Herman Daly Has the Floor

Editor’s Note: Saturday, October 28 marks the first anniversary of Herman Daly’s passing.  The father of steady-state economics, Daly was CASSE’s economist emeritus and a long-time board member. We celebrate his clear and stimulating thought with three classic essays from Best of The Daly News.

Wealth, Illth, and Net Welfare

Well-being should be counted in net terms, that is to say we should consider not only the accumulated stock of wealth but also that of “illth;” and not only the annual flow of goods but also that of “bads.” The fact that we have to stretch English usage to find words like illth and bads to name the negative consequences of production that should be subtracted from the positive consequences is indicative of our having ignored the realities for which these words are the necessary names.

Terrestrial and Solar Resources in a Steady State Economy

by Herman Daly

Let us consider a different slant on the current discussion about the necessity versus sufficiency of renewable energy for a steady state economy at the present physical scale.

Pursuant to the pioneering economics of Nicholas Georgescu-Roegen (G-R), we recognize two sources of the low-entropy flow that sustains our lives: the solar and the terrestrial. They differ in their pattern of scarcity. The solar energy source is practically infinite in its stock dimension,