Economic Cycles

Economic growth is on everybody’s lips and almost every day we come across the notion – assessed both positively and negatively – in the news from the worlds of politics and business. Some believe growth is a prerequisite for full employment and the royal way to a happy affluent society, whereas others warn against the consequences of the lifestyles and consumption patterns concomitant with growth. Critics refer to the notion of a purely quantitative growth that is achieved by boosting consumption. Growth means more production, more turnover and more profits but also increased consumption of resources and more environmental pollution. A clear indication of this kind of economic growth is the increase of the gross domestic product, which, in turn, has a mostly positive impact on employment, which is unfortunately achieved without concern for social and natural environments.