Sell Your Stocks and Enjoy the Slide

by Brian Czech

I’m sorry if you’re one of the 145 million Americans invested in the stock market, but I actually find it gratifying to see the market sliding. Why shouldn’t I? As a steady stater, I’m firmly against GDP growth in the 21st century. A perpetually growing stock market presupposes a perpetually growing economy. If the market has to decline along with GDP, I’m all for it.


The Trophic Theory of Money, with Apologies to Peter Victor

by Brian Czech

In my critical review of Peter Victor’s biography, Herman Daly’s Economics for a Full World, I focused on two major and several lesser weaknesses of the book. The two major weaknesses, in my opinion, are the confusion over GDP as an indicator of environmental impact, and the absence of CASSE in a book that, in many ways, CASSE helped make possible or at least more marketable.


Houston, We Have a Credit Problem

by Neil Tracey

In 2021, China had around 30 million homes sitting vacant for extended periods. There’s enough unused housing in China to house around 80 million people, roughly the population of Germany. This isn’t “slack” in the market; there is little hope that these homes will someday find an occupant. These homes are bound to remain empty.

Indeed, most of these homes are simply held as financial assets;


A Perfect Storm for Inflation: COVID, Loose Money, and Putin

by Brian Czech

The current bout of inflation should be no surprise to steady staters. We have national and global ecosystems pushed to the limits by population and economic growth. At the same time, we have monetary authorities and heads of state—neoclassically oblivious to limits—eager to stimulate the economy with loose money. It’s a recipe for inflation.

We tweeted all the way back in March 2020 that inflation was coming.


Resisting the Temptation of Growth at the County Level

by Daniel Giles

Across the USA, a battle for the souls of rural counties is being waged. The battle is fought not in major news outlets, but in local government meetings and the opinion columns of local newspapers. Despite the lack of national coverage, the cumulative outcome of these localized conflicts will change the American landscape for generations to come.

This monumental battle is between those fighting for growth—or “development” as some use interchangeably—and those who strive to conserve the current character of counties.


The New Herman Daly Bio: Confusion at a Critical Juncture and Other Missteps

by Brian Czech

No one in the sustainability business deserves a biography more than Herman Daly. But then, as a literary Clint Eastwood might say, “Deserve’s got nothin’ to do with it.” If a biography needs to be shot out of the saddle—or shot down a peg at least—so be it. Remember, it’s not the fault of the biographee.

Let me shoot straight to the bottom line, then. If you want to know about Herman Daly’s economics for a full world—and you should want to—read Daly’s books and articles.[1] If you want to know about Daly’s childhood days,


Labor Day Reflections: Growth Doesn’t Solve Inequality

by Taylor Lange

Labor Day, like other holidays of remembrance, is an opportunity to reflect on the past and critically consider the future. Our memory ought to include the foot soldiers of the labor movement, from the 10,000 coal miners who fought in the Battle of Blair Mountain to the steel workers who duked it out with the Pinkertons at Homestead mill. We owe our rights as workers to the bitter struggles of many who preceded us.


Paying Taxes with Trophic Money: Watch Out for Environmental Backfires

by Brian Czech

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.


The GameStop Boom: Lessons for Steady Staters

by James MacGregor Palmer

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.


Building Upon the Trophic Theory of Money: Preliminary Results from Canada

By James Magnus-Johnston

The human economy doesn’t just mimic the economy of nature; it is part of it. It is woven directly into the ecological system of producers and consumers. Due to the technological prowess of Homo sapiens, though, the human presence dominates, threatening other species and the life support system of the planet. Human dominance over non-human life leads us to acknowledge some uncomfortable truths, particularly for proponents of “green growth.”

The first pertains to the loss of biodiversity.