““The real nemesis of the modern economy is ecological collapse. Both scientific progress and economic growth take place within a brittle biosphere, and as they gather steam, so the shock waves destabilise the ecology. In order to provide every person in the world with the same standard of living as affluent Americans, we would need a few more planets – but we only have this one. If progress and growth do end up destroying the ecosystem, the cost will be dear not merely to vampires, foxes and rabbits, but also to Sapiens. An ecological meltdown will cause economic ruin, political turmoil, a fall in human standards of living, and it might threaten the very existence of human civilisation. We could lessen the danger by slowing down the pace of progress and growth. If this year investors expect to get a 6 per cent return on their portfolios, in ten years they will be satisfied with a 3 per cent return, in twenty years only 1 per cent, and in thirty years the economy will stop growing and we’ll be happy with what we’ve already got. Yet the creed of growth firmly objects to such a heretical idea. Instead, it suggests we should run even faster. If our discoveries destabilise the ecosystem and threaten humanity, then we should discover something to protect ourselves. If the ozone layer dwindles and exposes us to skin cancer, we should invent better sunscreen and better cancer treatments, thereby also promoting the growth of new sunscreen factories and cancer centres. If all the new industries pollute the atmosphere and the oceans, causing global warming and mass extinctions, then we should build for ourselves virtual worlds and hi-tech sanctuaries that will provide us with all the good things in life even if the planet is as hot, dreary and polluted as hell.””
