Sustainability and the New Economics: Synthesising Ecological Economics and Modern Monetary Theory

This book provides new insights and hope for sustainable prosperity given recent developments in economics, but only if swift and strong actions consistent with Earth's biophysical limits and principles of justice are universally taken. It argues for a synthesis of our increasing knowledge of the ecospheres limited carrying capacity and the power of governments to harness, transform, and distribute resources for the common good. It also calls for a complete overhaul of the dominant economic system, and policy recommendations based on a new economics that would guarantee a sustainable and prosperous future.

Format: Paperback / softback
Length: 344 pages
Publication date: 11 December 2022
Publisher: Springer Nature Switzerland AG

This comprehensive and interdisciplinary work offers fresh perspectives and renewed hope for sustainable prosperity in light of recent developments in economics. However, its potential impact will only materialize if swift and decisive actions are universally adopted, aligned with Earth's biophysical limits and principles of justice. It is one thing to impose restrictions on resource consumption and waste generation to align with the ecological capacity of the biosphere. It is entirely different to effectively allocate a sustainable rate of resource throughput and ensure its equitable distribution in the form of final goods and services. While the decisions related to throughput, distribution, and allocation form the core of ecological economics, addressing them in a world grappling with its addiction to growth necessitates a realistic understanding of macroeconomics and the fiscal capacity of currency-issuing central governments. Achieving sustainable prosperity demands that we harness this understanding to meticulously regulate the rate of resource throughput and manipulate macroeconomic outcomes to foster human well-being.

The book begins by acknowledging humanity's current predicament of profound ecological overshoot, lamenting the half-century of missed opportunities since The Limits to Growth (1972). What was once considered economic growth has transformed into un economic growth in many high-income countries, where the costs exceed the benefits. This growth no longer contributes to improved well-being. Meanwhile, low-income nations require efficient and equitable growth to alleviate poverty while safeguarding their environments and the global commons.

The book advocates for a harmonious synthesis of our growing understanding of the ecological capacity of the biosphere and the authority of governments to harness, transform, and distribute resources for the collective benefit. At the heart of this synthesis lies the recognition that the pursuit of economic growth alone cannot be the sole driver of societal progress. Instead, we must prioritize the preservation and restoration of the natural world, ensuring that human activities align with the finite resources available to us.

To achieve this, the book proposes a range of policy recommendations and interventions. It emphasizes the importance of implementing sustainable resource management practices, such as renewable energy development, waste reduction, and conservation efforts. It also calls for the establishment of effective governance structures and regulations to ensure that resources are allocated and used in a fair and equitable manner. Furthermore, the book highlights the role of education and awareness-raising in fostering a culture of sustainability and responsible resource use.

In conclusion, this multidisciplinary book provides a valuable roadmap for achieving sustainable prosperity in a world facing unprecedented ecological challenges. By integrating knowledge from various fields and advocating for transformative actions, we can pave the way toward a future where human well-being is harmoniously coexisted with the health of our planet. The time for action is now, and we must seize this opportunity to create a sustainable and resilient future for generations to come.

Weight: 539g
Dimension: 235 x 155 (mm)
ISBN-13: 9783030787974
Edition number: 1st ed. 2022