How should economists address the climate crisis? By focusing not on growth but on the redistribution of wealth
Whatever the policy differences between the government and the opposition, both are committed to economic growth (“It’s not the economy, stupid: wellbeing is the real vote-winner”). What neither has addressed is how this is consistent with the need for policies that adequately address the climate crisis. Claims that green growth or technological innovation will resolve the problem have been shown to be spurious, or will take too long to stop us exceeding sustainable temperature levels.
My generation in the global north has had all the pluses life can offer – free education, full employment, affordable housing, good health, good pensions and no wars. My concern is that we will be considered to have been not just the luckiest but also the most short-sighted and selfish generation in history. If growth is not the answer, we have to consider how we define the role of economics in creating a sustainable future and this has to include a central role for the redistribution of wealth. As Richard Layard shows in his article, a more equal society is also a happier one.
Geoffrey Payne
London W5
Continue reading…How should economists address the climate crisis? By focusing not on growth but on the redistribution of wealthWhatever the policy differences between the government and the opposition, both are committed to economic growth (“It’s not the economy, stupid: wellbeing is the real vote-winner”). What neither has addressed is how this is consistent with the need for policies that adequately address the climate crisis. Claims that green growth or technological innovation will resolve the problem have been shown to be spurious, or will take too long to stop us exceeding sustainable temperature levels.My generation in the global north has had all the pluses life can offer – free education, full employment, affordable housing, good health, good pensions and no wars. My concern is that we will be considered to have been not just the luckiest but also the most short-sighted and selfish generation in history. If growth is not the answer, we have to consider how we define the role of economics in creating a sustainable future and this has to include a central role for the redistribution of wealth. As Richard Layard shows in his article, a more equal society is also a happier one.Geoffrey PayneLondon W5 Continue reading…
