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#economicgrowth

7 posts6 participants0 posts today
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ABC Feeds

Wall Street vs Main Street: Why markets matter more than you think
By Ian Verrender

With trillions of dollars wiped off global markets, the impact extends beyond stock exchanges into the broader economy. Here's why the effects have a much quicker transmission process into our everyday lives than they once did.

abc.net.au/news/2025-04-08/wal

ABC News · How what happens on financial markets affects the broader economyBy Ian Verrender
#StockMarket#EconomicGrowth#Tariffs
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DoomsdaysCW

#Degrowth can work — here’s how science can help

Wealthy countries can create prosperity while using less materials and energy if they abandon #EconomicGrowth as an objective.

By Jason Hickel, Giorgos Kallis, Tim Jackson, Daniel W. O’Neill, Juliet B. Schor, Julia K. Steinberger, Peter A. Victor & Diana Ürge-Vorsatz, 12 December 2022

Excerpt: "The global economy is structured around growth — the idea that firms, industries and nations must increase production every year, regardless of whether it is needed. This dynamic is driving climate change and ecological breakdown. High-income economies, and the corporations and wealthy classes that dominate them, are mainly responsible for this problem and consume energy and materials at unsustainable rates.

"Yet many industrialized countries are now struggling to grow their economies, given economic convulsions caused by the COVID-19 pandemic, Russia’s invasion of Ukraine, resource scarcities and stagnating productivity improvements. Governments face a difficult situation. Their attempts to stimulate growth clash with objectives to improve human well-being and reduce environmental damage.

"GDP is getting a makeover — what it means for economies, health and the planet

"Researchers in ecological economics call for a different approach — degrowth. Wealthy economies should abandon growth of gross domestic product (#GDP) as a goal, scale down destructive and unnecessary forms of #production to reduce energy and material use, and focus economic activity around securing human needs and well-being. This approach, which has gained traction in recent years, can enable rapid #decarbonization and stop ecological breakdown while improving social outcomes. It frees up energy and materials for low- and middle-income countries in which growth might still be needed for development. Degrowth is a purposeful strategy to stabilize economies and achieve social and ecological goals, unlike recession, which is chaotic and socially destabilizing and occurs when growth-dependent economies fail to grow.

"Reports this year by the Intergovernmental Panel on Climate Change (#IPCC) and the Intergovernmental Science-Policy Platform on #Biodiversity and #Ecosystem Services (#IPBES) suggest that degrowth policies should be considered in the fight against #ClimateBreakdown and #biodiversity loss, respectively. Policies to support such a strategy include the following.

"Reduce less-necessary production. This means scaling down destructive sectors such as #FossilFuels, mass-produced meat and dairy, #FastFashion, #advertising, #cars and aviation, including #PrivateJets. At the same time, there is a need to end the #PlannedObsolescence of products, lengthen their lifespans and reduce the purchasing power of the #rich.

"Improve #PublicServices. It is necessary to ensure universal access to high-quality #HealthCare, #Education, #Housing, transportation, Internet, #RenewableEnergy and nutritious food. #UniversalPublicServices can deliver strong social outcomes without high levels of resource use.

"Introduce a green jobs guarantee. This would train and mobilize labour around urgent social and ecological objectives, such as installing renewables, insulating buildings, regenerating #ecosystems and improving social care. A programme of this type would end unemployment and ensure a just transition out of jobs for workers in declining industries or 'sunset sectors', such as those contingent on fossil fuels. It could be paired with a #UniversalIncome policy.

"Reduce working time. This could be achieved by lowering the retirement age, encouraging part-time working or adopting a four-day working week [and hybrid or remote work]. These measures would lower #CarbonEmissions and free people to engage in care and other welfare-improving activities. They would also stabilize employment as less-necessary production declines.

"Enable #sustainable development. This requires cancelling unfair and unpayable debts of low- and middle-income countries, curbing unequal exchange in international trade and creating conditions for productive capacity to be reoriented towards achieving social objectives.

"Some countries, regions and cities have already introduced elements of these policies. Many European nations guarantee free health care and education; Vienna and Singapore are renowned for high-quality public housing; and nearly 100 cities worldwide offer free public transport. Job guarantee schemes have been used by many nations in the past, and experiments with basic incomes and shorter working hours are under way in Finland, Sweden and New Zealand.

"But implementing a more comprehensive strategy of degrowth — in a safe and just way — faces five key research challenges, as we outline here."

Read more:
nature.com/articles/d41586-022

Archived version:
archive.ph/AtJ87
#FourDayWorkweek #RemoteWork #HybridWork #CircularEconomy #CapitalismKills #RightToRepair #ProtectMotherEarth #CorporateColonialism #BuyLess #BuyNothing #LibraryOfThings #SolarPunkSunday

www.nature.comDegrowth can work — here’s how science can helpWealthy countries can create prosperity while using less materials and energy if they abandon economic growth as an objective.
Public
Miguel Afonso Caetano

"In a work obviously targeted, like Shaikh’s, at graduate students in economics, the authors approach their objective via a critique of orthodox growth theory and two types of growth models. One, the post-Keynesian Harrod-Domar model, is described as a knife-edge model, as any deviation from a balanced growth path sets off an inexorable process of either inflationary expansion (if investment is above the ‘warranted rate’) or deflationary contraction (if below) – unless states intervene to stabilize the system. The ‘neoclassical’ Solow model, constructed in response to the unrealistic instability of the post-Keynesian model, depended on the ludicrously unrealistic assumptions of perfect competition. It was later combined with the problematic concept of ‘total factor productivity’, and suffered from the notorious ‘aggregation problem’ of measuring the total stock of capital.

After concisely explaining the deficiencies of both models, the authors turn to classical political economy, including Marx, for an alternative. In summary, they counterpose Shaikh’s concept of ‘real competition’ to both neoclassical perfect competition theory and theories of monopoly capital. They explain how aggregation problems can be overcome using a labour theory of value, with estimates of socially-necessary labor-time for the elements of constant capital."

marxandphilosophy.org.uk/revie

marxandphilosophy.org.uk‘Economic Growth and Long Cycles: A Classical Political Economy Approach’ by Nikolaos Chatzarakis, Persefoni Tsaliki and Lefteris Tsoulfides reviewed by Peter GreenThe primary objective of Economic Growth and Long Cycles, to quote a summary from the final chapter, is ‘to construct a growth-cum-cycles model inspired by the Classical and Marxist Political Economy tradition’ (249). There are those who reject any identification of Marx with the classical tradition, works which, in this respect and others, are indebted to  Anwar Shaikh’s magnum opus Capitalism. But this book, along with Shaikh’s, should become compulsory reading for anyone engaged with the now rather unfashionable quantitative dimension of Marx’s Capital. The model is most innovative in specifying the connections between long cycles (or ‘long waves’) and…
#Economics#PoliticalEconomy#EconomicGrowth
Public
Headlines Africa

Africa: The Next Superpower Isn't a Country--It's Africa's Youth: [Capital FM] Africa, the cradle of humanity, is once again shaping the future--this time, as the cradle of skills. The continent is home to the youngest population in the world, a demographic trend that stands in stark contrast to the aging and shrinking workforces in regions such as Europe, North America, and parts of Asia. By… newsfeed.facilit8.network/TJl8 #AfricaYouth #NextSuperpower #EconomicGrowth #YouthEmpowerment #FutureOfWork

Public
Euractiv

China’s Economy with Promising Prospects: Pursuing Progress while Ensuring Stability: At present, due to factors such as unilateralism, protectionism, and geopolitics, the world #economicgrowth lacks momentum and faces severe challenges. Against this backdrop, the international community, including Europe, is paying more attention to China’s development prospects and hopes China’s economy can play a greater role in promoting world development and prosperity. euractiv.com/section/global-eu

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