Zero growth: A grand challenge for the Asia-Pacific region

Abstract

This article presents a systematic and scientific literature review of the topic ‘zero growth’. Since its origins in the late 18th century, growth economics has expanded significantly in recent decades, leading to the development of ecological economics, political economics and growth and degrowth economics. It is apparent that humankind is now running out of time to develop a global consensus as to what approaches should be taken to transition from growth to zero growth and degrowth. Zero growth is the grand challenge of this century, particularly for the Asia-Pacific region where economic growth has been an imperative for emerging economies. Using Japan as an illustrative example, this article explores the scenario of a no-growth economy that is now confronted with potentially a zero-growth or even a degrowth future. The grand challenge for not just Japan but the entire Asia-Pacific region is how to survive a zero-growth future. Furthermore, this article also identifies emerging themes for future research to progress the zero-growth and degrowth discussions. JEL Classification: F64, N5, Q32, Q5