David A. Jones - Economic Theology: Angels Dancing On The Head of A Pin

There’s an old question in theology: “How many angels can dance on the head of a pin?” The supposed answer is “as many as you like.” A pin is a physical object, whereas angels are non-corporeal beings.

I consider mainstream (neoclassical) economics a kind of modern day theology, and the question about angels is akin to the question, “How much economic growth (GDP growth) can our ecosystems cope with?” For the economic “theologians” the answer is once again “as much as you like,” because economic growth can supposedly be decoupled from physical impacts.

First a reminder about what GDP is. GDP stands for gross domestic product. It’s a measure of the total market value of the goods and services produced within a nation’s borders during a year. The basic formula for calculating GDP is:

GDP = private consumption + gross investment + government spending + (exports − imports)

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http://www.countercurrents.org/jones190312.htm