Citizen Action Monitor

In his concluding section of Chapter 9, Jackson foresees the emergence of a post-growth macroeconomics

Beyond the growth dilemma, a new macroeconomics will improve “the quality of our society and the integrity of our environment.”

No 2123 Posted by fw, December 13, 2017

To access all other synopses from Prosperity without Growth, click on the Tab titled “Prosperity without Growth” — Links to All Posts in the top left margin of the Home page.

In Section 11, the final section of Chapter 9, Towards a Post-Growth Macroeconomics, ecological economist Tim Jackson reminds us that he set out to make the case that “a new post-growth macroeconomics is absolutely essential.”

In summarizing the highlights, Jackson concludes Section 11, and Chapter 9, with a reality check of where we are and where we’re headed:

Integrating these insights into a consistent overarching theory is still very much a work in progress. But the overwhelming lesson from the exploration in this chapter is that a coherent ‘post-growth’ macroeconomics is entirely possible.”

Tim Jackson is a British ecological economist and professor of sustainable development at the University of Surrey.

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Beyond the growth dilemma, a synopsis, from Chapter 9, “Towards a Post-Growth Macroeconomics ” of Tim Jackson’s book, Prosperity without Growth, Routledge, 2nd edition, 2016-17

In Section 11, the final section of Chapter 9, Towards a Post-Growth Macroeconomics, ecological economist Tim Jackson reminds us that he set out to make the case that “a new post-growth macroeconomics is absolutely essential.”

In retrospect, Jackson considers that current economic conditions are “likely to reduce the growth potential of the economy.” If this likelihood becomes reality, Jackson foresees the emergence of a post-growth macroeconomics, which will facilitate improvement to “the quality of our society and the integrity of our environment.”

Moreover, “starting from clear first principles,” the dimensions of this new macroeconomics can be defined in terms of  “the nature of the enterprise, the quality of work, the structure of investment, and the role of money.”

The overarching goal for post-growth macroeconomics,” declares Jackson, “must be to show how these dimensions can be integrated into a coherent economic framework that delivers high levels of employment, allows for social investment, reduces inequality and protects financial stability.”

The path to achieving a transition from a growth to a post-growth macroeconomics will present a formidable challenge, with potential threats coming from “economic stagnation, high unemployment, rising inequality, escalating debt, and increased financial instability.

Notwithstanding these potential difficulties, Jackson reminds us that Chapter 9 “has shown that a systematic approach to these challenges reveals surprising avenues of possibility.” Apparent impossibility conjectures, “armed mainly with false assumptions and outdated precepts,” are disarmed when subjected to robust scrutiny.

Opposing viewpoints “should not surprise us,” cautions Jackson. As in any academic discipline, economics is not cast in stone. In Jackson’s words, “Economics is an artefact of human society. Its apparent intractability is a cultural construct.

Jackson concludes Section 11, and Chapter 9, with a reality check of where we are and where we’re headed:

Integrating these insights into a consistent overarching theory is still very much a work in progress. But the overwhelming lesson from the exploration in this chapter is that a coherent ‘post-growth’ macroeconomics is entirely possible.”

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