To transform society – as climate science insists we must – we need a new economics.
Lightly regulated corporate capitalism – a.k.a. neoliberalism – has done much to get us into this mess, with its view of the earth’s finite resources as ‘natural capital’ to be ruthlessly extracted and exploited. The economic theory underpinning this – 'neoclassical economics' – has been taught in universities and faithfully accepted by mainstream political parties for forty years. GDP is its metric; endless growth is its goal.
But this economic orthodoxy is being challenged. Doughnut economics, for example, pioneered by Kate Raworth, defines its goal as ‘thriving’ communities, living within planetary boundaries. The doughnut was recently adopted by Amsterdam; could LBHF be next?
Another big idea is degrowth, which argues that to avoid climate catastrophe (and for many other good reasons), we need to extract, produce and consume less stuff – and in the words of Jason Hickel, ‘become more’.
Bringing these ideas and others together are the Wellbeing Economic Alliance and the New Economics Foundation. There has never been a better time to get economically literate.
(click on the text for more information)
Fairytales of Growth
Shows how economic growth has brought us close to catastrophic climate breakdown; what then are the alternatives? (47 mins, 2020)
Economics
Video
Universal Basic Income
National Geographic article on the Universal Basic Income: utopian pipe-dream or a great idea whose time has finally come?
Economics
Article
Wellbeing Economic Alliance
WEAll unites 'organisations, alliances, movements and individuals working towards a wellbeing economy…’ The governments of Scotland, Wales, Iceland and NZ are signed up.
Economics
Article
Doughnut Economics
Kate Raworth’s 15 minute Ted talk (2018) has been seen by millions: ‘A healthy economy should be designed to thrive, not grow.’
Economics
Video
Timebanking
Article from Yes! magazine on a timebanking project in St. Louis, USA, where residents exchange their time, skills and goods instead of money.
Economics
Article
Degrowth
Five things you need to know about degrowth: a handy summary and short video from the German broadcaster, DW (Deutsche Welle).
Economics
Article
Doughnut Economics
Kate Raworth: Doughnut economics. Best-selling introduction to the doughnut-shaped alternative to growth-driven economics.
Economics
Book
The Growth Delusion
David Pilling tells how GDP came to be the all-important economic metric for governments – then thoroughly debunks it. Other metrics, it turns out, are available…
Economics
Book
New Economics Foundation
Together we can change the rules to make the economy work for everyone
Economics
Article