Myths of exponential growth in populations and wealth: an emergent perspective

Abstract

Purpose - The purpose of this paper is to highlight the dilemma of exponential growth in economic policy and its implications on sustainable development. Design/methodology/approach - The future of the world economy is premised in part on the assumption of an implicit law of increasing returns that has remained unchanged for centuries. Drawing on current data in per capita gross domestic product and population data, this paper explores the relationship between growth in populations and the distribution of wealth. Implications on economic and social policy reform are discussed, with an exemplar focus on economic incentives employed in several nations that are premised on an assumed relationship between population growth and economic return. Findings - This paper demonstrates that much of current economic and social policy is grounded in centuries-old assumptions that may be inadequate for today's highly interrelated global and economic society, and that changing these policies would require a fundamental shift of mindset to recognise domestic human values within a global context. Originality/value - Previous literature has paid less attention to the underlying assumptions of perpetual growth inherent to social and economic policy and the practicalities of its reconceptualization on global society.