7gen Bloc

A review of Managing Without Growth: Slower by Design, Not Disaster: Advances in Ecological Economics, Peter A Victor; Edward Elgar Publishing (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. But such things often have little to do with the notion of economic growth, which is typically measured by increases in things like gross domestic product.

In this book, Peter Victor examines some of our most fundamental assumptions about markets, pricing, free trade, economic growth, and prosperity and happiness, beliefs which too often preclude a serious consideration of the territory where the environment and economy meet. Eloquently written in language accessible to the general reader, the result is the best introduction to the field of ecological economics that I've come across.

Victor's book couldn't be a more timely nor important analysis of the destructive consequences of endless growth and business' habit of externalizing its costs onto the natural world. Following closely on the perspective originally championed by Herman Daly, the father of ecological economics, it makes a powerful case for the need to work deliberately towards a steady state economy where natural resources and the need to protect the biosphere and ensure a healthy planet for future generations set the limits on our economic activity.

This does not mean that all forms of growth should be limited. Limits are only imposed on those endeavors 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, albeit in a manner that is more equitable and just. Education is a wonderful example of an industry where growth can take place in an almost unlimited fashion without negative consequences.

Victor also challenges the widely held misconception that our economic growth translates into ever greater happiness, and he takes on other critical questions from the possibility of full employment and the elimination of poverty to managing global climate change. His new book should form the basis for our discussion of these critical issues. As Daly himself writes of Victor's work, "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."