From Uneconomic Growth to a Steady-State Economy

This timely collection of essays is a magnificent testament to Daly's pioneering work over four decades. Armed with clear scientific principles and an unfailing logic, Daly sets out on an urgent quest to develop an economics fit for purpose on a finite planet. The originality and clarity of thought revealed in this new collection is extraordinary. It cements Daly's status as the most visionary economist of our time.' - Tim Jackson, Centre for Environmental Strategy, University of Surrey, UK'Herman Daly has been leading the way on uneconomic growth and steady-state economics for nearly 50 years, and still is. His numerous contributions are increasingly relevant and influential, deeply insightful and unusually accessible to readers from all walks of life. How fortunate we are to have in a single volume so many of Daly's most important papers. Re-reading them is a pleasure and an inspiration, reading them for the first time could very well change your life.' - Peter A. Victor, York University, Canada 'Herman Daly has helped us to realize that there is economic growth and uneconomic growth. In so doing, he reminds us that the only viable long-term option is a steady-state economy.' - Lester R. Brown, President of Earth Policy Institute and author of Full Planet, Empty Plates In this important book, Herman E. Daly lays bare the weaknesses of growth economics and explains why, in contrast, a steady-state economy is both necessary and desirable. Through the course of the book, Daly develops the basic concept and theory of a steady-state economy from the 1970s limits to growth debates. In doing so, he draws on work from the classical economists, through both conflicts and agreements with neo-classical and Keynesian economists, as well as recent debates on uneconomic growth. Editorial-style policy essays substantiate Daly's argument and he provides specific application of steady-state economics to important current issues, including monetary reform, tax reform, international trade and population. The book also includes discussion and critique of ethical, as well as biophysical, presuppositions of growth. From Uneconomic Growth to a Steady-State Economy is essential reading for academics, students and researchers in the fields of ecological economics, environmental studies, economic development, resource economics and public policy. Contents: Preface 1. Introduction : Envisioning a Successful Steady-State Economy Part I: Early Discussion of Basic Steady-State Concepts 2. The Economics of the Steady State 3. In Defense of a Steady-State Economy Part II: Later Extensions into Standard Economics 4. Towards an Environmental Macroeconomics 5. Growth, Debt, and the World Bank Part III: Recent Revival of the Growth Debate, and Policies for a Steady State 6. A Further Critique of Growth Economics 7. Moving from a Failed Growth Economy to a Steady State Economy 8. Climate Policy: From 'Know How' to 'Do Now' Part IV: Ethical Foundations of a Steady-State Economy 9. Incorporating Values in a Bottom-Line Ecological Economy 10. Ethics in Relation to Economics, Ecology, and Eschatology Part V: Short Essays on Current Issues Related to Growth versus Steady State Index