Steady State Economy

Download Video: Closed Format: "MP4" Open Format: "Ogg"

On the weekend of 19th June, a meeting took place in Leeds which challenged one of government's primary policy objectives. In a world increasingly concerned about the impacts of recession, business people, academics, politicians, media and other members of the public came together to explore the purpose of "the economy". The conference showed that creating healthy environments and "health for all" can be part of policies to bring about a steady state economy.

Perpetual economic growth is not possible.

CASSE call it Steady State, rather than No Growth:

http://steadystate.org/

THE PLANET CANNOT SURVIVE CONTINUED ECONOMIC GROWTH

Eminent speakers highlighted that continued economic growth is not only undesirable, but impossible. The first speaker, Peter Victor, professor of environmental studies in York University, Canada, highlighted that we are already in the danger zone on a number of environmental indicators, as our overuse of resources and overproduction of waste products unbalances planetary equilibrium. A deluge of technological improvements has not resulted in overall reductions in emissions as more efficient technologies tend to result in increased frequency or scale of use and such technologies often have significant embodied energy inputs.

PROGRESS IS NOT MORE MONEY; PROGRESS IS ABOUT PEOPLE

Exploring the concept of a steady state economy forces us to consider what it is that we hope to derive from the economy. To improve conditions of life does not necessarily require economic growth, and this conference explored the macro and micro policies that could be implemented in a steady state economy. Peter Victor highlighted the "genuine progress indicator", which combines indicators with the GDP to create a marker of progress that is less focussed on money and more on people and wellbeing. The issue of measurement of progress was discussed in a workshop.  

MORE EQUAL SOCIETIES DO BETTER

In a workshop on the distribution of income and wealth Kate Pickett, Professor at York University, highlighted that more equal societies that are less materialistic have better outcomes in terms of health, crime and wellbeing. The discussion tried to establish policies that could be put in place at the institutional level to create a more equal society. Participants suggested that greed and fear drive inequality, and discussed the fairness of payment scales for different workers. National and local policies to improve the situation were debated, including citizens' income and co-operative ownership and salary setting.

Tim Jackson, professor of sustainable development at the University of Surrey, presented to the conference by video link to discuss "prosperity without growth", a concept that his government commissioned report discussed in 2009. Andrew Simms, Director of New Economics Foundation, showed the impossibility of perpetual growth. See a parallel between the economy and a hamster here.

REALITIES OF IMPLEMENTING SUSTAINABLE POLICIES

To reduce emissions sufficiently to prevent run away climate change requires a mechanism to measure and enforce the necessary limits on emissions. A workshop looked into the broad range of impacts, positive and negative, of various strategies and highlighted principles that would need to be applied to ensure effective policy implementation with maximal benefit and minimal harms to the whole economy and society.

A STEADY STATE ECONOMY: A POSITIVE REALITY OF THE FUTURE

Continued economic growth is unsustainable. What the "no growth" economy will look like, what benefits and harms it will bring, and the future health of the nation will depend on policies such as those discussed at the conference.