See on Scoop.itThe Great Transition

How do you envision a successful economy without continuous growth?

Willy De Backer‘s insight:

Another great article from Herman Daly (ex-World Bank) underlining that we need to "limit the economy’s physical scale relative to the containing ecosystem. The way to do that is to leave a large part of the ecosphere untransformed, to limit our absorption of it into the economic subsystem─to keep a large part of the earth ecosystem in natura—as a source for low-entropy matter/energy inputs and as a sink for high-entropy waste, and as a provider of life support services. In this context, laissez-faire takes on a new meaning─it is the ecosystem that must be left alone to manage itself and evolve by its own rules, while the economy is carefully constrained in aggregate scale to stay within the limits imposed by the ecosystem. To stay alive and produce, we must use environmental sources and sinks. But the rate of use must remain within the regenerative and absorptive capacities of the ecosystem. That quantitative limit on resource throughput at a sustainable volume will automatically get reflected in market prices, effectively internalizing the social value of sustainability imposed by limits on resource extraction. The metabolic throughput from and back to the ecosystem cannot keep growing."

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