ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Goods and Bads of Capitalist Growth

'Goods' and 'Bads' of Capitalist Growth C T Kurien Economics and the Crisis of Ecology by Narindar Singh; Oxford University Press, Bombay, 1976; Rs 42, THE author opens the argument with the statement: "Sufficient evidence is already available to the effect that the world, literally the whole world, is in the throes of a major and multi-dimensional ecological crisis." If the title of the book or the opening sentence leads the reader to expect in it an economist's approach to that much talked- ahout crisis he will soon discover that the theme of the book is somewhat different. In fact, the title of the book could just as well have been "Ecology ami the Crisis of Economics", for what Singh does is to use the ecological crisis as a backdrop for his critique of neo-classical economic theory and the economic philosophy of the capitalist system. The thrust on the crisis of economics emerges in the first paragraph itself: "Concerned primarily with what determines the profitability of 'output', it [economics] cannot possibly play the spotlight on its toxicity as well." The argument here is the old 'externality' problem ably built up by Mishan and others in their assessments of the 'Costs of Growth'. Production results not only in 'goods', but in 'bads' also

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