Limits to Growth and Extrapolation of Trends

I already once wrote about what may be regarded the conventional economist’s obsession – virtually every time they wants to refute allegations that there may exist limits to economic growth, economists use the 1972 report to the Club of Rome, The Limits to Growth, as a virtual “opponent”. As if Donella Meadows and her co-authors were the only ones concerned about the infinite growth assumption in conventional economics, and as if their argument were the only one (or even: the most convincing one) speaking for the limits to growth hypothesis. But even when we focus on The Limits to Growth, there is a serious fallacy in the economists’ criticism. Continue reading