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The world's leading economies are facing not just one but many crises. The financial meltdown may not be over, climate change threatens major global disruption, economic inequality has reached extremes not seen for a century, and government and business are widely distrusted. At the same time, many people regret the consumerism and social corrosion of modern life. What these crises have in common, Diane Coyle argues, is a reckless disregard for the future--especially in the way the economy is run. How can we ...
The world's leading economies are facing not just one but many crises. The financial meltdown may not be over, climate change threatens major global disruption, economic inequality has reached extremes not seen for a century, and government and business are widely distrusted. At the same time, many people regret the consumerism and social corrosion of modern life. What these crises have in common, Diane Coyle argues, is a reckless disregard for the future--especially in the way the economy is run. How can we achieve the financial growth we need today without sacrificing a decent future for our children, our societies, and our planet? How can we realize what Coyle calls "the Economics of Enough"?
Running the economy for tomorrow as well as today will require a wide range of policy changes. The top priority must be ensuring that we get a true picture of long-term economic prospects, with the development of official statistics on national wealth in its broadest sense, including natural and human resources. Saving and investment will need to be encouraged over current consumption. Above all, governments will need to engage citizens in a process of debate about the difficult choices that lie ahead and rebuild a shared commitment to the future of our societies.
Creating a sustainable economy--having enough to be happy without cheating the future--won't be easy. But The Economics of Enough starts a profoundly important conversation about how we can begin--and the first steps we need to take.
"[A] compelling call to action. . . . [T]his is a powerful, thought-provoking and timely contribution to the debate on the evolving shape of society."—Dimitri Zenghelis, Nature Climate Change
"From the somewhat playful Sex, Drugs, and Economics, to the more descriptive and objective The Soulful Science, economist and superb writer (too often mutually exclusive categories) Coyle presents her more general assessment in The Economics of Enough. Blending economics with politics and philosophy, she uses the recent financial crisis as an opportunity to discuss a number of grander themes with the goal of a better and sustainable future, which is to be aided and abetted by a better-informed citizenry led not by an invisible hand but by the fist of more enlightened government."—
"The Economics of Enough is a thoughtful and reflective piece addressing the interplay between governments and markets in a 'post-financial crisis' world. . . . The book serves as a good foil for deeper discussions of the implications and results of the attempt to govern complex systems—both political and economic—fraught with their inevitable webs of adverse selection, moral hazard, and self-interest."—Bradley K Hobbs, EH.Net
PART ONE: CHALLENGES
CHAPTER ONE: Happiness 21
CHAPTER TWO: Nature 55
CHAPTER THREE: Posterity 85
CHAPTER FOUR: Fairness 114
CHAPTER FIVE: Trust 145
PART TWO: OBSTACLES
CHAPTER SIX: Measurement 181
CHAPTER SEVEN: Values 209
CHAPTER EIGHT: Institutions 239
PART THREE: MANIFESTO
CHAPTER NINE: The Manifesto of Enough 267
Illustration Credits 327
Posted July 10, 2012
Economist Diane Coyle argues that the 2007-2008 financial crisis was not an isolated event but a symptom of greater issues in the global economy. The forces driving these issues include social progress, climate change and technology, particularly the shift to a knowledge- and service-based economy. In this impressive, strikingly honest book, Coyle works hard to avoid clichéd binaries (left versus right, market versus government) and to base her analysis on research and observation. Some of her insights are useful, and her section on measurement is nicely original. However, her overall call for action is not as fresh, practical or persuasive as her analysis of the problems at hand. Nonetheless, getAbstract recommends this earnest work of economic inquiry to executives, policy makers and all those who believe that having an ethical society remains a viable goal.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.
Posted July 9, 2011
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