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these figures being released, the price increased again. | :00:05. | :00:15. | |
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Welcome to HARDtalk. Economic growth and how to get it dominates | :00:16. | :00:20. | |
the political agenda in countries across the globe, from China with a | :00:20. | :00:24. | |
few it is slowing, to Europe, where there seemed to have none at all. | :00:24. | :00:28. | |
Without growth, had to be climbed back out of the mess in which the | :00:28. | :00:32. | |
financial crash put us in? Harder those parts of the world where | :00:32. | :00:35. | |
basic needs for food, water and shorter have not been that has any | :00:35. | :00:41. | |
chance of a better future? -- shelter. Andrew Simms things we are | :00:41. | :00:45. | |
asking the wrong question. They advocate of economic growth fails | :00:45. | :00:49. | |
to explain how an ever-expanding economy can be sustained if we | :00:49. | :00:59. | |
:00:59. | :01:03. | ||
carry on as we are, we are heading to the apocalypse. What is his | :01:03. | :01:13. | |
:01:13. | :01:27. | ||
Andrew Simms, welcome. What is wrong with growth. One of the | :01:27. | :01:31. | |
problems is it measures the quantity and not quality. If you | :01:31. | :01:35. | |
have something like a crime wave or epidemic or riot, the money spent | :01:35. | :01:39. | |
on health services and cleaning up and security would look good in the | :01:39. | :01:44. | |
growth figures. But that would be no indication of whether Law | :01:44. | :01:48. | |
Society was succeeding or on a personal level, imagine we got on a | :01:48. | :01:52. | |
Sunday morning. I had a choice of going for a walk in the fresh | :01:52. | :01:56. | |
spring air, getting in a car, getting stuck in gridlock, going to | :01:56. | :02:01. | |
a DIY shop to buy some chemical drain cleaner. According to the | :02:01. | :02:05. | |
growth figures, I would be happier getting stuck in traffic then | :02:05. | :02:09. | |
walking in my part. That is how it measures whether an economy is | :02:09. | :02:13. | |
doing well. It does not make sense. It does not really be that all | :02:13. | :02:19. | |
growth is bad. No. There are many different types of growth. | :02:19. | :02:23. | |
Depending on the pattern of economic captivity. They can be | :02:23. | :02:27. | |
more or less jobs, pollution. It can come in circumstances of | :02:27. | :02:32. | |
suppression of human rights or to social freedom. These are the | :02:32. | :02:36. | |
important questions to ask. What are we trying to achieve with the | :02:36. | :02:41. | |
economy? How should we measure that success? You point out that the | :02:42. | :02:45. | |
quality of economic growth is important. Economic growth is about | :02:45. | :02:49. | |
adding up the goods and services in and out of an economy, coming up | :02:49. | :02:54. | |
with something better than it was yesterday, last week, last month, | :02:54. | :03:00. | |
last year. It can be positive development. In developing | :03:00. | :03:05. | |
countries, I can cope for it to you a former chief economist, countries | :03:05. | :03:10. | |
with higher GDP growth results in law mortality. Running water, | :03:10. | :03:16. | |
sewage systems, better schools and education for children. With wood | :03:16. | :03:20. | |
stoves, the air is clear of smoke. Although just come from economic | :03:20. | :03:26. | |
growth. We have to make two distinctions. Growth works | :03:26. | :03:30. | |
differently in countries like the UK and the US and developing | :03:30. | :03:35. | |
countries where basic needs are not met. If you are tackling poverty in | :03:35. | :03:39. | |
a developing country, but would almost certainly accompany economic | :03:39. | :03:43. | |
growth. In rich countries where we have passed thresholds already, for | :03:43. | :03:47. | |
the last few decades, economic growth has been delayed from rising | :03:47. | :03:52. | |
levels of human well-being and life satisfaction. Really? You are | :03:53. | :03:57. | |
saying everybody in a country like the US and UK already has so much | :03:57. | :04:01. | |
of the benefits of growth that they no longer get benefit from any | :04:01. | :04:06. | |
further growth? It is a consistent pattern across most advanced | :04:06. | :04:10. | |
industrialised economies that for the last few decades, as growth has | :04:10. | :04:15. | |
gone up, life satisfaction has flat land. In some places, it has gone | :04:15. | :04:21. | |
down. You might take a different situation in a country with -- | :04:22. | :04:24. | |
where David Mead are not met. If you are getting people into work | :04:24. | :04:29. | |
and 50 people out of poverty, you are getting levels of increase of | :04:29. | :04:33. | |
GDP. What is the connection between the two. I do not people will | :04:33. | :04:37. | |
disagree with you that growth is not the only thing that matters | :04:37. | :04:44. | |
that the hummer other ways of pursuing satisfaction. Let me quote | :04:44. | :04:54. | |
:04:54. | :04:57. | ||
From -- he is talking about the importance and lardy of life in | :04:57. | :05:01. | |
society. He says economic growth may be a necessary condition for | :05:01. | :05:05. | |
the relief of poverty. Big is enough on its own but it is a | :05:05. | :05:09. | |
necessary condition. Do you accept that? None of these good things can | :05:09. | :05:15. | |
be achieved without economic growth. How can everybody collectively in | :05:16. | :05:19. | |
the world survive and thrive? Working within the tolerance levels | :05:19. | :05:26. | |
of the biosphere and life-support systems we have. If we get to that | :05:26. | :05:32. | |
stage if we had economic growth? back to Adam Smith, John Stuart | :05:32. | :05:37. | |
Mill. They imagined, 150 years ago, the more advanced economies were | :05:37. | :05:41. | |
concerned, they were up to the level of material comfort they | :05:41. | :05:45. | |
needed. But society would develop in other ways. So they were wrong | :05:45. | :05:52. | |
about that? Things went on. Now we are against the buffers of our | :05:52. | :05:57. | |
ecological threshold. Look at the number of people being lifted out | :05:57. | :06:03. | |
of absolute poverty over the last few decades. Statistically, China | :06:03. | :06:06. | |
accounts for the entire number of people lifted out of poverty. But | :06:06. | :06:10. | |
even in China, depended on exploiting natural resources | :06:10. | :06:14. | |
outside its boundaries, because it does not have enough itself, even | :06:14. | :06:22. | |
there, a report that came... Lead before officials saw it, estimated | :06:22. | :06:24. | |
three-quarters of one million people per year die prematurely as | :06:24. | :06:30. | |
a consequence of pollution. How do we achieve in the development while | :06:30. | :06:34. | |
working within the biosphere's tolerance levels. If we undermined | :06:34. | :06:37. | |
those fundamental life-support systems, you are not being a front | :06:37. | :06:45. | |
of the poor in any country. On that basis, there are ways showing that | :06:45. | :06:49. | |
improvements can come about with economic growth. Because of the | :06:49. | :06:53. | |
consequence of economic growth, it actually reduces the strain. For | :06:53. | :06:57. | |
example, population growth. They are statistics that suggest | :06:57. | :07:03. | |
population growth has declined as countries have become wealthier. | :07:03. | :07:12. | |
Brazil, average size of the family, 6.2% in 1960. Now 1.8%. I quit the | :07:13. | :07:21. | |
former Chief economist. Girls receive more education. The riches | :07:21. | :07:26. | |
of economic growth. It is absolutely the case. People find | :07:26. | :07:31. | |
their livelihoods are more secure. Victualler to raid struck off the | :07:31. | :07:34. | |
cliff. There is something slightly misleading there. If you compare | :07:34. | :07:39. | |
for example a typical individual in North America or the UK and look at | :07:39. | :07:43. | |
the greenhouse gas emissions, and take one year, starting from the | :07:43. | :07:47. | |
stroke of midnight, if you live in view as from January 2nd, you will | :07:47. | :07:50. | |
have accounted for the same greenhouse gas emissions that | :07:50. | :07:54. | |
somebody in Tanzania would emit over the course of an entire year. | :07:54. | :08:00. | |
One measure. This is fundamental. This is one of the dominoes which | :08:00. | :08:05. | |
when it topples, knocks on to all the life-support systems. Food, | :08:05. | :08:10. | |
farming, Forest, Fisheries. The very basis on which our live with | :08:10. | :08:15. | |
the band. If you get past the point of no return, he gets hit first and | :08:15. | :08:21. | |
worst? People who are the poorest living in the most marginal land. | :08:21. | :08:24. | |
That is the argument for saying we need for economic growth in other | :08:24. | :08:29. | |
parts of the globe. The question is, how do we stay the right side of | :08:29. | :08:33. | |
going beyond the point of no return in some of these critical support | :08:33. | :08:38. | |
systems? Can that be achieved? Another environmental economist | :08:38. | :08:42. | |
once famously said that in terms of how we can improve by efficiency, | :08:42. | :08:47. | |
you can sure enough it further down the food chain but you cannot eat | :08:47. | :08:52. | |
menus. This is the problem. How do we share the available | :08:52. | :08:57. | |
environmental space upon which our economies depend in such a way that | :08:57. | :09:00. | |
we all stand a good chance of leading a decent quality of life? | :09:00. | :09:06. | |
Not so long ago, there was a leader. He spoke as if he should your | :09:06. | :09:10. | |
perspective. The rate, the pursuit of wealth is no longer as it was to | :09:10. | :09:14. | |
hit people's hopes and aspirations. Of the consumption of resources | :09:14. | :09:18. | |
cannot for this fight our in borders buyers. The quarter of life | :09:18. | :09:22. | |
means more than quantity of money. You could those words from David | :09:22. | :09:27. | |
Cameron. And then be speech he made three years later, when he had | :09:27. | :09:32. | |
indeed come to power. He said, it is a new year. The coalition | :09:32. | :09:36. | |
government has one resolution, to help drive growth. Where did he go | :09:36. | :09:42. | |
wrong? By getting elected, David Cameron said it had four in | :09:42. | :09:47. | |
opposition. In fact, he was echoing the words of another once head for | :09:47. | :09:53. | |
a politician, Robert Kennedy. Half a century ago, the thing about GDP, | :09:53. | :09:57. | |
it measures everything apart from that that makes life truly | :09:57. | :10:01. | |
worthwhile. David Cameron came from an idea of general well being, an | :10:01. | :10:05. | |
equal indicator that should direct our economics policies. You are | :10:05. | :10:08. | |
saying that is not compatible with being an elected politician in | :10:08. | :10:12. | |
power? It is not compatible with some of the choices are made all | :10:12. | :10:19. | |
been in a force. There is a great mistake. -- Office. There was a | :10:19. | :10:22. | |
moment around the time of the financial crisis in the 2007, 28 | :10:22. | :10:29. | |
back. Many economies that had been Systems | :10:29. | :10:33. | |
Systems fell into great difficulty. The US and UK were two of the | :10:33. | :10:37. | |
leading examples. There was an opportunity to have a multiple | :10:37. | :10:41. | |
winner, to stabilise the economy, to get good quality economic | :10:41. | :10:46. | |
activity to create jobs. It would have been through green stem this | :10:46. | :10:51. | |
spending. Cut a cyclical investment to invest in green energy and green | :10:51. | :10:55. | |
transport. Increasing the energy efficiency of our building stock. | :10:55. | :11:00. | |
But could have achieved more carbon emissions, more jobs, greater | :11:00. | :11:08. | |
energy security. It would maintain the economy. That was an | :11:08. | :11:11. | |
opportunity in some countries missed. Other countries took it. | :11:11. | :11:18. | |
South Korea did it well. But not other places? Knocked Europe, not | :11:18. | :11:25. | |
the US. The best emerging economies in your opinion. Not withstanding | :11:25. | :11:30. | |
getting elected, it simply came up against reality. An economy that | :11:30. | :11:34. | |
Nick Bailey is not growing but has been shrinking. At the end of this | :11:34. | :11:38. | |
week, we will find out whether the British economy has struck again in | :11:38. | :11:42. | |
to seize what is described as a triple dip recession. British | :11:42. | :11:46. | |
politicians are nervous about it. Presumably, you would actually see | :11:46. | :11:52. | |
it as good news. It is an odd reality they are facing. You take | :11:52. | :11:57. | |
an organisation like the Labour Organisation, which sees 60 million | :11:57. | :12:07. | |
:12:07. | :12:10. | ||
drugs in the Queen, sectors. -- I'm not asking about them. What | :12:10. | :12:15. | |
would you think. Would it be a good thing if we go back to recession? | :12:15. | :12:20. | |
Economic growth is similar to the IDs he would achieved. Recession is | :12:20. | :12:27. | |
neither here nor there. It is for many people. You have not got a job | :12:27. | :12:32. | |
and you cannot face prospect of having to pay -- let me make a | :12:32. | :12:36. | |
point. How do you deal for the practicality for people who are not | :12:36. | :12:40. | |
living in this degree of uncertainty his life prospects may | :12:40. | :12:44. | |
be negative. You are saying economic growth is a bad thing for | :12:44. | :12:47. | |
them and for what they are sitting, it is beefing it makes a difference | :12:47. | :12:51. | |
between a decent quality of life and a miserable existence. Growth | :12:51. | :12:56. | |
has failed many of those people. If you look at wage levels among the | :12:56. | :13:01. | |
income brackets, growth has failed globally. Tricking benefits killer | :13:01. | :13:10. | |
was income bracket. Even in richer Why have you not been able to | :13:10. | :13:16. | |
persuade people of how this was this is? It is a default position | :13:16. | :13:22. | |
to look at how growth has gone up by. It is nonsense to look at that. | :13:22. | :13:27. | |
We need to look at what it is but we want to achieve. If people want | :13:27. | :13:31. | |
nor energy bills and a jobs and not the few of going into another | :13:31. | :13:35. | |
resource driven conflict, the answer is to re-engineer euro | :13:35. | :13:40. | |
economies with something like a green deal to create jobs. Take a | :13:40. | :13:44. | |
Baker which a bank. If you invest in a renewable energy driven | :13:44. | :13:49. | |
economy rather than having a fossil fuel for nuclear power one that is | :13:49. | :13:53. | |
decentralised, pound-for-pound. For - what dollar for dollar, you will | :13:53. | :13:58. | |
create more jobs. If you would homes for pensions, look at the | :13:58. | :14:02. | |
renewal will energy sector. Developed infrastructure that pays | :14:02. | :14:12. | |
:14:12. | :14:22. | ||
You have talked about alternative growth. What effect it will have on | :14:22. | :14:26. | |
our well-being. How are they determined? Who decide and how do | :14:26. | :14:32. | |
they decide if these things need your objective? You talk about a | :14:32. | :14:35. | |
wind farm. That could pass your first Test on impact on the | :14:35. | :14:41. | |
biosphere. It may not be detrimental to Bolton -- equality. | :14:41. | :14:44. | |
But it may be to my will be in if I live next to it. I might not like | :14:44. | :14:50. | |
the noise. I might find my quality of life deteriorates. Who weighs | :14:50. | :14:55. | |
that in the balance? Who decides if my view counts or doesn't? Straight | :14:55. | :14:58. | |
forward statistically, whether something goes up on -- or down | :14:58. | :15:04. | |
based on that, there are many ways of measuring it. Sometimes observed | :15:04. | :15:08. | |
in linear cause and effect is not straightforward. For example, if | :15:08. | :15:14. | |
you do not go down a safe energy -- track, you get high energy prices, | :15:14. | :15:19. | |
global instability. You don't have a job to go to. Those things | :15:19. | :15:24. | |
undermine your well-being. You are saying my well-being as I perceive | :15:24. | :15:31. | |
it, I should be ignored? You may say, you may not like it but tough. | :15:31. | :15:37. | |
Absolutely not! But if you are not saying that... Every society has to | :15:37. | :15:43. | |
make democratic choices. Well, they have been made! That is why David | :15:43. | :15:48. | |
Cameron is saying, Surrey. raise an interesting example about | :15:48. | :15:51. | |
windmills. If you go to an area where old forms of doing business | :15:51. | :15:56. | |
have started to fail the people, you take full farmers are amongst | :15:56. | :16:03. | |
Welsh farming communities, there is an awful lot made about what impact | :16:03. | :16:06. | |
they might have. But there are quite a few communities there where | :16:06. | :16:11. | |
farmers who could no longer make a living from their hill farms want | :16:11. | :16:15. | |
to see wind turbines put up. The people who object are the second | :16:15. | :16:20. | |
home owning incomers from another place. Perhaps we want to pop out | :16:20. | :16:25. | |
for a weekend from London. These require balancing. But we do have | :16:25. | :16:30. | |
ways of measuring alternative ways -- alternative ways to measure | :16:30. | :16:34. | |
success or failure. We could get into an interesting argument about | :16:34. | :16:38. | |
who dislikes windmills or not and who dislikes having them next to | :16:39. | :16:42. | |
them. You might have used on that, I am sure the audience would. But | :16:42. | :16:47. | |
it might be more productive to ask this. There are theories that are | :16:47. | :16:51. | |
quite entertaining renewed talk about them in a television studio | :16:51. | :16:54. | |
and they make quite a good reading a book but they are not practical | :16:54. | :16:58. | |
and will never actually happened. The problem with much of this | :16:58. | :17:02. | |
debate is, and probably very frustrating for you, is that it | :17:02. | :17:05. | |
won't happen. Renewed talk about practicality and whether things | :17:05. | :17:10. | |
will happen, I notice that in the most recent economic Outlook, they | :17:10. | :17:17. | |
are expecting to see something like a three. We global growth next year. | :17:17. | :17:21. | |
-- when you talk. That means in 20 years, the global economy would | :17:21. | :17:26. | |
have doubled. We are already using about 1.5 planets worth globally of | :17:26. | :17:32. | |
the ecosystem services on which we depend. I predict it is entirely | :17:32. | :17:35. | |
unrealistic and impractical to think that we can continue in the | :17:35. | :17:39. | |
way that we are. If we wish to preserve the climatic conditions in | :17:39. | :17:45. | |
which civilisation emerged. Those are the words used by the leading | :17:45. | :17:49. | |
climate scientists from a NASA mac. We are because -- cost of losing | :17:49. | :17:53. | |
the climatic conditions upon our livelihood depends. What is the | :17:53. | :17:58. | |
plan to get us to the right side of the danger zone? As you say in this | :17:58. | :18:01. | |
book, a simple historical fact, human beings have an amazing | :18:01. | :18:05. | |
ability to change and adapt. But you are worried about the kinds of | :18:05. | :18:10. | |
adaptations but to at least accept we have the capacity to do that. A | :18:10. | :18:15. | |
practical example. The extraction of shale gas. Fracking. Very | :18:15. | :18:21. | |
interesting. When the government encouraged it, you published an | :18:21. | :18:26. | |
article saying we can't afford to invest in fracking. Why not? One of | :18:26. | :18:31. | |
the reasons it is another fossil fuel, it locks us into a fossil | :18:31. | :18:35. | |
fuel based infrastructure. An example by Cambridge... It is but | :18:35. | :18:38. | |
in the absence of other fuels that we can go to in the big scale, at | :18:39. | :18:45. | |
least it has less impact. There is not an absence of other | :18:45. | :18:49. | |
technologies. A study by Cambridge made the point that if you invested | :18:49. | :18:52. | |
similarly in offshore... A combination of offshore and onshore | :18:52. | :18:59. | |
wind, it would generate potentially 100,000 jobs. I have seen that | :18:59. | :19:03. | |
article. I would say there are alternatives. What happens when the | :19:03. | :19:07. | |
wind doesn't blow? You have to have an alternative supplier. Therefore | :19:07. | :19:12. | |
you are into education. The good thing about renewable energy is | :19:12. | :19:16. | |
when you have a combination over -- spread over a large geographical | :19:16. | :19:21. | |
area and, something that works well in the day, wind that works well in | :19:21. | :19:25. | |
the night, a grid network that can pick up the slack across a large | :19:25. | :19:29. | |
area, in many ways renewables can be more reliable. There could be a | :19:29. | :19:33. | |
time when a network of nuclear power stations have gone down and | :19:33. | :19:38. | |
have had to be bailed out. We are talking about extraction of shale | :19:38. | :19:43. | |
gas. In for 2011 it was said that fracking has reduced the emission | :19:44. | :19:49. | |
of greenhouse gases. Do you accept that? Gas can definitely play apart | :19:49. | :19:53. | |
as a transition to a lower carbon future. What is the problem with | :19:53. | :20:00. | |
fracking? For one thing, it's a very energy intensive and | :20:00. | :20:05. | |
inefficient use of fossil fuels. Let me say what you wrote in his | :20:05. | :20:08. | |
article. In 2013, we will have a repeat in energy policy of the | :20:08. | :20:12. | |
folly of the reckless and rational approach to finance and banking. | :20:12. | :20:17. | |
How is this reckless? That is absolutely the case. It is reckless | :20:17. | :20:22. | |
because we have a very short window of time in which to lay the | :20:22. | :20:26. | |
foundations, rewire and economies, get the infrastructure in place. | :20:26. | :20:30. | |
How does that compare with banking and finance? Because there are | :20:30. | :20:34. | |
fundamental mistakes made about reading the signs of risk. There is | :20:34. | :20:38. | |
an interesting... A great statistician... I don't want to go | :20:38. | :20:43. | |
into him. I want to ask you this. Isn't the problem you face that in | :20:43. | :20:45. | |
the frustration to deal with the fact that politicians and political | :20:45. | :20:49. | |
leaders and the rest of us have not taken seriously the concerns | :20:49. | :20:53. | |
expressed, that you fall back on not argument but exaggeration? | :20:53. | :20:58. | |
There's no exaggeration in any of this. The his book is called | :20:58. | :21:04. | |
'Cancel the Apocalypse'. What Apocalypse? -- this book. If the | :21:04. | :21:07. | |
best signs we have available is right and we have no reason to | :21:07. | :21:11. | |
believe it is not, we have a terrifying we short window of a few | :21:11. | :21:16. | |
years to avoid the point after which the environment will dominoes | :21:16. | :21:20. | |
begin to fall. There's no sound signs that tells us the opposite is | :21:20. | :21:26. | |
the case. Let me put to you...I understand it is difficult and | :21:26. | :21:30. | |
there are reputation will risks in predicting the apocalypse. After | :21:30. | :21:34. | |
last year when we had various crazy readings of ancient calendars and | :21:34. | :21:38. | |
readings from the Bible, people were saying... People make jokes | :21:38. | :21:42. | |
about the Apocalypse like there's no tomorrow. But bad things do | :21:42. | :21:46. | |
happen. In the history of life of this earth, they have been a series | :21:46. | :21:51. | |
of mass extinction events. Are we heading for mass extinction now? | :21:51. | :21:55. | |
Are we are living through what scientists call an mass extinction | :21:55. | :21:58. | |
event. Climate change is progressing ten times at the rate | :21:58. | :22:06. | |
that it did previously. I fear time may be running out for his | :22:06. | :22:12. | |
programme. It is all about problem. Fair enough. It was observed in an | :22:12. | :22:20. | |
interview in 2010 that the facts environmentalists thought would | :22:20. | :22:27. | |
convince everybody to change their progress -- actions. The next was | :22:27. | :22:31. | |
the apocalypse. Society would fall apart. It is that use of fear that | :22:31. | :22:35. | |
is the main indicator of this. You are up -- is threatening the | :22:35. | :22:39. | |
Apocalypse the only way to convince us to abandon African economic | :22:39. | :22:43. | |
growth? You have misread my approach. The book is called | :22:43. | :22:49. | |
'Cancel the Apocalypse'. -- economic growth. And our ability to | :22:49. | :22:56. | |
dig ourselves out of this. If we ignore the signs, if we willfully | :22:56. | :23:01. | |
ignore the signs that threaten our ability to we joy and flourish and | :23:01. | :23:06. | |
prosper as a civilisation, we will only have ourselves to blame. But I | :23:06. | :23:09. | |
think we have the techniques, technology and human a ingenuity to | :23:09. | :23:13. |