Article Title: Economics in a Full World
Author: Herman E. Daly
Keypoints:
- Global economy is too large for the thoughts of an unlimited ecosystem
- Uneconomic growth which produce more bads than goods
- U.S has entered uneconomic growth already
- When people benefit from uneconomic growth, they don't really care for the good of the economy
- Living standards and an ecologic catastrophe can happen if we don't change our actions
- Mainstream economists are committed to growth
- Biosphere is finite and nongrowing
- Economy must adapt to dynamic equilibrium
- An ever growing economy is impossible
- GDP, utility, throughput, natural capital, and total capital are needed to be altered to make a good economy
- Resources are a form of capital
- Ability to pollute or deplete resources are a scarce asset
- Things like higher taxes and older age requirement can be changed to help
- GDP can can still grow even with throughput
- Wealthy should spend income on intangibles
- sustainable economy would require replacement and qualitative improvement
- Currently, trade is regulated in ways that opposed the environment
- Throughput flow would be taxed
- Somestacks subject to a cap and trade system
Summary:
A growth in our population has put our economy on a tight spot. Not only the U.S's economy, but the whole world basically is suffering from the current situation of having too many people. However, it seems that the U.S is one of the only countries with uneconomic growth. This is a problem as more bads are being sold instead of goods. Our economy will have to adjust to fit the requirements of being sustainable. Five of these things that need to be altered are the GDP, utility, throughout, natural capital, and total capital. This will mold the economy to the dynamic equilibrium. In a world where our economy is based on limited resources, we will need to require a change of factors.
My thoughts:
This article has made me think a lot about how far our country and race has proceeded in technology and laws. Our advancement in technology has put our ability to survive really high. I think that our abuse of technology and lack of laws have put a little bit into what our situation is now. By enforcing more laws to conserve more resources and sustain it, we can stop an ecologic catastrophe.
A growth in our population has put our economy on a tight spot. Not only the U.S's economy, but the whole world basically is suffering from the current situation of having too many people. However, it seems that the U.S is one of the only countries with uneconomic growth. This is a problem as more bads are being sold instead of goods. Our economy will have to adjust to fit the requirements of being sustainable. Five of these things that need to be altered are the GDP, utility, throughout, natural capital, and total capital. This will mold the economy to the dynamic equilibrium. In a world where our economy is based on limited resources, we will need to require a change of factors.
My thoughts:
This article has made me think a lot about how far our country and race has proceeded in technology and laws. Our advancement in technology has put our ability to survive really high. I think that our abuse of technology and lack of laws have put a little bit into what our situation is now. By enforcing more laws to conserve more resources and sustain it, we can stop an ecologic catastrophe.
So what?If we don't think correctly, there won't be any resources to sustain the population.
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Says who?Says environmentalist and Herman E. Daly
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What If?What if our population was smaller but we were still in the current situation?
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This reminds me of...lion king when Scar takes over and his bad laws and thinking put the land under a situation of no food and resources.
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