In setting forth the ideas in the book ‘Economics for a Round Earth’ I did not expect that they would rapidly be taken up as policy and that the global economy would thus be set on a radically different, sustainable path, in time to avoid pain. ... Read more
Another misconception held by many in both “rich” and “poor” countries is that the “rich” should go on making and using ever more goods and services, thereby “creating wealth” that can somehow find its way to the “poor” nations, making them “richer”. ... Read more
A more accurate definition of economic growth would be any change in the relation between the throughput and renewal rates, for a given resource for which throughput exceeds renewal, in which change the ratio of the throughput rate to the renewal rate falls, or conversely the ratio of renewal to throughput increases. ... Read more
The plan which eventually became acceptable, more readily under pressure of the Second World War, was that of deficit spending, whereby the government deliberately set out to spend more than they received through taxes, duties, and charges. The gap could be filled by borrowing, thereby mobilising stagnant funds. ... Read more
In terms of physically damaging, poisoning, or depleting the earth’s living environment, there are no such things as visual or noise pollution.
These are red herrings in the sense that, for example, people who object to the noise of rock music, traffic, or children at play, or object to the replacement of an ornamental old building by a stark new one, feel entitled to attach their cause to the environmental cause (feeling licensed by the use of the word “pollution” in describing what they object to), thereby distracting attention from issues of real importance to the living environment and diverting energy that should go into resolving those issues in the environment’s favour. ... Read more
To repeat in another way a point discussed earlier, there is an achievable optimum flow of money through the aggregate income (wages plus social welfare) channel in relation to the flow through other channels. The optimum state is characterised in two ways: (i) full employment, that is no involuntary employment of able people, prevails; (ii) economic activity, the wealth throughput rate, is at the maximum possible within the constraints imposed by other factors. ... Read more
During the 1970’s and 1980’s governments and people generally in the more perfluent nations were waiting for an economic “upturn” or “recovery” to reduce what had become chronic high unemployment. The underlying assumption was that the high throughput-increase rates, the so-called “economic growth” rates of the 1950’s and 1960’s, were normal and that the more sluggish throughput-increase (TI) rates of latter years were an abnormal phenomenon that could be expected to speed up in time through this or that brilliant policy initiative or going back to the early economics of the eighteenth and nineteenth centuries; or by eliminating (depending on your point of view) businessmen, unions, migrants, taxes, civil servants, or computers; or just by waiting. ... Read more
It has not been the aim of these posts to provide detailed remedies for every current problem in or related to economics.
It has only been my purpose to outline a more practical and realistic relationship between the human economy and the world we live in, one which favours life over death, progress and enhancement over degeneration. ... Read more
People love their children, and children generally are a source of pleasure. Some people even claim to derive deep satisfaction from a houseful of seven or eight youngsters. But it is true to say of most people regardless of ethnicity or location that, if they had a really free choice, they would rather have a manageable number – enough for pleasure and company – but not the heavy load of six to a dozen or more. ... Read more
Litter “Pollution”: A misleading idea, started when environmental awareness really took off world-wide in the late 1960’s and early 1970’s, is that “pollution” means “litter” and that preventing litter means doing all that’s necessary to prevent pollution and protect the environment. ... Read more