Need for new economic growth model

The economists have betrayed us by perpetuating economic progress theories that claim increasing consumption is the way to prosperity. Yes – we do have classic examples of countries like US where quality of life drastically improved with increase in consumption. But this economic model is not sustainable infinitely for number of reasons:

• You cannot increase consumption beyond a point.
• Over consumption puts strain on natural resources, which is evident from the spiraling price rise in every resource as seen recently.
• This growth model cannot be cloned or copied in other countries as that has the risk of consumption malaise to spread.

I think time is ripe to look for some alternative to consumption fueled economic development. As we are stretching the world’s natural resources to the brink of breakdown and still slumping into recession, we need to think of some alternative levers to fuel the economic growth.