Who ultimately pays?

Sir Roger is not an economist. He is (therefore) not a marxist. Nevertheless he has long been confused and at the same time fascinated by the doctrine of endless economic growth and has wondered from where and how, in our system, the profit can endlessly come. Who, ultimately, pays?

Here are two items that help to understand these questions.

The first is an animated version of an RSA talk in April this year, “The Crises of Capitalism: Is it time to look beyond Capitalism towards a new social order that would allow us to live within a system that would be responsible, just and humane?”  by Professor David Harvey¹.

The second is a 2010 Deakin Lecture broadcast on the ABC’s Big Ideas program on Sunday. “Prosperity Without Growth?” by Professor Tim Jackson²

You can listen to the whole talk here, or on the ABC’s Big Ideas page, or download the podcast from their page. 

ABC’s notes: 

“So much of the analysis of how we respond to climate change assumes that economic growth and emissions reduction are compatible goals. But is this wishful thinking? To question maximising economic growth as an organising principle of society seems close to economic heresy. But is there any evidence that we can de-link consumption and economic growth from emissions growth? Must we re-think the very notion of growth and what it means to be genuinely prosperous?”

¹ “Distinguished Professor of Anthropology at the Graduate Center of the City University of New York (CUNY). A leading social theorist of international standing, he received his PhD in Geography from University of Cambridge in 1961. Widely influential, he is among the top 20 most cited authors in the humanities. In addition, he is the world’s most cited academic geographer … and the author of many books and essays that have been prominent in the development of modern geography as a discipline. His work has contributed greatly to broad social and political debate, most recently he has been credited with helping to bring back social class and Marxist methods as serious methodological tools in the critique of global capitalism, particularly in its neoliberal form.”

 ² Professor of Sustainable Development in the Centre for Environmental Strategy (CES) at the University of Surrey Economics and Commissioner UK Sustainable Development Commission.