190 19-14 The costs of economic growth Malthus in the 18th century warned of limits to growth but he underestimated the potential impact of technical change The price system helps to ensure a proper use of finite resources Growth may bring costs -pollution,congestion,poor quality of life But lack of growth may impose costs also The assessment of the desirable growth rate remains a normative issue Economics ECONOMICS&MANAGEMENT SCHOOL,TONGJI UNIVERSITYEconomics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY 19-14 The costs of economic growth • Malthus in the 18th century warned of limits to growth – but he underestimated the potential impact of technical change • The price system helps to ensure a proper use of finite resources • Growth may bring costs – pollution, congestion, poor quality of life • But lack of growth may impose costs also • The assessment of the desirable growth rate remains a normative issue