"System change is now inevitable. Either because we do something about it, or because we will be hit by climate change. '...

"We need to develop economic models that are fit for purpose. The current economic frameworks, the ones that dominate our governments, these frameworks... the current economic frameworks, the neoclassical, the market frameworks, can deal with small changes. It can tell you the difference, if a sock company puts up the price of socks, what the demand for socks will be. It cannot tell you about the sorts of system level changes we are talking about here. We would not use an understanding of laminar flow in fluid dynamics to understand turbulent flow. So why is it we are using marginal economics, small incremental change economics, to understand system level changes?"

Monday, September 7, 2015

Managing Without Growth

This is a one-hour lecture. But I think it's worth the time.


4 comments:

Rob Ryan said...

Michael, I've started watching. Most interesting so far. Questions: Have you read his book? If so, do you know if the source of the data in his graphics is in the book?

Michael Tobis said...

Can't help on that score. Just came across this fellow very recently.

He's the closest thing to an economist making sense that I have encountered.

JamieB said...

Michael do you know of Tim Jackson? He's another economist working in this area and wrote Prosperity Without Growth:

http://www.surrey.ac.uk/ces/people/tim_jackson/

JamieB said...

Oh, I see from Jackson's bibliography that he's currently publishing with Victor