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This is a long article about how economic thinking must change. It is part of an entire issue of RWER -- Real World Economic Review -- dedicated to the economics of climate breakdown. It goes way beyond the "...isms" people like to debate so much. [paecon.net]

ToolGuy 9 Mar 23
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A least some are questioning our present economic platform. It is the economy that is a human invention. We are so proud of ourselves we forget it is nature that makes the rules. We can bend them for a while but nature will have the final say. We are too damn arrogant to understand we are not in control, she is. Too bad it will take hitting bottom before we change. By then it might be too late (it is quickly becoming so for many countries).

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I understand his premise and agree to some extent but he framed it incorrectly.

  1. Adam Smith didn't encourage globalization. Only that people are more productive when they directly benefit from X and their productivity benefits everyone else. Invisible Hand and Free Market.
  2. David Ricardo encouraged Globalization and it is his model we use to show how free trade makes everyone better off. Comparative Advantage
  3. Some Economist have been working with politicians now for several decades on controlling finite resources in an effort to protect a countries security both financially and from climate change. There is actually an entire branch of Economics dealing with that very issue. Environmental Economics.
  4. Regulation and control of the market is happening in many countries with a mind for the future. Yet we can always do better. People should embrace fixing stuff, reusing, and repurposing as a way to minimize impact. The number one driver of finite resources is population growth.

Here's an example. My suitcase cracked, I have the money to buy a new one but I glued it and reinforced it with duct tape instead. The Chinese call it Cha Bu Duo which basically means Macguyver it is cooler than buying a new one.

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