Vania Esady and Stephen Burgess A summary measure for UK households’ resilience High levels of household debt have been shown to amplify recessions. For example, in the global financial crisis (GFC), UK households with more debt tended to cut back their spending disproportionately, amplifying aggregate demand effects and potentially making the recession worse. High levels … Continue reading A summary measure for UK households’ resilience
Consumption
by Brian Czech
Steady State Herald readers are familiar with the theory that money originates from an agricultural surplus that frees hands for the division of labor—and thenceforth the exchanging of money. This trophic theory of money (TTOM) helps us understand not only the historical origins of money, such as in Mesopotamia (the “Cradle of Cash”), but also the annual origins of “warranted money” in the grain belts of the world.
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by Mark Cramer
Every four years, the Summer Olympics present a rare opportunity for friendly competition and collaboration among nations. The public has an opportunity to witness a myriad of sports that otherwise never make the headlines. Talented athletes get a rare chance to display their skills before an international audience.
The Olympics offer a venue for peaceful, international solidarity. Yet they also present a seemingly insurmountable ecological challenge. To begin with,
The post The Olympic Spirit: Friendly Competition or Unsustainable Growth? appeared first on Center for the Advancement of the Steady State Economy.
by Alix Underwood
Like the economy of nature, the human economy has a “trophic” structure. In nature, nutrition and energy flow from plants to herbivores to carnivores, with each of these comprising a trophic level of the ecosystem. In the human economy, materials and energy flow from agriculture and other extractive activities to heavy manufacturing to light manufacturing. Both economies include service providers, such as pollinators in nature and the transportation sector in the human economy.
The post A Trophic Perspective on Fossil Fuels appeared first on Center for the Advancement of the Steady State Economy.
by Daniel Wortel-London
Even as nearly a billion people go hungry every day, the wealthiest one percent of the world’s population is purchasing ever-more expensive toys. Yacht sales grew by an average of 22 percent per year between 2014 and 2022. Private jet sales have boomed since the start of the COVID pandemic. The global luxury jewelry market, already huge at $56.5 billion,
The post Introducing the Luxury Cap Act appeared first on Center for the Advancement of the Steady State Economy.
by Gary Gardner
In congressional testimony last November, Isabel Munilla, an official from the Department of Energy, gave an alarming assessment of U.S. reliance on foreign minerals. For 31 of 50 critical minerals, she warned,”…the U.S. relies on other countries for more than 50 percent of our requirements…Our reliance on non-allied foreign sources for these materials is neither sustainable nor secure.” Munilla employed what we might call the “scarcity scare”—the panic that supplies of critical minerals may be insufficient for all nations to participate in the transition to clean,
The post How to Avoid the Scarcity Scare appeared first on Center for the Advancement of the Steady State Economy.
by Daniel Wortel-London
Advertising works. A recent study by the Advertising Association finds that every dollar of ad spending drives up sales by $21. Ads get us to recognize brands and hum jingles even if we are annoyed by pop-ups. They are particularly effective in driving the kind of unsustainable consumption that is destroying our planet.
This begs a question: Should advertising be limited for the sake of the environment?
The post It’s Time to Ban Earth-Damaging Ads appeared first on Center for the Advancement of the Steady State Economy.
by Gary Gardner
Well, COP 28 ended yesterday with (seeming) agreement to (sort of) walk down the fossil fuel ladder toward a (not for a while) sustainable future. Geez! It’s almost 2024, more than half a century since Limits to Growth was published, and the human family is in a pouting mood. Why is it like pulling teeth to do the right thing, sustainability-wise? Why are we sleepwalking toward a cliff?
The post Time to Make a Material Difference appeared first on Center for the Advancement of the Steady State Economy.
Editor’s note: This essay originally appeared December 23, 2020 and is slightly modified.
by Brian Czech
With Christmas two weeks out, folks are making tough decisions about Christmas presents. The public is rattled by inflation, credit card debt is through the roof, and gift-giving is a real strain for many. My advice for anyone stressing out over Christmas presents is simple: Take a break from the shopping!
The post Christ Didn’t Shop for Christmas Presents (Much Less Jets and Guns) appeared first on Center for the Advancement of the Steady State Economy.
by Orsolya Lelkes
From a historical perspective, we should be living in the happiest of all worlds. Ours is a culture ostensibly centered around happiness: The mainstream neoclassical economic system aims to maximize pleasure (utility) for all, and is based on the assumption that we humans seek the greatest pleasure and the least pain, and that this quest is the main driver of our actions.
Happiness has also been a philosophical,
The post Happiness Matters, Even in a Steady State Economy! Part 1: Sustainable Hedonism appeared first on Center for the Advancement of the Steady State Economy.