These are the CASSE blog articles on economic growth.
The year was 1965, and on the morning of July 9 in Geneva, Adlai Ewing Stevenson II prepared for his final speech to the UN. A former Governor of Illinois and presidential candidate, what he was about to say might still become his greatest contribution. But we’re in danger of forgetting it.
What Adlai Stevenson proffered the world that day was a metaphor. A simple yet powerful idea that,
I didn’t set out to coin a phrase, but “trophic money” will be far handier than “money derived pursuant to the trophic theory of money.” The trophic theory of money is that money originates via the agricultural surplus that frees the hands for the division of labor into all the other economic activities, most basically manufacturing and services. It’s a theory of money that reflects not only the trophic structure of the economy—with manufacturing and services built upon a base of agriculture and extraction—but the fact that money is meaningless unless we have an agricultural surplus at the trophic base.
Karl Marx thought of history as progressive, moving from aristocracy to bourgeois capitalism to socialist revolution to communist utopia. While neoclassical economists such as Alan Greenspan and Paul Romer might not agree with Marx on much, they do agree that history tends toward progress. Today, nearly everyone on the political left and much of the political right is “historically progressive,” even if politically conservative. They all seem to believe that our children will inherit a more prosperous,
Over the last week of January, it was hard to miss the headlines: “Reddit vs Wall Street,” “Reddit Sparks Wall Street Crisis,” “The Reddit Traders Who Took On Wall Street’s Elite.” The GameStop phenomenon, fueled by the Reddit forum “WallStreetBets,” was pitched as a David vs Goliath story where a group of ordinary citizens took on the elites and won.
On September 23, 2019, a 16 year-old girl fearlessly sent a message to world leaders at the UN Headquarters: “We’ll be watching you.” Though Greta Thunberg had become a household name at this point for her school-strike movement, this speech would mark her as the voice of a generation, garnering 4 million views and a designation as “Time’s 2019 Person of the Year.” Though her whole speech is moving,
To most people, the idea of a steady state economy is misunderstood at best and completely unknown at worst. Outside of economic, environmental, and academic circles, steady staters are hard to come by. The idea of a steady state economy is not yet mainstream and is shied away from in the media, general politics, education, and culture. Economic growth has been sold to generations as the remedy to all our ailments.
In a world of vexing issues—and our topic this week is certainly that—population growth might just be the most ironic. That’s because it should be among the simplest of issues; almost trifling in its mathematics. Yet opinions about it are beset with political, economic, and even some technical controversy.
For steady staters it seems perfectly clear: Population must be stabilized for the sake of societal well-being and even mere sustainability.
“Orthodoxy, Autocracy, and Nationality.” Those were the principles that underlaid most of the Tsarist governments in the final 80 years of Romanov rule. It was a slogan and a belief system, Russia’s version of “liberté, égalité, fraternité.” Eventually, under the leadership of a poor autocrat, Nicholas II, it would lead to the Russian Revolution and the brutal murder of Nicholas and his family. Yet between its coining in 1832 and the Revolution in 1917,
People use narratives to support their position, and narratives can serve three purposes. First, they tell a story of belonging. If you meet a stranger and realize you are from a common area, you more easily engage in conversation than otherwise. Second, they describe norms that guide our actions. Most people in society follow certain norms such that by doing so, they are accepted as part of the group. Third—and most relevant to advancing the steady state economy—we use narratives to describe and learn about how the world works.
1.8 million pounds.
That’s how much the UK government thinks our lives are worth.
Placing an economic value on a human being is nothing new. It’s standard practice in a growth-obsessed society that ascribes economic value to whatever it can.
Last week the UK’s COVID-19 death toll broke the 50,000 mark. With our own wild-haired leader of the post-truth era at the helm,