Economics In A Full World
- a. growth is thought to be the solution to everything
- b. wealth “will” trickle down
- c. don’t try to “redistribute” wealth
- d. lower interest rates > new jobs
- e. rely on the Kuznets curve, pollution will decrease
Finite Biosphere
- a. the economy is a subsystem of a finite biosphere
- b. natural capital: fish, minerals, fossil fuels
- c. man made capital: roads, factories, appliances
- d. “uneconomic growth”: negative externalities are produced faster than goods
- e. humankind must make the transition to sustainable economy
- f. there are inherent biophysical limits of the global ecosystem
- g. an ecological catastrophe would sharply lower living standards
- h. mainstream/neoclassical economists consider sustainability to be a fad
- i. the biosphere is finite, non-growing, and a closed system
- j. subsystems such as an the economy
Lifetime
- a. in 67 years, the human population 3x
- b. total energy used has increased per person
- c. microeconomics: costs & benefits to different behaviors
- d. an ever-growing economy is unsustainable
- e. 1) GDP, 2) utility, 3) throughput, 4) natural capital, 5) total capital: natural + man-made capital
- f. GDP: development + growth
- g. well-being/satisfaction of wants isn’t measured by GDP
- h. low-entropy resources are taken from nature & made into high-entropy wastes
- i. man-made capital isn’t superior to natural capital
- j. strong sustainability: more boats won’t create more fish
- k. cap & trade: regulate the ability
- l. free markets is incompatible with sustainability
- m. higher taxes needed for Social Security
- n. need more durable products
- o. products need to be recycled @ the end of their lifespan
- p. the wealthy spend most of their $ on houses, cars, trips
- q. investment in a sustainable economy, for replacement & qualitative improvement, not speculation
- r. trade has to be regulated
- s. high incomes & luxuries should be taxed
- t. labor intensive industry, higher employment
- u. wealthy countries: more consumption is not increasing happiness
- v. need to think in terms of physical resources
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