The essentials of economic sustainability

1. The Essential Questions of Economic Sustainability. The great transformation

Energy : the ultimate source of all economic value

The economic productivity of society

Uniqueness of ethical value

Differences among types of value matter

Emergent properties of societies and economies

Rational and irrational economic decisions

Economic priority of the present

Economic incentives for sustainability

social and ethical incentives for sustainability

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2. The Essential Hierarchies of Economic Sustainability. A question of worldviews

Hierarchies of sustainability : nature, society, and economy

Higher levels define purpose, lower levels affect possibilities

Higher levels change more slowly

Higher levels are stronger

Higher levels set limits

Higher levels define principles

The uniqieness of human intentionality - Hierarchy of intentionality : ethical, social, and individual

Higher levels define purpose, lower levels affect possibilities

Higher levels are slower and more durable

Higher levels set limits

Alignment of hierarchies is essential for sustainability

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3. Ecological Principles Essential to Economic Sustainability. Sustainability is anthropocentric

Principles of sustainability are laws of nature

Holism : an essential principle of ecological sustainability

Ignorance of holism has consequences

Diversity : best single indicator of ecological health

Interdependence : an essential principle of ecological sustainability

Ignorance of diversity has consequences

Diversity : best single indicator of ecological health

Interdependence : an essential principle of ecological sustainability

Ignorance of interdependence has consequences

Ecological principles apply to social relationships

Ecological principles apply to economic relationships

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4. Social Principles Essential to Economic Sustainability. The significance of society

The uniqueness of human society

social values and principles

Trust : an essential principle of social sustainability

Betrayal of trust has consequences

Kindness : an essential principle of social sustainability

Lack of kindness has consequences

True principles are internally consistent

Courage : an essential principle of social sustainability

Lack of courage has consequences

Social principles apply to relationships with nature

Social principles apply to economic relationships

Industrial development devalues social relationships

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5. Essential Economic Principles of Sustainability. Individuality is essential for sustainability

Principles of economics are principles of individual behavior

Scarcity : an essential principle of economic sustainability

Scarcity and the law of demand

Scarcity and the law of supply

Acarcity and economic value

Efficiency : an essential principle of economic sustainability

Economic efficiency has consequences

Sovereignty : an essential principle of economic sustainability

Lack of sovereignty has consequences

Economic principles are relevant to relationships with nature

Economic principles are relevant to social relationships

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6. Essential Characteristics of Sustainable Economies. Economies are living sytems

Characteristics of living and nonliving systems

Living economies are holistic

Living economies are dynamic

Living economies are individualistic

Living economies are purposeful

Living economies are guided by principles

Three Rs of economic sustainability

Balancing resourcefulness, resiliance, and regeneration

Managing sustainable organizations

Necessary and sufficient conditions for sustainability

Economic sustainability will require radical redesign

Authentic sustainability : new worldview, new thinking

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7. Essential Characteristics of Markets in Sustainable Economies. All economies are mixed : market and planned

Markets facilitate choices

Market values are affected by individuality, form, place, and time

Markets ration, reward, and allocate resources

Markets facilitate trade among nations

Markets provide incentives for economic innovation

Markets create opportunities for profits

Essential characterisitcs of markets in sustainable economies

Market efficiency : operational and allocative - Today's markets : effective but not effective

Free trade requires economic sovereignty

Other essential charcteristics of global markets

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8. Essential Functions of Government for Economic Sustainability. Ensuring autonomy and equity

Ensuring economic autonomy and equity : competitive markets

Managing the money supply

Stabilizing prices : inflation, deflation

Creating money

Regulating financial institutions

Coordinating monetary and fiscal policies

Internalizing economic "externalities"

Ensuring social autonomy and equity

Restraining economic exploitation

Maintaining the consent of the governed

Balancing rights and responsibilities

Ensuring the rights of future generations

Discretionary functions of government

Essential functions must take priority

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9. The Essential Mission of Sustainable Economies. Economic growth is not sustainable

The new steady state economy

A new mission : happiness, quality of life

Enough to meet the needs of all

Prosperity without growth

Quality employment opportunities

Revenues to sustain prosperity

Economic sustainability : not a sacrifice but an opportunity

Happiness has no limits

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