its peasants 1/2 acre to farm on their own (in the 1960's), overall food production in China climbed 30%. The freeing of the Chinese farms in the 1980's by Deng Xiao Ping not only increased agricultural production; it dramatically increased peasant income.
Poorer Workers. The argument of the Club of Rome was pure socialism, and should have been recognized as such in 1972. Compare the average lifestyle of an OECD citizen today and in 1972: Home ownership, automobile ownership, richness of diet, ability to travel -- all are drastically improved today as compared to that time. The Club of Rome should have known better, as the 1950's and the 1960's saw the rise of Germany, Japan, France and the UK in average citizens' income. The United States enjoyed a decade of prosperous growth, started by JFK's tax cuts in 1962. In short, workers across the income spectrum grew richer, not poorer.
Depleted World Resources. This is the most disappointing prediction for those of the Club of Rome. How could the world have more resources today than in 1972? Isn't it true that the more we extract, the less we have? Paradoxically, we have more oil reserves, more gas reserves, and more basic metal reserves today than we did in 1972. The reason is that exploration and development technologies have improved our extractive capabilities. More efficient use of the materials extracted means that we can stretch the use of those materials for many more centuries than was thought possible in 1972. Whereas the gas price hikes of the 1970's (1974 and 1979) were 'devastating' to the economy, today's price hikes are much less injurious. That is because energy is a much smaller part of the economy than it was then.
As the developed world grows, it relies less and less on extraction, manufacturing and basic materials. To put it crudely, the materials cost of a single semiconductor...
Macroeconomics For most of the time since the subject of economics was first studied, the idea of resource constraints has been irrelevant. The world was simply not viewed as a finite place. The concept of resource constraints was limited, more or less, to the consideration of constraints on an individual economy. Adam Smith recognized that all economies would face resource constraints of one type or another. As Snowdon (2003) points out,
limits to democracy in the early republic, as its first president George Washington reflected the elitist view of the federalists in his approach to the executive branch of government. As Patrick Henry stated in 1788, "The Constitution is said to have beautiful features, but when I come to examine these features…they appear to me horridly frightful…it squints towards monarchy," (p. 146). According to Henry, the "President may easily become
This is only one of the implications that individuals are facing when it comes to these kinds of limits. Some people choose to ignore the limits that are placed on them if they feel that those limits are too restrictive. Others do not even recognize the limits that are placed on them and feel as though the limit-placer has no right to do so in the first place. Despite
Economics of New Ideas and Innovations This research paper discusses the economics of a new idea. Without new ideas and inventions, the economy might very well become stagnant or decline, as predicted by many early economists, who did not understand that impact that ideas and innovative technology had on global markets. Technology is endogenous in the new growth theory, which holds that technology is a function of the capital and labor used
While its goals may be commendable, restorative justice is nevertheless a disaggregated model. Uniting relational justice, participative or consensual justice and changing or improvement justice, restorative justice has become a concept that has something for everyone (Wilson, 2012). The Case for Rehabilitation The Attack on the Rehabilitative Ideal A premise that has endured all through the history of American corrections is that labors should be put forth to reform those who commit
Growth The four stages of organizational growth are new venture, expansion, professionalization and consolidation. Arguably, the most difficult of these is professionalization, because it represents such a dramatic change in the outlook and culture of the organization. The first two stages, new venture and expansion, are both stage where the organization can be expected to operate with an entrepreneurial culture. While starting a new venture is never easy, this stage also
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