British - Economist | -
It is the accuracy and detail inherent in crafted goods that endows them with lasting value. It is the time and attention paid by the carpenter, the seamstress and the tailor that makes this detail possible.
Tim Jackson
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Our own relentless search for novelty and social status locks us into an iron cage of consumerism. Affluence has itself betrayed us.
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Productivity - the amount of output delivered per hour of work in the economy - is often viewed as the engine of progress in modern capitalist economies. Output is everything. Time is money. The quest for increased productivity occupies reams of academic literature and haunts the waking hours of C.E.O.s and finance ministers.
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Firms produce goods for households - that's us - and provide us with incomes, and that's even better, because we can spend those incomes on more goods and services. That's called the circular flow of the economy.
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There is a real fear around shifting from our existing economic system because people believe it gives us social organisation, a sense of freedom, and the ability to be nice to each other. Growth is seen as a social lubricant that allows us to be socially responsible.
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Status-driven, conspicuous consumption thrives from the language of novelty.
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Novelty is adaptive when things are changing and you need to adapt yourself. Tradition is essential to lay down the stability to raise families and form cohesive social groups.
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Questioning growth is deemed to be the act of lunatics, idealists and revolutionaries. But question it we must.
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The idea of a non-growing economy may be an anathema to an economist. But the idea of a continually growing economy is an anathema to an ecologist.
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If we are going to be able to create a new economic vision, companies will need to rethink every aspect of their operations; their bottom lines, ownership structures, demands on financial returns, how they raise capital. For example, an ethical company would say it should only take a fair share of the planet's resources and campaign on this.
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Big companies are reliant on institutional investors on a punishing schedule which leads to ruthless behaviour. This form of capitalism with this structure and incentives will never deliver sustainability.
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The most staggering linguistic turnabout for me is the one that equates green economy with 'sustained economic growth.'
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