3. a. In his famous article “The Economics of the Coming Spaceship Earth” Kennet

Question

3.

a. In his famous article “The Economics of the Coming Spaceship Earth” Kenneth Boulding draws a distinction between a “cowboy economy” and a “spaceship economy.” Explain what he means by this distinction and discuss how this distinction can rightly be thought of as having launched the field of ‘ecological economics’ (in contrast to ‘environmental’ economics). Specific reference to Boulding’s article and, perhaps, quotes will make for a more complete answer.

b. What are the kinds of problems associated with using GDP as a measure of national well-being? Pick one of the alternatives discussed in chapter 8 and discuss whether you think it is a better measure of national well-being than traditional GDP measures. What, in your opinion, makes it a better measure?

Explanation / Answer

Answer)

A distinction between Cowboy economy and spaceship economy.

COWBOY ECONOMY

Boulding discribed cowboy economy as a past open economy of apparently illimitable resources. the economy in which ther are resources and means to use those esources properly.

in a cowboy economy he said that consumption and production are a good thing. he also stated that in cowboy economy the success is measured by amount of throughput of factors of production.

where as in a spaceship economy he sated it as a closed economy wherein there is a limit on extraction and pollution. there was aneed for contineous  reproduction of material form. in this particular economy he mentioned that throughput is to be minimized and there is a lot of concern in stock maintenance.

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