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Consumption has been the fuel that has driven the engine of global capitalism. The recent financial crisis has seen the West's leading economists and policy makers urging Asia to make a conscious effort to consume more and thereby help save the global economy. This is a view shaped by conventional wisdom which conveniently refuses to acknowledge both the uncomely effects of consumption and the limits to growth. Consumptionomics argues that this blinkered view needs to be replaced by a more rational approach to the challenges of the 21st century. If Asians aspire to consumption levels taken for granted in the West, the results would be environmentally catastrophic across the globe. Needless to say, it will also have significant geopolitical impacts as nations scramble for diminishing resources.Paul Krugmana#39;s ideas are laid out in crystal-clear prose in a#39;Building a Green Economya#39;, New York Times, April 5, 2010, ... after the similar curve postulated by Russian-American economist Simon Kuznets, suggesting that income inequality ... Benoit Laplante, Hua Wang and David Wheeler, a#39;Confronting the Environmental Kuznets Curvea#39;, Journal of Economic ... pages 147a€“168; available at (accessed August 12, 2010).

Author:Chandran Nair
Publisher:Infinite Ideas - 2011-01-01


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