The longer question is, “Can we reframe economic growth & jobs/work in a way representative of the complex realities of the 21century?” Because, old models of ‘success’ aren’t showing us what is meaningful.
For example: sure, China and India are poised for 9, 10% GDP growth yearly, which is pretty phenomenal with its consistency in the international community, but how much of that growth is self-destructive? Graduates from India aren’t going to take over America if the reason they can’t get a job in India is because they are under-qualified… (the college graduation certificates they are getting are not representative of their competitiveness in the marketplace, so the ‘success’ of millions of graduates and full education is not real success).
The problems lie somewhat in that countries are expected to maintain growth, but in the long term, that is unreasonable to ask for– you cannot keep expanding with finite resources in a highly competitive environment and zero-sum economy without the cost of growth (as measured in costs from competition and effects on society) eventually becoming higher than growth itself, thus the self-destructive nature.
But this conception of growth stems from archaic industrial-complex ideas… where tangible products being produced or consumed or traded was a sign of prowess. However, in today’s environment, this means much less than it did before… with trillions of dollars being traded by automated machines playing at a stock market daily (I’m talking about high-volume or algorithmic trading), does the movement of money still mean the same as it did before? Money no longer denotes value in the same way that it used to. Currency values are manipulated and fought over but their actual value and the growth they denote are more and more tied to concepts that are not representative of the new and complex realities of 21st century markets.
So obviously, we’ve got to examine, what are the new and complex realities of the 21st century markets? How have (if at all) technology and time changed the way we interact and do business? What is successful growth, nowadays? My argument is (as I’ve asked about here before) that value needed to be reframed first — what is value? How do we best measure it? And I don’t mean just a simple reframing of good-feeling or long-lasting types of values. I am referring to ‘value’ as a soft power, much as the hard power and the military-industrial complex is losing against the soft power of diplomacy (even Sec. of State Robert Gates is asking for more soft-power and less military spending). But how do we measure growth in soft power? How do you quantify the value of R+D, of diplomatic/economic influence, of the ability to do thing, as opposed to the easy to measure and current status-quo of measuring growth by tangible production/consumption? Because after countries leave the industrialization stage of development, they more on to a service based economy… and right now, we are still measuring services as tangible products. But that must change, because the nature of services, and the next step– knowledge and idea production and realization, cannot be measured as products, just as ‘education’ cannot be valued in college graduation rates, as in India has shown us. RK