Managing Without Growth: Slower by Design, Not Disaster: Advances in Ecological Economics, Peter A Victor; Edward Elgar Pub (November 30, 2008)
Managing without Growth, contrasts the idea of genuine progress with economic growth. Progress is about creating a world that advances human rights, widespread wellbeing, increased educational opportunity, representative democracy and a sustainable environment. This often has little to do with the notion of economic growth as measured by increases in gross domestic product (GDP.) Peter Victor examines some of our most fundamental assumptions and beliefs about the market, pricing, free trade and growth, prosperity and happiness that too often preclude a serious consideration of the environment and economy. He does so eloquently, in language accessible to the general reader. This book is also the best introduction to the field of ecological economics that I’ve come across.
His book couldn’t be a more timely and important analysis of the destructive consequences of aspiring to endless growth and externalizing costs onto the natural world. Victor, following closely on the perspective originally championed by Herman Daly, makes a powerful case for the need to work deliberately towards a steady state economy where natural resources, the biosphere and ensuring a healthy planet for future generations, sets the limits to our economic activity.
This does not mean that all forms of growth should be limited, just those that consume natural resources at unsustainable rates, and create waste and pollution faster that the environment can digest them. Many forms of progress can and should continue to grow, all be it in a manner that is more equitable and just. Education is a wonderful example of where growth can take place in an almost unlimited fashion with out the negative consequences of other forms of growth and consumption. Victor also challenges the widely help misconception that our economic growth translates into ever greater happiness.
Victor also takes on other critical questions from the possibility of full employment, to the elimination of poverty, and managing global climate change. Victor’s book should be at the basis for our discussion of these critical issues. David Suzuki, broadcaster and activist writes, “Peter Victor analyses the critical policy question of our time, how to manage our economy equitably and efficiently without growing beyond biophysical limits. He reasons carefully and rigorously, yet pulls no punches in drawing conclusions that some will consider radical. A superb book!” Herman E. Daly, the father of ecological economics at the University of Maryland, wrote, “Overcoming our addiction to economic growth is one of the most important challenges for the 21st century. Peter Victor’s masterful summary of the history and fallacies of this particularly pervasive and increasingly dangerous addiction will be a great help in getting over it. Peter Victor’s book will help us slow down by design, not disaster, and understand how that slowing down will in fact increase our quality of life.”