27 Technological Progress Vernacular: invention, innovationTechnical: increasing productive efficiency resulting from invention and innovation
28 KU KT Natural Capital Allocation Revisited GNP Time X natural capital allocableKTNatural capital allocatedto non-human economyGNPNatural capital allocated to human economyTime
29 The Big Hope KU GNP Time K2 K1 Economic growth with technology level 2 X natural capital remains allocableK2X/2 conservedK1Economic growth with technology level 2GNPEconomic growth with technology level 1Time
30 The Great Debate: Is There a Limit? “Yes”PhysiocratsClassical economistsEcological economistsEcologists“No”Neoclassical economistsCorporationsPoliticians
31 Why would there not be a limit? Substitutability of resourcesIncreasing productive efficiencyIncreasing human capital
51 Real Questions What is the limit? How do we know when we’re approaching the limit?What do we do to prevent breaching the limit?
52 RecommendationsIntroductions should acknowledge spherical capacities and tradeoffs.Criteria should provide indicators of trading off.Interpretation should include observations of tradeoffs.Does technological progress occur without increased consumption?