What
we don't know
•
Measuring overall growth is less meaningful if we can’t differentiate
between the positive and negative components of that growth. We do not
know the proportion of economic growth that comes from people buying things
that they wish they didn’t need - such as security systems for their homes,
cigarettes, health care, or automobile repairs after an accident - or
buying them at higher cost to cover expenses like pollution cleanup.
•
Some aspects of our growing state economy are hard to measure, such as
the disparity of opportunities among New Jerseyans.
•
The proportion of our economic growth that comes from a drawing down of
our "natural capital" - the environmental resources consumed for free
that are not restored, such as woodland cleared for new houses or offices.
•
The proportion of our economy that depends on the unsustainable use of
fossil fuels, which cannot be replenished.
happens
in the state. It shapes our environment and enriches our social
and cultural offerings. Our state’s economy underwent a major
transition in the latter half of the 20th century, moving away
from dependence on manufacturing and toward a more varied mix
of advanced technology and service industries. While New Jersey
ranks ninth among the states in population and 45th in size,
we outperform those ranks in several key categories: we have
the seventh largest number of Fortune 500 companies, the second
highest average income in the nation, and we place fifth in
the number of patents received. Amid this abundance of wealth
and productivity, we also have significant disparities between
our rich and poor citizens.
