Money, money, money makes the world go 'round*

Is capitalism sustainable in the long term? That's a question I find myself thinking about every now and again, much to the chagrin of several of my friends who have been treated to my half-baked ideas on the issue. Thankfully for you guys, before I could write an ill-informed tirade of my own, I came across some smarty-pants economist's two cents on the issue in the form of an understandable, short, and readable essay. Readers of this blog will not be surprised to learn that many of the issues I blog about are seen by the author of this piece to be challenges to the future of capitalism as we know it, essentially because what's good for making money now is often not what's good for quality of life later. I'll let the author explain a little further:

...even the leading capitalist economies have failed to price public goods such as clean air and water effectively. The failure of efforts to conclude a new global climate-change agreement is symptomatic of the paralysis. [Ed. note: RELATED, JEEZ.]
...
It is ironic that modern capitalist societies engage in public campaigns to urge individuals to be more attentive to their health, while fostering an economic ecosystem that seduces many consumers into an extremely unhealthy diet. According to the United States Centers for Disease Control, 34% of Americans are obese. Clearly, conventionally measured economic growth – which implies higher consumption – cannot be an end in itself.
...
...today’s capitalist systems vastly undervalue the welfare of unborn generations. For most of the era since the Industrial Revolution, this has not mattered, as the continuing boon of technological advance has trumped short-sighted policies. By and large, each generation has found itself significantly better off than the last. But, with the world’s population surging above seven billion, and harbingers of resource constraints becoming ever more apparent, there is no guarantee that this trajectory can be maintained.

Anywho, I thought the essay provides some good food for thought. Go read!

*Surprisingly disturbing, yet awesome.