What is economic growth?

04 Nov

I recently came across this article, which is actually a response to another post by economist ALEX TABARROK, who is of the rather strong opinion “Most importantly, graduates in the arts, psychology and journalism are less likely to create the kinds of innovations that drive economic growth. Economic growth is not a magic totem to which all else must bow, but it is one of the main reasons we subsidize higher education.”

I must say that I strongly agree with the argument against this. If we look at the start of the industrial revolution, education, which gave birth to future doctors, engineers, and yes also economists, was becoming more and more popular. Money started becoming the path to eternal happiness.

As time went by and world economies grew, monetary wealth grew and people started getting “richer” realisation also struck – “Well ! am I really happy” Most people will tell you that they are happiest when amongst nature, or music or art or maybe spending family time.

While I agree with the theory, that if there is a drop in the number of doctors and engineers, it might stall innovation. But I also believe that an education in arts or creativity opens a your mind to many other areas and you would be able to think up of more innovative ideas, which might in a way help growth. I feel that all science and math colleges should have some subjects dedicated to the arts, which will help the future generations appreciate and view the world less clinically. This is proven by the fact that Leonardo Da Vinci is till today known and respected not only as an artist but also a man of science and math.

What is the point of economic growth statistics which is single dimensional. True growth can be achieved only when a person grows spiritually, mentally and monetarily. What is really needed is a balanced approach to learning, where people at least appreciate all areas which make up society today. While the musicians, painters and artists of our century cannot escape the fact that money is important to one’s growth, the scientists, economists, doctors etc also need to understand, that after they have made the huge salaries, it is the arts which help them relax and enjoy that money. This can be an ongoing debate, and I would love to hear your opinion.

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Posted by on November 4, 2011 in Uncategorized


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