The degrowth movement has become very popular in recent years, particularly among younger people who appreciate its critique of the endless pursuit of economic expansion. The problem with growth, advocates argue, is that it implies the use of more and more resources and energy, as well as ever larger quantities of waste.
Well, the good news for the movement is that one of the world’s leading economies has offered itself up as a case study. If you look past the debate about whether the UK’s recent technical recession is going to deepen or peter out, the economic situation is pretty dire.
The UK’s GDP per person (or per capita), which economists view as the best measure of the wealth of a country, has declined in seven out of the most recent eight quarters. At the end of 2023, GDP per person was still lower than before the COVID pandemic. In contrast, the US equivalent…
