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#221. Strategies for a post-growth economy

February 8, 2022

#221. Strategies for a post-growth economy

PART ONE: BUSINESS IN A NEW ERA

Under current conditions, it’s increasingly hard to understand why the inevitability of economic contraction remains so very much a minority point of view.

None of this has to be a disaster, but the management of involuntary economic ‘de-growth’ requires innovative strategies, most obviously in business and government.

The aim here is to concentrate on the PNFC (private non-financial corporate) sector, evaluating strategies that could mitigate the worst effects of economic contraction.

Other sectors – government, households and the financial system – may be the subject of future instalments, whilst the role of technology might merit separate discussion.

Don’t over-simplify

Readers are reminded that this site does not provide investment advice, and must not be used for this purpose.

In any case, it would be an over-simplification to assume that the decline in prosperity must crush discretionary sectors whilst leaving suppliers of essentials largely unscathed.

In fact, suppliers of intermediate (and intermediary) services are at even greater risk than businesses which supply products and services that the consumer might want, but doesn’t need.

…click on the above link to read the rest of the article…

Beyond the Growth Imperative

August 6, 2021

For 30 years, environmental economist Tim Jackson has been at the fore of international debates on sustainability. Over a decade since his hugely influential Prosperity Without Growth, the world is both much changed – reeling from a pandemic and with unprecedented prominence for environmental issues – and maddeningly the same, still locked in a growth-driven destructive spiral. What does Jackson’s latest contribution, Post Growth, have to say about the way out of the dilemma?

Tim Jackson’s new book, Post Growth: Life after Capitalism (Polity Press, 2021), follows his ground-breaking Prosperity without Growth (2009, updated in 2017). Whilst the previous work reflected, partly, the austerity-driven answers to the Great Recession, Post Growth falls into a different world. It is a world where the recognition of climate change as the greatest challenge facing humankind is moving towards consensus. In the United States, even the Republican Party’s younger members are looking for ways out of the corner into which the party has manoeuvred itself. It is also a world where the Covid-19 pandemic has not only taken many lives and destroyed many livelihoods, but – via the need for state intervention – has also dealt a blow to the gung-ho neoliberalism that is one of the main culprits of financial chaos and the looming breakdown of planetary life-support systems.

US President Joe Biden’s rescue plan as well as the EU’s Next Generation pandemic recovery fund are questioning the free-market paradigm that has held sway the since the Reagan-Thatcher area, and that had trickled down into centre-left politics as well. In parallel, from the Paris Agreement to the European Commission’s European Green Deal, environmental concerns that were condescendingly smiled upon until recently have now moved centre stage. The newly discovered role for the state and the emerging environmental consciousness might not be discussed at length in Jackson’s new book, but they are the backdrop against which it is to be read.

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Reclaiming hope from the dismal science

June 23, 2021

Reclaiming hope from the dismal science

Post Growth is published by Polity Press, 2021.

“Empowering and elegiac” might seem a strange description of a book on economics. Yet the prominent author and former economics minister of Greece, Yanis Varoufakis, chooses that phrase of praise for the new book Post Growth, by Tim Jackson.

In many respects the book lives up to that billing, and in the process Post Growth offers a hopeful vision of its subtitle: Life After Capitalism.

My dictionary defines an elegy as “a poem of serious reflection, typically a lament for the dead.” In writing an obituary for capitalism, paradoxically, Jackson also gives us a glimpse of a far richer way of life than anything capitalism could afford us.

Along the way he takes us through the origins and later distortion of John Stuart Mill’s theory of utilitarianism; the demonstration by biologist Lynn Margulis that cooperation is just as important an evolutionary driver as is competition; the psychology of ‘flow’ popularized by Mihalyi Csikszentmihalyi; and the landscape-transforming campaigns of Kenyan environmental justice activist Wangari Maathai.

Jackson accomplishes all this and more, elegantly and with clarity, in less than 200 pages.

The dismal science and its fairytales

Since the mid-19th century, under the influence of the ideals of competition and survival of the fittest, economics has earned the sobriquet “the dismal science”. At the same time, contemporary economics grew in significant part from the theories of Jeremy Bentham and John Stuart Mill, in which the goal of economics would be the greatest happiness for the greatest number of people. During our lifetimes, mainstream economics has proclaimed a gospel of unending economic growth. What gives?

In Mill’s day, Jackson writes, the word ‘utility’ was “a kind of direct proxy for happiness.” But meanings change:

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You don’t have to live like this—review of Kate Soper’s Post-Growth Living

September 13, 2020

You don’t have to live like this—review of Kate Soper’s Post-Growth Living

In her new book, Post-Growth Living: For an Alternative Hedonism, Kate Soper calls for a vision of the good life not reliant on endless economic growth and points us to the ways in which our current patterns of living are not only environmentally harmful, but also make us miserable. A provocative and necessary book, Nick Taylor writes, that provides us with the means to rethink consumption, work and sustainable prosperity without losing sight of what makes us feel good. (This blog also appeared on the PERC website.)

CC-BY-NC 2.0 :: Pete/Flickr

What kind of changes will the Covid-19 pandemic bring about over the long-term? While this question is on the minds of many, for those who study and work towards making our societies and economies more sustainable it brings particular concerns. Global emissions have seen a record-breaking drop during the pandemic, but not enough to slow the overall trend in atmospheric CO2 concentration, which reached its highest ever level in May, and not even enough to bring us close to meeting the 1.5C global warming target. How we respond to and attempt to recover from the deepest recession on record in a way that is not simply about restoring GDP growth is a question that should involve us all.

For critics, the pandemic has made an easy but misleading target of the post-growth or degrowth movement. They falsely equate the social and economic devastation wrought by coronavirus with the planned, long-term downscaling of society’s throughput (the materials and energy a society metabolises) that degrowth advocates argue for. Sceptics of ‘growth as prosperity’ do not want a recession, or, as is looking increasingly likely, a depression. Indeed at their most compelling, arguments for moving beyond growth as an overarching economic, social and political goal draw on the promise that a sustainable society can and should be a better, more equal and more prosperous society.

…click on the above link to read the rest of the article…

The Politics of Post-Growth

January 2, 2019

THE POLITICS OF POST-GROWTH

The Post-Growth 2018 conference at the European Parliament marked a milestone in the history of the post-growth debate, which has predominately been contained within academic circles. In the first part of a two-part interview, Riccardo Mastini discusses the possibilities and challenges for imagining a world beyond growth with two key post-growth thinkers at the conference.

Riccardo Mastini: We are here in the European Parliament talking about post-growth with academics such as yourselves, but more surprisingly with officials from the European Commission and MEPs. As longstanding thinkers of a world beyond growth where does the battle to imagine a world without growth stand today?

Tim Jackson: It’s still a difficult debate, but not as difficult as it has been. It’s interesting to think of it in historical terms, kicking off with Robert Kennedy’s speech at the University of Kansas in 1968. In that speech, Robert Kennedy wasn’t just questioning GDP as an indicator, he also talked about what makes life worthwhile and what we mean by social progress. That speech is significant in its philosophical and social content and its vision of a different kind of society. In the 50 years between that speech and today much has changed, including in the measurements sphere. The Stiglitz Commission published its report on measurement of social progress in 2009, coinciding almost exactly with the financial crisis. Around the same time, the degrowth movement was beginning to emerge. Over the last 10 years, the conversation has been richer, deeper, and has increasingly involved civil society and resonated with the public.

Yet the debate still doesn’t quite reach political ears in a comfortable way and that’s what is slowly beginning to change. When I wrote Prosperity Without Growth 10 years ago, I was reporting to the British Prime Minister. But as a whole the government wanted it to go away.

…click on the above link to read the rest of the article…

From “Green Growth” to Post-Growth

May 1, 2018

From “Green Growth” to Post-Growth

2018 0414postgrowth
(Photo: Pixabay)

The seduction of economic growth is all-pervasive. Even within progressive circles that claim to understand that growth is causing ecological destruction, there is hope in a new type of salvation: “green growth.” This is the idea that technology will become more efficient and allow us to grow the economy while reducing our impact on the environment. In other words, we will be able to decouple gross domestic product (GDP) from resource use and carbon emissions.

This is appealing to the liberal mind — it provides an apparent middle ground and removes the need to question the logic of the global economy. We can continue on our current trajectory if we make the “right” reforms and get the “right” kind of technology.

The hope of green growth is embedded everywhere, from the majority of domestic economic plans to major international policy schemes like the Paris Climate Agreement and the UN’s Sustainable Development Goals. By uncritically supporting these policies, we are unwittingly perpetuating the neoliberal fantasy of infinite growth on a finite planet.

The Logic of “Green Growth”

In some ways, the math is quite simple. We know that the Earth can only safely sustain our consumption at or below 50 billion tons of stuff each year. This includes everything from raw materials to livestock, minerals to metals: everything humans consume. Right now, we’re using about 80 billion tons each year — roughly 60 percent more than the safe limit. In order for growth to be “green,” or at least not life-destroying, we need to get back down to 50 billion tons while continuing to grow GDP.

A team of scientists ran a model showing that, under the current business-as-usual conditions, growth will drive global resource use to a staggering 180 billion tons per year by 2050. That’s more than three times the safe limit. This type of economic growth threatens all life on this planet.

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Earth Overshoot Day and Not-For-Profit Enterprise

August 14, 2015

Earth Overshoot Day and Not-For-Profit Enterprise

In 2015, 13 August is Earth Overshoot Day. The day marks the estimated calendar date when humanity’s demand on the planet’s ecological services (which produce renewable resources and assimilate wastes) outstrips what the Earth can supply. This means that for the rest of the year, we are taking more than is regenerated, operating in Overshoot. Last year, Earth Overshoot Day was August 19th. We first went into Overshoot in the late 1970s, and since then the day has crept ever earlier on the calendar. This means we are using the ecological resources of just over 1.5 Earths.

Meeting the challenge of providing for all humanity’s needs within the limits of what our Earth can provide will require a radical restructuring of the global economy. In this post I will discuss how a post-growth economy based around not-for-profit enterprise can help us get to One Planet Living.

Before we get into that, though, what is Earth Overshoot Day all about? It’s based on the concept of Ecological Footprinting, which is both a science-based sustainability metric and also a sustainability communication tool developed by the Global Footprint Network. You can read the methodological details here, but the basic idea is that the Ecological Footprint is the amount of productive space needed to provide the ecological resources and absorb the waste of an individual, a city, a business, a country or the whole world, expressed in global hectares.  An Ecological Footprint is made up of cropland, pasture, fishing grounds, forest, land built-up with buildings or infrastructure and the land needed to absorb carbon emissions, with this last one usually accounting for at least half the footprint.

 

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Are We Hard-Wired to Think We Can Grow Forever? « Center for the Advancement of the Steady State Economy

October 31, 2014

Are We Hard-Wired to Think We Can Grow Forever? « Center for the Advancement of the Steady State Economy.

Humanity is an irrational lot, prone to denial and short-termism. If rational arguments were primary catalysts for social change, perhaps a steady state economy would already be a reality. Research in behavioural economics and cognitive psychology is beginning to help us understand why human beings don’t always make decisions that are in their best interests. Can we overcome our irrational, maladapted mental hard-wiring to thrive in a post-growth future?

Trailblazing behavioural economists like Daniel Kahneman have discovered that human beings are highly irrational creatures prone to delusion, cynicism, and short-termism. In ecological economics, Bill Rees has argued that our mental genetic presets have hard-wired us for overconsumption and ecological doom. And now, according to a new theory by Ajit Varki and Danny Brower, perhaps it all stems from an overarching psychological predisposition to denial.

In ecological terms, denial might be characterized as the failure to accept the deleterious consequences of economic growth in favour of accepting comfortable fictions that reinforce the status quo. Head-scratching environmentalists often use the word “denial” to reference the irrational “climate change deniers,” who accept the science of familiar things like internal combustion engines, modern appliances, or GDP growth, yet are dismissive of climate science and planetary boundaries. Why are human beings so good at denial?

…click on the above link to read the rest of the article…

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