Notes to myself for a discussion of the book Economy, Society, Nature at the Sustainable Prosperity Conference, Adelaide, 10-12 Jan 2020.
• Identify the system as a far-from-equilibrium self-organising system – wild horses versus the neoclassical rocking horse. Markets must be managed, through their incentives.
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Don’t shy away from the main gameWhether we like it or not, ‘the economy‘ is the main game in today’s world. No matter the good causes we work for, the present economy will very likely be subverting and trampling them.
What if the economy supported our good causes instead of squashing them?
It can. That’s why this little book can help you. Continue reading
[Published at Real World Economics Review Blog 18 Dec]
A recent exchange between Jason Hickel (and here and here) and Dean Baker (and here) on whether humanity can have a viable future and still have ‘economic growth’, nicely highlights the way old concepts and words can trap us in unproductive debate and action.
The way forward is to recognise the need for a fundamental re-framing of the nature and purpose of our societies, and their economies. The terms growth, GDP, capital and capitalism are so ill-defined, confused or inappropriate they only hinder debate.
Endless growth on a finite planet is impossible. Yet endless growth of the economy is the reflexive goal of almost every government in the world. This defines the existential crisis into which humanity is blundering.
Yet even many people who are alert to the problem struggle to prescribe a remedy, or even to give the remedy a name. Various terms float around, like no growth, steady state, degrowth or postgrowth. There are two fundamental problems with these terms: they don’t define what they are talking about and they just keep the focus on growth.
George Lakoff wrote the book called Don’t Think of an Elephant. What did you just do? You thought of an elephant. Don’t think about growth. Oh. You just did. If I want you to think about flowers, I need to talk about flowers. Let’s stop and smell the flowers. Ah, that’s better.
Growth of what, exactly? Steady state what? Well, when the political mainstream says ‘growth of the economy’, it really means ‘growth of the Gross Domestic Product’, the GDP. GDP is the sum of all activities involving money, adjusted to avoid double counting. But what about good activities that don’t involve money, like staying home and loving baby? And is everything involving money, everything that is bought and sold, a good thing?
Eight Elementary Errors of Economics is discussed with Karl Fitzgerald of Melbourne community radio 3CR (855 am).
Karl does a program called Renegade Economists, part of the efforts of Earthsharing Australia. Good people, have a look and listen.
The interview can be heard here (Renegade Economists 18.07.2012). Have a listen, it came up pretty well.