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The global economy will roar back to life this year, according to the International Monetary Fund holding its annual spring meetings this week. Its forecast is a huge change from its gloomy outlook last autumn. But CGTN’s Owen Fairclough offers three reasons to be cautious about the year ahead.
Harvard Kennedy School’s Institute of Politics
Apr 6, 2021
John F. Kennedy’s Wit and Humor Date: Wednesday, May 29, 1991 – 08:00PM More video info at https://iop.harvard.edu/node/3040
Economics for a Full World
Herman Daly June 2015
Because of the exponential economic growth since World War II, we now live in a full world, but we still behave as if it were empty, with ample space and resources for the indefinite future. The founding assumptions of neoclassical economics, developed in the empty world, no longer hold, as the aggregate burden of the human species is reaching—or, in some cases, exceeding—the limits of nature at the local, regional, and planetary levels. The prevailing obsession with economic growth puts us on the path to ecological collapse, sacrificing the very sustenance of our well-being and survival. To reverse this ominous trajectory, we must transition toward a steady-state economy focused on qualitative development, as opposed to quantitative growth, and the interdependence of the human economy and global ecosphere. Developing policies and institutions for a steady-state economy will require us to revisit the question of the purpose and ends of the economy.