In its simplest sense, inflation is an increase in the prices of goods and services. For instance, if the price of a certain good is $10 and in the next month the price increases to $12, the inflation on that item over one month is 20%. Many economists consider low levels of inflation sustained over time to be normal in a functioning economy. However,
Almost half of humanity lives below $6.85 per day. This population does not consume goods and services at a rate exceeding Earth’s capacity. Yet here we sit, on the wrong side of six of the nine planetary boundaries identified by the Stockholm Resilience Centre.
How did we get here? Via the economic activity of the other half of humanity. The planet, and all its inhabitants,
Ask Americans what the Green New Deal is all about, and you’ll get two basic answers. Most often you’ll hear, “It’s about moving to renewable energy in order to fight climate change.” You’ll also hear, from a camp further right, “It’s all about socialism!”
Either way, the really green, really new feature is overlooked. What the Green New Deal is really about is the transition to a steady state economy.