Book Review: The Infinite Desire for Growth by Daniel Cohen

BY ARINA RAUF

Synopsis: Why society’s expectation of economic growth is no longer realistic

Economic growth - and the hope of better things to come - is the religion of the modern world. Yet its prospects have become bleak, with crashes following booms in an endless cycle. In the United States, eighty percent of the population has seen no increase in purchasing power over the last thirty years and the situation is not much better elsewhere. The Infinite Desire for Growth spotlights the obsession with wanting more, and the global tensions that have arisen as a result. Daniel Cohen provides a whirlwind tour of the history of economic growth, from the early days of civilisation to modern times, underscoring what is so unsettling today. He examines how a future less dependent on material gain might be considered, and how, in a culture of competition, individual desires might be better attuned to the greater needs of a society.

TLDR: A rather light read to complement A Level Macroeconomics and beyond

Personally, what attracted me to this book was its cover and title (so much for not judging a book by its cover). But like many others, the contents were rather disappointing in a sense that there were not many novel ideas being put forth by the author. Nevertheless, it is a rather easy read for someone who is interested in how historical, economic and political research come together in explaining the growth of mankind over the years. Beginners in the field of economics or students may also find this read rather enlightening given the many studies and research papers cited. I also found many overlapping ideas with university modules I studied previously like international political theory and modern political thought - something I definitely would have appreciated as an undergraduate!

The book is split into three main parts: the origin of growth, the future, and rethinking progress. The first part touches a lot on (you guessed it) history so I would suggest skipping it if you are not inclined towards it. I found the second and third parts more interesting given that most of the ideas put forth are relevant to society and the economy today, and are a good reflection of A Level Macroeconomics - such as the prospect of eternal growth, comparing standard of living across time and space (especially between Denmark, the United States and France), and the problem of unemployment. The author also makes a distinction between growth and wealth - something I found extremely useful in the study of economic growth - and ties in social ideas with economics - which helps when evaluating (something we focus a lot on at ETG!) employment data.

“That explains why growth is more important than wealth for the functioning of our societies: growth gives everyone the hope, short-lived but always revived, of rising above one’s psychological and social condition. It is the promise that soothes worries, not its fulfillment.”

“The ‘economic problem’ with depression is that it makes people less productive…One study estimated the loss of productivity attributable to unhappy people at 10 percent.”

One thing I liked about the book was the language used - although easy to understand, it was also impactful and definitely quote-worthy! Some more nuanced ideas and expressions in the book may have been lost in translation though, given that it was initially published in French.

“We must try to imagine a world in which happiness and satisfaction with one’s life are less dependent on the expectation of constantly earning more. This will take us on a long journey to understand how human desires have been fulfilled throughout history, what has been the role of modern economic growth in the quest for happiness, and how we might reinvent the idea of progress beyond material gains.”

“Advanced societies, anxious about sluggish growth, have little appetite for measures that could further reduce it, and developing countries do not see why they should deprive themselves of the material civilisation from which the wealthy countries have already benefited in abundance. To find the moral and political resources that will allow our societies to rise to the challenge of environmental risk, they must pass through a decisive preliminary stage: they must (re)gain confidence in their ability to build a common future.”

Do give this book a read if you want to know more about economic growth beyond the A Level syllabus!