15 January 2010

Economic Growth a 'False God' - UK Financial Services Authority Chair

Excerpt from new economics foundation newsletter, January 2010

'Political fixation on growing the economy is becoming a 'false god' according to Lord Turner, chair of both the Financial Services Authority and UK government's Committee on Climate Change.

Speaking to nef Policy Director Andrew Simms on the BBC's World Tonight programme, Lord Turner said that not only was pursuing economic growth at all costs damaging the climate, it wasn't doing us much good either.

'All the evidence shows that beyond the sort of standard of living which Britain has now achieved, extra growth does not automatically translate into human welfare and happiness,' Lord Turner said...

Lord Turner's latest challenge to economic orthodoxy comes only months after an interview for Prospect magazine, in which he suggested that much of the work done by the financial sector was 'socially useless'...'

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