Herman Daly

Enough is Enough

I first “met” Dan O’Neill in the spring of 2009 when I was researching an article for the New York Society of Security Analysts about Herman Daly and his groundbreaking vision of the steady state economy. At the time Dan was the European director of the Center for the Advancement of the Steady State Economy (CASSE) and a postgraduate research student at the University of Leeds. He introduced me to the nuances of the ecological footprint and we talked about what it might mean for an economy to approach a “steady”—prosperous, nongrowing—state.

Dan, currently a lecturer in ecological economics at the University of Leeds, and Rob Dieitz, first director of the CASSE and editor of the Daly News, have now co-authored Enough is Enough, a collection of not-so-modest proposals for achieving the steady state.

Financial Overshoot

Author: 
John Fullerton
Last week, I gave a talk to the Missouri Association of Public Employee Retirement Systems annual meeting.  This was the first time I presented my developing thesis of financial overshoot, which arithmetically accompanies ecological overshoot unless we manage to decouple economic growth from material resource throughput in the economy, the Hail Mary pass of all time.
 
The implications are not comforting for investors, especially for pension funds which have plenty of problems already with underfunded pension plans in a climate of financial repression caused by zero interest rates and economic stagnation.
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