• Enable a substantial reduction of dependence on economic activities and gain
more leisure time.
• Respect the principles of equality, participatory democracy, basic human rights,
and also respect for cultural diversity.
The specific consequences of an economy with reduced growth, i.e., an economy
in which reduced growth, not additional growth, is the target, have not yet been
adequately analyzed. Again, with this approach, the absence of sufficient analysis of
the consequences implies that no sufficient progress could be achieved, at least up to
the present time.
1.5 Conclusions: The Contribution of Economics
to the Looming Challenges
The purpose of this paper was to examine the issue of economic progress. The
conclusions are primarily limited to addressing the five approaches reviewed. The
analysis is based on the stated objectives of the different growth approaches and a
consideration of the upcoming challenges. Generally, economics, like any other
scientific discipline, should not be further developed only as an end unto itself, but
as a response to national and international challenges, with the aim of providing
solutions to important challenges. One of the key challenges in assessing the
relationship between growth and the environment is that economic growth depends
on functioning ecological systems over the long term. Jackson called this the
“growth dilemma.” Considering this in terms of today’s increased knowledge
base, the neoclassical growth models have yet to show progress in relation to the
environment. The limits of progress stem from neglect or inadequate consideration
of the uncertainties and risks regarding sufficient resource availability, including the
needs of future generations and environmental impacts. Climate change is an
important example of the shortcomings and the insufficient progress in mainstream
economics in this area. Some growth-critical approaches still lack a coherent analysis of the consequences for an economy without growth or an economy with
reduced growth. A major exception to this is Victor’s low grow approach and its
expansion by Victor and Jackson. The approach has made considerable progress in
analyzing the consequences of a nongrowth economy. Further development of this
approach should be directed toward sustainable growth or green growth, taking into
account all three dimensions, including the social dimension as well as intra- and
intergenerational fairness (von Hauff and Jörg 2017). The term “social growth” is
increasingly important in connection with the social dimension. Social growth aims
to develop a growth model that is socially balanced and less vulnerable to crisis.
Primarily, social growth is geared to the contributions of education, health care, and
renewable energies to climate protection. These sectors still have a great calling that
can contribute to an increase in the common good of society. In modern sustainability research, the relationship between growth and distribution (or fairness) is also
1 Progress in Economic Thought: Neoclassical Economics Versus. . .
13
more leisure time.
• Respect the principles of equality, participatory democracy, basic human rights,
and also respect for cultural diversity.
The specific consequences of an economy with reduced growth, i.e., an economy
in which reduced growth, not additional growth, is the target, have not yet been
adequately analyzed. Again, with this approach, the absence of sufficient analysis of
the consequences implies that no sufficient progress could be achieved, at least up to
the present time.
1.5 Conclusions: The Contribution of Economics
to the Looming Challenges
The purpose of this paper was to examine the issue of economic progress. The
conclusions are primarily limited to addressing the five approaches reviewed. The
analysis is based on the stated objectives of the different growth approaches and a
consideration of the upcoming challenges. Generally, economics, like any other
scientific discipline, should not be further developed only as an end unto itself, but
as a response to national and international challenges, with the aim of providing
solutions to important challenges. One of the key challenges in assessing the
relationship between growth and the environment is that economic growth depends
on functioning ecological systems over the long term. Jackson called this the
“growth dilemma.” Considering this in terms of today’s increased knowledge
base, the neoclassical growth models have yet to show progress in relation to the
environment. The limits of progress stem from neglect or inadequate consideration
of the uncertainties and risks regarding sufficient resource availability, including the
needs of future generations and environmental impacts. Climate change is an
important example of the shortcomings and the insufficient progress in mainstream
economics in this area. Some growth-critical approaches still lack a coherent analysis of the consequences for an economy without growth or an economy with
reduced growth. A major exception to this is Victor’s low grow approach and its
expansion by Victor and Jackson. The approach has made considerable progress in
analyzing the consequences of a nongrowth economy. Further development of this
approach should be directed toward sustainable growth or green growth, taking into
account all three dimensions, including the social dimension as well as intra- and
intergenerational fairness (von Hauff and Jörg 2017). The term “social growth” is
increasingly important in connection with the social dimension. Social growth aims
to develop a growth model that is socially balanced and less vulnerable to crisis.
Primarily, social growth is geared to the contributions of education, health care, and
renewable energies to climate protection. These sectors still have a great calling that
can contribute to an increase in the common good of society. In modern sustainability research, the relationship between growth and distribution (or fairness) is also
1 Progress in Economic Thought: Neoclassical Economics Versus. . .
13