By Harry Saunders
Allow yourself for a moment to picture a time; say 5, 10, 50 generations in the future. Imagine yourself in a world where everyone is consuming at a level that satisfies them. People need to work only a small fraction of their time, and the need for work diminishes persistently so leisure time is ever-rising. And the economic machine you see working there is automatically and continuously reducing its assaults on natural ecosystems globally.
Impossible, right? As it happens, neoclassical economics says not.
Surprising as this might seem, would it further surprise you to learn this economic machine has all the trappings of a free market, competitive, private-ownership economy, including producers who maximize their profits? And that this very dynamic is what propels and enables this “golden age” for households – and for the environment? Read more ›
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