It is still common wisdom amongst economists, politicians and lay people that economic growth is a necessity of our social systems, at least to avoid distributional conflicts. This paper challenges such belief moving from a purely physical theoretical perspective. It formally considers the constraints imposed by a finite environment on the prospect of continuous growth, including the dynamics of costs. As costs grow faster than production it is easy to deduce a final unavoidable global collapse. Then, analyzing and discussing the evolution of the unequal share of wealth under the premises of growth and competition, it is shown that the increase of inequalities is a necessary consequence of the premises.

Growth and inequalities in a physicist's view / Tartaglia, Angelo. - In: BIOPHYSICAL ECONOMICS AND RESOURCE QUALITY. - ISSN 2366-0120. - ELETTRONICO. - 5:8(2020), pp. 1-16.

Growth and inequalities in a physicist's view

Angelo Tartaglia
2020

Abstract

It is still common wisdom amongst economists, politicians and lay people that economic growth is a necessity of our social systems, at least to avoid distributional conflicts. This paper challenges such belief moving from a purely physical theoretical perspective. It formally considers the constraints imposed by a finite environment on the prospect of continuous growth, including the dynamics of costs. As costs grow faster than production it is easy to deduce a final unavoidable global collapse. Then, analyzing and discussing the evolution of the unequal share of wealth under the premises of growth and competition, it is shown that the increase of inequalities is a necessary consequence of the premises.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11583/2820932