Ecological Economics for the Anthropocene: an emerging paradigm
[rating 3.5]
The idea that the prevailing economic system might not be viable in the long term is something that has been debated for some time. It would seem reasonable to go back to the first UNEP debate in Stockholm in 1972 when the idea of limits was first raised in any public and significant way. Various market fluctuations have seen the idea rise and fall but there’s a sense that, in modern times, the debate might be shifting away from ‘market economics’ and the neoliberal agenda towards something more sustainable. This is no small task. The rise of mass consumption following World War 2 has created a circularity of economics that demands it be fuelled with even more consumption. Like a merry-go-round, it’s difficult to get off in full flight and yet evidence suggests we need to consider this.
The key difference between this text and many others looking at ecological economics is the idea of the Anthropocene. This is now seen by many as our newest geological period whose existence is called for by the Stratigraphy Commission of the Geological Society of London, the argument is played out along the lines that a significant event has occurred and that we need to respond to it. Whether the two can be linked is another matter; the argument here transcends naming.
What the text does focus on is what they refer to as the three agendas. The first is the idea of making concrete changes to our economic system (the explicit agenda); the second focusses on what we need to accept theoretically to have this paradigm (the implicit agenda); the third considers how we can put the other two into effect to make sufficient changes to planetary use (the reconstruction agenda). Given these three agendas, the text takes on the case of examining these in turn.
Part one studies the ethical dimensions needed to change. The fundamental position, that standard economic theory fails to adequately measure key environmental parameters, is not new but here it is seen as the key. It’s no good just working around the edges of capitalism as currently constituted, there’s a need to have a totally new approach to economics. For this to work and be accepted, there is a need to start with strong moral as well as financial foundations. One example of this is the idea that rather than just use resources, there must be an accounting for how it will affect life in the future. Put like this, it’s not so different from sustainability or pollution control under market forces but neither of these form the basis of a philosophical position. It’s as if the economic system needs to be re-thought. This new economics is not just a question of resource sustainability but also of social justice – that there is a moral imperative to maintain ecosystem services for future generations.
Part two examines the kind of data we will need to measure what we have done and to what extent. Gone is the standard way of valuing a resource by what the market will pay. Such ideas are good for goods but when no-one owns oceans or forests they are ‘free goods’ liable to change or loss without recompense. The idea is that we measure all changes and charge accordingly. To do this, you need to have an acceptable measure. Much is made of the recent ideas of planetary boundaries and safe operating space – ideas that measure not just the conventional economic output but also the effect of gaining that output. Later chapters in this section look not just as these earlier issues but tackle ideas first seen widely in Leopold s work such as land ethics.
Part three takes the ideas of the first two sections and tries to construct a real economic system that might work. Given that the current system is based on a number of suppositions, it’s not difficult to see how a system might be constructed that relies on a wider definition of economics in areas difficult to measure. Contributors consider a range of new models and also the expansion of an older one – corporate social responsibility. The trick is how to expand it and make it work. A final chapter explores the sorts of changes we would need to make to actually get to the new economic system.
This is an interesting read. It’s focus is not so much on the current views of ecological economics but of taking this as a starting point and then looking at the sorts of changes (and discussions about those changes) that will need to take place. Current economic systems are collapsing and new ones stand a better chance in the time of limited resources. Designing the system is the key but how and what it contains are still up for debate. For those interested in this area of economics, there is much to enjoy in this text. A wide range of ideas and contributions take this beyond the simple guide into a more comprehensive thinking about what we want and how we might value (measure) it.
