Economic development, environmental challenges & the interests of future generations: Nicholas Georgescu-Roegen’s advice revisited

Jan Fagerberg

No 20250210, Working Papers on Innovation Studies from Centre for Technology, Innovation and Culture, University of Oslo

Abstract: The concern about the current generation’s overuse of the earth’s resources, at the expense of the well-being of future generations, is not new. Already half a century ago, there was a very vivid debate about this issue. A thorough assessment was made in 1975 by the Romanian-American scholar Nicholas Georgescu-Roegen in an article entitled “Energy and Economic Myths”, commonly acknowledged as one of the main sources of inspiration of the so-called “degrowth” literature. However, it is argued that it would be a misunderstanding to see Georgescu-Roegen as an advocate of “degrowth” (or alternatively a stationary economy) as appropriate strategies to save mankind from environmental and resource challenges. Georgescu-Roegen’s advice was not to stop economic development, or advocate for harsh sacrifices by those living today. Rather what he suggested was to overhaul the working of the global economy (and the policies associated with it) so that the world becomes a more equitable place, nature (threatened species) is better protected (to our own benefit), and the harm to future generations becomes as small as possible. A key element in making this possible, according to Georgescu-Roegen, was transitioning from a fossil-fuel driven to a solar-powered economy. It is argued that Georgescu-Roegen’s approach (and program) is indeed very relevant for contemporary discussions of how to deal with important challenges facing both the present and, not the least, future generations.

Pages: 17 pages
Date: 2025-02
New Economics Papers: this item is included in nep-ene, nep-env, nep-his, nep-hme, nep-hpe and nep-inv
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