Prosperity, Sustainability, and Economic Growth

These flashcards summarize key terms and concepts related to the themes of prosperity, sustainability, and economic growth as discussed in Dr. Ben Gallant's lecture.

Ecological Economics

A field that studies the relationships between ecological and economic systems, emphasizing how the economy operates within environmental limits.

Environmental Economics

A subfield of economics that focuses on how environmental issues interact with the economic system, typically dealing with the costs and benefits of environmental policies.

Planetary Boundaries

A framework that defines the safe operating space for humanity with respect to the planet's ecological systems, identifying critical thresholds that should not be crossed.

Gross Domestic Product (GDP)

A measure of the market value of all final goods and services produced in a country over a specific period, often used as an indicator of economic health.

Decoupling

The theoretical concept of separating economic growth from environmental degradation, particularly in terms of reducing resource use and environmental impacts while maintaining economic performance.

Economic Growth Dependency

A reliance on continuous economic growth as a structural aspect of modern economies, which often requires increasing outputs and consumption.

The Productivity Trap

A situation in which increasing labor productivity leads to reduced total working hours, potentially resulting in unemployment if not accompanied by output growth.

Sustainable Lifestyles

Patterns of individual consumption and behavior that seek to minimize environmental impact and promote well-being within ecological limits.

Rebound Effect

The phenomenon where gains in energy efficiency lead to increased consumption of energy due to cost savings or enhanced convenience, leading to higher overall resource use.

Post-Growth Economy

An economic model that emphasizes sustainability, social equity, and ecological limits over traditional growth metrics like GDP.