Economic growth should stop when the marginal cost of economic growth begins to exceed its marginal benefit. Beyond that point, further growth brings about dis-economy, or growth-induced problems, which do more harm than good.
Nordhaus operates out of economic thinking that is strongly individualistic in its assumptions. He does not seem to understand the difference between taking the market as the instrument of solving our problems and putting forward different goals altogether.
For me and my fellow Whiteheadians, the need to keep this kind of thinking alive was intensified by the global environmental crisis. The victory of value-free research disciplines has rendered universities more part of the problem than part of the solution.
I proposed that we view Western history, after the fall of Rome, in terms of three periods distinguished by the deepest level of loyalties and the ways people understood themselves: Christianism, nationalism, and economism. Perhaps economism might now give way to “Earthism.” Let’s work for that.
By “Trumponomics,” I mean an unrestrained commitment to policies of drill it, pump it, burn it, cut it down, dig it up, pave it over, buy it, consume it, and if it threatens to slow growth, then run over it or bomb it.