Nordhaus, William D., and James Tobin. Is growth obsolete?. Economic Research: Retrospect and Prospect, Volume 5, Economic Growth. Nber, 1972. 1-80. 원문링크
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저자 두 분은 예일대 교수이며, Tobin은 노벨경제학상을 받았고 소위 “Tobin Tax”로 잘 알려져 있는 분이다.
논문 시작 부분에서 경제성장이론의 약사는 읽어볼만하다.
결론에서는 경제성장의 필요성과 GNP라는 지표의 유용성을 주장한다. 원문을 그대로 인용한다.
Is growth obsolete? We think not. Although GNP and other national income aggregates are imperfect measures of welfare, the broad picture of secular progress which they convey remains after correction of their most obvious deficiencies. At present there is no reason to arrest general economic growth to conserve natural resources, although there is good reason to provide proper economic incentives to conserve resources which currently cost their users less than true social cost. Population growth cannot continue indefinitely, and evidently it is already slowing down in the United States. This slowdown will significantly increase sustainable per capita consumption. But even with ZPG there is no reason to shut off technological progress. The classical stationary state need not become our utopian norm.
위의 강조 부분은 “이스털린의 역설”로 유명한 1974년 논문에 그대로 인용되어 있다.
Easterlin, R. A. (1974). Does economic growth improve the human lot? Some empirical evidence. Nations and households in economic growth, 89, 89-125. 원문링크
A differing conclusion, perhaps more representative of the profession at large, is reached by Nordhaus and Tobin (1972): “Is growth obsolete? We think not. Although GNP and other national income aggregates are imperfect measures of welfare, the broad picture of secular progress which they convey remains after correction of their most obvious deficiencies [p. 24].