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Managing without Growth, Second Edition

Slower by Design, not Disaster

Peter A. Victor

Ten years after the publication of the first edition of this influential book, the evidence is even stronger that human economies are overwhelming the regenerative capacity of the planet. This book explains why long-term economic growth is infeasible, and why, especially in advanced economies, it is also undesirable. Simulations based on real data show that managing without growth is a better alternative
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Index

Peter A. Victor

acid rain 49, 99, 139, 188, 321
ALBA 90
Anthropocene era 336, 71
Arndt, H.W. 5, 13, 167, 1921
Babe, R.E. 57, 712
Barnett, H.J. 1034, 132
Base Case scenario 28395, 299302, 331
Baumol, W.J. 42, 61, 64, 297
Beckerman, W. 18, 102, 120
benefit–cost analysis 814, 92
Beveridge, W.H.B. 13, 244
biodiversity loss 33, 76, 84, 15667, 172
biophysical limits 100, 132, 168, 181, 208, 216, 242, 269, 276, 320, 339
biosphere
burden economies place on 26, 44, 181, 269, 274, 298
and economic cycle 95100
human alterations to productivity of 346, 175
use as sink 13855, 2656
black growth 2056
brown capital 285, 287, 332
brown economy 1, 1812, 287, 302
brown growth 2057, 2645
brown investment 274, 276, 284, 287, 3313
Brundtland report 223, 306
business-as-usual 193, 2745, 331, 340
see also Base Case scenario
Cambridge capital controversy 8081
Canada
appetite for information about economy 4
cap and trade programs 68
CFCs 142
as characterized by exploitation of natural resources 54
on climate change 24, 144, 268
economic growth
average rates of 323
and CO2 intensity 204
as insufficient for solving problems 268, 3056
economic scenarios 28296, 3012
environmental indicators 2667
environmental performance ranking 2678
environmental policy 32024
expenditures on goods as percentage of GDP 192
fertility rates 308
full employment
and average hours employed 2489
commitment to 13
government on 244
GDP per capita and ecological footprint 17980
GDP percentage change, population and environmental indicators 2667
GDP percentage from expenditure on services 191
GHG emissions 155, 18990, 2678, 2845, 289, 3023, 314, 3212
goods as percentage of exports and imports 1923
government
on full employment 244
understanding of sustainable development 235
views and policies on population 30810
green bonds 333
growth as prime policy objective 30
households
below LIM 2534
mean and median net wealth 260
wealth ownership 26061
immigration and population 30817
income inequality 2567, 259
intact forest landscapes 158
international trade 337
legislated limits on private medicine 54
LICOs 2546
LIM
after taxes and transfers 2523
households below 2534
monetarism 14
net replacement rate 24950
nuclear waste management 1535
oil 87, 105, 121, 158
population
and immigration 30817
indicators 2667
poverty 2516, 3247
reduced work time 3289
technology assessment 336
unemployment rates 2447, 249
use of taxes 332
wealth distribution 2623, 339
Canada’s Ecofiscal Commission 284, 340
cap and trade programs 68, 75, 285, 303, 321, 323, 331
capital
concept of 7981
green 277, 27980, 2856, 3323
human-made 79, 90
and labor 478, 242, 2579, 299300, 305, 334, 3367
produced 81, 859, 157, 170
see also natural capital
capitalism 296301
carbon budget 39, 128, 151, 167, 305
carbon dioxide (CO2)
carbon budget 128, 151, 167
case of 197202
economic growth and energy 2025, 208
in energy–emissions trap 130
global warming potential 167
humans raising levels in oceans 163
intensity 2025, 208, 32021
length of time in atmosphere 151
in planetary boundaries illustration 1378
carbon, making room for 197202
carbon price 689, 2845, 290, 303, 331
carbon taxes 679
central banks 14
CFCs (chlorofluorocarbons) 14042
‘circular economy’ 47
climate change
causes 39, 105, 128, 142, 146, 148
consequences 101, 1468
deliberations on avoiding catastrophe 1512, 1978, 201
future global emission level predictions 14951
as human-induced impact 20, 144, 146, 148
identification of 1423, 203
implications for oceans 164
occurrence 145, 148
in planetary boundaries 1378
positives and negatives in politics and science 1434, 14851, 3067
predictions of average global temperatures 145, 148
threshold 84, 137
UN Framework Convention on 203
world slow to act upon 1434
closed systems 456, 48, 74, 304
coal 46, 62, 1023, 108, 1178, 122, 125, 1956, 202
‘cogeneration’ system 47
Cold War 9, 16
colonialism 242
colors of growth 2057
commodification 534
composition
of GDP and environmental impact 184, 18893, 2078, 305
relation with scale and technology 289, 47, 18697
consumables and durables 223, 225, 22835, 23940
consumption
competing through 236
conspicuous 21921
and economic growth 21314
policy 3379
of positional goods 220
public goods as non-rival in 22021
and status 2212, 2357, 23940
and utility 2123, 2257, 236
Costa Rica 160
creative destruction 5051
critical materials 1126, 135, 167
Daly, H.E. 18, 30, 434, 878, 123, 213, 241, 297, 31820, 324, 335, 337
decision-making 25, 69, 835, 912
decoupling
absolute 38, 10812, 1756, 189, 2667, 319
economic growth
from environment 267, 3640, 1879, 2078
from materials and energy 10712, 132, 135, 210
of GDP from happiness 210
principle of 27
relation of flows to GDP 389, 44
relative 38, 10811, 1756, 184, 279
smart prosperity achieved through 56
deforestation 84, 15862, 175, 199
degrowth 12, 13, 205, 206, 271
disappointments of economic growth
environment 2648
full employment 24450
globalization and colonialism 242
income inequality 2569
indications of 2423
poverty 25056
social and environmental costs 2412
summary 2689, 3056
wealth inequality 26063
discounting 7072, 79, 83
divestment movement 64
Domar, E. 157
dual role of prices 659
durables see consumables and durables
dynamic efficiency 69
Earth system 345, 136, 138, 1734
Easterlin, R. 2123, 237, 241
ecological footprint 48, 73, 17681, 318
ecological macroeconomic model see LowGrow SFC model
ecological modernization 278
ecological thresholds 84, 93, 1367
economic cycle 95100
economic growth
and carbon 197202
colors of 2057
as of continuing paramount importance 212
critiques by economists 1821
damaging social structures 52
decoupling
from environment 267, 3640, 1879, 2078
from materials and energy 10712, 132, 135, 210
definition
conventional 445
difficulty finding 423
energy and carbon dioxide 2025
and full employment 148, 24450, 3056
GDP as measure of 4, 17, 30
and green growth 278
and happiness 20916, 238
and HappyGrow 2235
Harrod–Domar model of 1516
historical relation to progress 5, 78
history of idea of 45
vs long term viability of environment 33940
as overarching policy objective 17, 197, 304
and positional goods 222
as progress 912, 339
question of longevity 55
stressing nature’s capacity beyond limits 93
and sustainable development 227
and welfare 21617, 220
see also disappointments of economic growth
economies as open systems 4450, 55, 74, 956, 138, 317
ecosystem goods and services
as ‘anathema’ 90
in distress 15667
loss of 167, 307
nature of 49, 79
trade off 78
valuation of 778, 835, 87, 9093
willingness to pay for 823
see also services
ecosystems
demands increasing pressure on 1568, 1645, 175
disrupted 105
and ecological thresholds 84, 1367
marine 164
as open systems 45
phases describing 50
Ehrlich–Simon bet 1067
elasticity of substitution 2589, 26970
electricity
benefit–cost analysis 834
generation 62, 97, 11718, 122, 124, 202, 2789, 2845
in LowGrow SFC illustration 277
in LowGrow SFC scenarios 2789, 2845, 29091, 322, 331
as most versatile and convenient form of energy available 155
and nuclear energy 118, 122, 1525, 193
and rebound effect 1967
second law of thermodynamics applied to 467
technological advances involving 196
use of 11718
emissions trading 54, 68, 76, 2845, 3214
employment 32730, 334, 337
see also full employment; unemployment
energy
age of fossil fuels 11718
carbon dioxide and economic growth 2025
coal 39, 40, 46, 62, 103, 117, 118, 121, 122, 125, 129, 195, 202
consumption 389, 48, 122, 267, 298
decoupling economic growth from 1078, 132, 135, 210
economies depending on nature for 52
EROI 12630, 287
in first law of thermodynamics 46
flows 39, 435, 47, 4950, 74, 956, 99100, 190, 192, 274, 304, 31819, 334
gas 39, 40, 46, 117, 118, 121, 122, 125, 1267, 129, 132
geothermal 40, 46, 122
in global economy 479
hydro 46, 83, 117, 122, 127, 128, 197, 333
inability to be reused or recycled 117
intensities 55, 108, 199, 202, 2045, 208
nuclear 118, 122, 127, 128, 133, 153
oil 39, 40, 46, 63, 103, 117, 118, 122, 125, 1267, 129, 132, 197
peak oil 47, 102, 11822, 167
planning vs determinism 13032
primary use 345
in second law of thermodynamics 467, 117
solar 40, 456, 48, 97, 117, 1224, 126, 1278, 178, 290
sources of 456, 623, 131
wind 40, 46, 88, 97, 1224, 126, 1278, 290
‘energy balance’ principle 46
energy–emissions trap 12730, 3056
energy transition 1227, 1323
Enlightenment era 48, 100101
entropy 18, 298
Environmental Burden Index (EBI) 27783, 28890
environmental impact
and changes in technology 1937
and composition of GDP 18893
decoupling economic growth from 267, 3640, 1879, 2078
environmental influences 28891
environmental Kuznets curve 2646
environmental management principles 31820
Environmental Performance Index 73, 243, 280
environmental policy
as different from other policy dimensions 31718
environmental management principles 31820
for limiting throughput 32024
environmental record 2658
environmental risk 116, 122
environmentalism 19, 306, 318
equal access to technology and resources 60
EROI (energy return on energy invested) 12630, 287
exclusion 667
fair trade movement 64, 338
fallacy of composition 83, 89
Farley, J.C. 84, 878, 123, 31820
feedbacks 57, 74, 16870, 1724, 272
financial influences 2926
flows
of benefits from nature 79
capital and labor 478, 97
connection with stocks 39, 1689, 270, 272, 284
ecological biomass 175
in ecological footprint 177
energy and materials 435, 4950, 74, 956, 99100, 190, 192, 274, 304, 31819, 334
excessive 39
goods and services 85, 97
money 70, 97, 2723
waste 27, 36, 389, 43, 45, 99
forests 15762
fossil fuels
and acid rain 99
age of 117
carbon dioxide emissions from 139, 1778, 202
as coal, oil and natural gas 46
and energy planning 13032
EROI 12830
global materials extraction 978, 10810, 266
means of dealing with 178
as non-renewable resource 39
potential for electricity to replace 118
prices of 106
role of cheap energy from 133
transitioning from 40, 87, 1227, 132, 305, 307
undesirable characteristics 127
use in Canada 285
fracking 20, 119, 121
freedom of entry and exit 60
fresh water 1667
Friedman, B.M. 1713, 242
Friedman, M. 14
full employment
and economic growth 1418, 24450, 3056
hours employed and 2489
Keynesianism and GDP 1214
see also employment
fund-service resources 878, 1234, 157
future incomes 6970
Galbraith, J.K. 18, 220
GDP
access to information and 67
as built from data on market prices and quantities 76
Canadian immigration 317
Canadian scenarios 2813, 28696
carbon and emission prices affecting 689
colors of growth 2057
commodification raising 534
composition of 184
decoupling examples 3640, 1089, 208
deficiencies as measure of well-being 180
defined and measured 9
disappointments of economic growth 243
ecological footprints 17980
environmental impact and composition of 18893, 198
environmental Kuznets curve 2646
EROI 1279
vs GDP per capita 31
Genuine Progress Indicator 21619
global HANPP 1756
global socio-economic trends 345
green growth 27
green investment 2745
happiness 21016
in IPAT 1868
labor productivity 334
major economies comparison 2479, 2556, 2667
materials footprint 11112
as measure of economic growth 4, 17, 30, 425, 55, 31920
as measure of progress 912, 71, 734
misinformation 60, 63, 74, 76
performance indicators 2779
reduced work time 327
relating to carbon dioxide, population and energy 198202, 208
in steady-state economy 297
total utility 225, 228, 23034, 237, 240
unemployment as problem of inadequate 12
genetically modified organisms
(GMOs) 87, 140, 193
Genuine Progress Indicator (GPI) 73, 209, 21619, 230
‘get the prices right’ 72
GHG see greenhouse gas (GHG)
emissions
Gini coefficient
of distribution of pre-tax incomes 291, 303
of income inequality 2567, 259, 282
as measure of distribution 10, 218
global earth-system trends 35
global economy
ability to transition to renewable sources of energy 128
ecological footprint of 178
major recession 119
as open system 478
requiring more materials per unit of GDP 98, 109
surpassing environmental thresholds 136
global HANPP 1756
global socio-economic trends 345
global warming potential (GWP) 167
globalization 242, 246
Godley, W. 272, 273
Going for Growth initiative 22, 304
goods and services
in advanced economies 191
basket measure 254
bought for status 221, 223
bought for usefulness 226
in commodification of nature 534
in composition definition 28
diminishing provision of ecological 105
in economic cycle 967, 99
effect of increasing 241
and employment 15, 244
environmental impacts of 190
exclusionary 338
in GDP definition 38
and green investment 2745, 286
implication of prices 62, 65, 689, 71
in IPAT equation 188
in managing without growth 457
as measure of GDP 910, 58
monetary valuation 7780, 85, 9091, 93
as public goods 220
relation to sustainable prosperity 282
and rising consumption levels 220
rival, for markets 66
and technology 187, 198
utility-yielding 104
see also ecosystem goods and services; services
Gordon, R.J. 31, 32, 186
GPI see Genuine Progress Indicator (GPI)
Great Acceleration 346, 978
green capital 277, 27980, 2856, 3323
green economy 1, 90, 1812, 287, 302
green growth
and economic growth 278, 36
in environmental Kuznets curve 2656
essence of 36
false hope of 3
and other colors of growth 2057
with respect to climate change 128
version of 289
green investment 2747
additional 2757
non-additional 2757, 285
non-productive/unproductive 274, 2756, 2856, 298, 331, 333
productive 274, 2756, 2856, 3323
greenhouse gas (GHG) emissions
benefits of reductions 27880
Canada generating highest levels 314
cap and trade system for 68, 285, 321, 323
decoupling example 3640
effect of INDCs 14951
impact of international trade 18990
intensity and colors of economic growth 2067
length of time in atmosphere 151
and nuclear generating stations 155
percentage change in OECD countries 2668
reduction scenario 28495, 299302, 322, 331
relation to Environmental Burden Index 27880, 289
system dynamics model 12830
growth
capitalism without 296301
consumption and status 2212
definitions 8, 42
distinction with development 8, 43
proliferation of different kinds of 243
quantitative 43, 55
slower 313, 37, 3940, 44, 287
see also economic growth; green growth; limits to growth; managing without growth
‘growth imperative’ 2967
growth paradigm 17, 19
HANPP (human appropriation of net primary production) 94, 1747, 181, 318
happiness
and consumption of goods 21921
and economic growth 20916, 238
Genuine Progress Indicator (GPI) 21619
measurement of 238
shopping simulation model 22237
status, consumption and growth 2212
Happy Planet Index 73
HappyGrow
components 2234
consumption and utility in 2257
equations used in 23940
explanation 2235
purpose 223
and real world 2357
scenarios
mixed 2345
people as same 22830
public good 2334
rich and poor 23031
use and status 2323
Harrod–Domar model 1516
health
access to health care 54, 250, 326
basket of goods for 254
benefits from reductions in GHG emissions 278
Canadian government views and policies 309
cost concerns 218, 243
and drought 1667
effects of lead poisoning 141
and genetically modified organisms 140
link to poverty 324
materials and energy discharges 319
obesity 1012
relation to income inequality 259
as sensitive to climate change 1467
and supply distortion 116
homogeneity of products 60
human appropriation of net primary
production (HANPP) 94, 1747, 181, 318
Human Development Index (HDI) 73, 18081
human-induced impacts
acceleration of 167, 318
in Anthropocene era 336
assessments of 1567, 173
climate change 20, 144, 146, 148
composition 184
disturbing exchange of energy 456
and ecological footprint 1789
extinctions 195
information on 73
limited progress in reducing 2656
mammal populations 1589
marginal 84
material flows 112
oceans 1634
scale of 138, 1834
technologies employed 1856
time span 20
human-made capital 79, 90
see also produced capital
human system 50, 1734
immigration 31017
income distribution 712, 21819, 250, 2569, 305, 325
income inequality
and economic growth 2569
in environmental Kuznets curve 264
increased transfer payments to reduce 284, 286
as increasing 2578, 3067, 330
and poverty 252, 3247
INDCs (indicated nationally
determined contributions) 14950, 152
inequality
income 2569
and poverty 3247
wealth 26063
inequality-adjusted human
development index (IHDI) 18081
information
other sources of 723
and prices 5763, 6974
and systems 57, 74
and theft 667
and theory of second best 645
insects, loss of 15960
intact forest landscape (IFL) 158
integrated assessment models (IAMs) 173
intensity
carbon dioxide 2025, 208, 32021
in colors of growth 2057
emissions 368, 305
energy 55, 108, 199, 202, 2045, 208
in environmental Kuznets curve 2645
material 55, 1089
and scale 2057, 2645
Intergovernmental Panel on Climate
Change (IPCC) 128, 139, 1449, 151, 173, 187, 1979
international trade 24, 11011, 18893, 242, 3367
investment
brown 274, 276, 284, 287, 3313
green 2747, 27980, 2846, 28990, 3313
as important policy area 33033
IPAT (impact, population, affluence, technology)
environmental impact
composition of GDP and 18893
technology changes and 1937
explanation 1868
Jackson, T. 15, 40, 55, 171, 182, 258, 276, 287, 295, 297, 3023, 307
Jevons, W.S. 1023, 108, 132
Katie see HappyGrow
Kaya equation 198202, 205
Keynes, J.M. 1215, 292
Keynesianism 1214
knowledge accumulation 6, 185
‘knowledge based economy’ 4, 107
Kuznets, S. 10, 264
Kyoto Protocol 143, 149, 203, 206, 306
labor see capital and labor; unemployment
labor productivity 15, 312, 247, 287, 2912, 331, 333
lags 168
Lavoie, M. 272, 273
laws of thermodynamics 467, 99100, 117, 266
Layard, R. 20911, 237, 330, 338
lead 14042
LICO (low-income cut-off) 2546, 325
LIM (low-income measure) 2525
limits
biophysical 100, 132, 168, 181, 208, 216, 242, 269, 276, 320, 339
quantitative 1367, 32024
limits to growth
difficulty in working through 167
ecological footprint 17681
economic cycle and biosphere 95100
energy 11732
historical concerns 100107, 132
human appropriation of net primary production 1746
materials 10716
planetary boundaries 1368, 265
services 15667
sinks 136, 13855
system dynamics 16874
Limits to Growth 19, 16973, 272
Living Planet Index (LPI) 1635, 178, 318
LowGrow SFC model
carbon price in 2845, 290, 303, 331
compatibility with capitalism 296301
conclusions 302
overview 2727, 306
performance indicators 27781
and revenue neutrality 322
scenarios
Base Case 28395, 299302, 331
GHG Reduction 28495, 299302, 322, 331
intention 2823
overview 2836
results 2868
Sustainable Prosperity 28496, 298302, 3313
as way forward 307
making room (carbon) 197202
Malthus, T. 51, 100102, 132, 134, 170
managing, definitions of 412
managing without growth
and capitalist economies 296, 302
and changing patterns of ownership 298
contribution in advanced economies 201
dilemma for policy makers 306
economic model development 271
entailing measurement 44
explanation 3031
as likely to require changes in economy 45, 132
meaning of 414
model for 2717
as old concept 4041
scenarios for 28196
use of statistics 434
see also policies for managing without growth
‘marginal revolution’ 102
Market Basket Measure (MBM) 254
Marshall, A. 789, 222
Marx, K. 9, 51, 8081, 156, 2967, 299
Mason, R.S. 2213
materials
consumption 48, 11011
critical 11216, 135, 167
decoupling economic growth from 10712, 132, 135, 210
economies depending on nature for 52
flows 435, 47, 4950, 74, 956, 99100, 109, 112, 190, 192, 274, 304, 31819, 334
global extraction 978, 10810, 266
intensities 55, 1089
synthetic 49, 87, 140
Meadows, D.H. 19, 16972, 181, 2712
metal ores 10810
metals 39, 96, 106, 11316
Mill, J.S. 51, 20910
minerals 11216, 123, 1578, 166, 195
Mishan, E.J. 18
misinformation 623
monetarism 14
monetary valuation
alternatives to traditional 92
meaning of 778
problems of 845, 89
Morse, C. 1034, 132
multi-criteria decision analysis
(MCDA) 92
MuSIASEM 73
NAIRU (non-accelerating inflation
rate of unemployment) 14, 2445
‘national dividend’ 238
national income
accounts system 1012
effect on economic growth on 258
shares of capital and labor in 299300
natural capital
critical 889
definition 789
as inadequate conceptualization of nature 879
as instrumental approach to nature 8991
problems of 8081
reasons for appeal of 7980, 923
valuation methods 817, 93
Natural Capital Committee (NCC)
89–90, 93
natural resources
Canada’s exploitation of 54
connection between flows and stocks 39
depletion affecting GPI 216, 219
expectations of future prices 1920, 69
global consumption of 1778
vs principle of infinite expansion 298
trade offs to conserve 78
United States historical views on 1035
natural systems 49, 52, 57, 139
nature
‘advancing exhaustion’ of 298
commodification of 534
dealing with waste 13940
dominating chemical elements 112
economies dependent on 52, 93
economy, society and 523, 57
financialization of 9091
human relationship to 1567
impacts of over-use as sink for wastes 14055
inadequate conceptualization of 879
instrumental approach to 8991
irreplaceable aspects of 1945
‘man conquering’ 51
question of how humans interact with 58, 61, 1867
see also pricing nature
nested systems 50, 57, 74
‘net energy cliff’ 1267
net replacement rate (NRR) 24950
Neumayer, E. 178, 21819
New Scarcity 105
no externalities 6061
non-linearities 168
non-renewable resources 1920, 39, 1057, 2689, 319
Norgaard, R.B. 1067
nuclear energy 11718, 122, 128, 133, 153
Nuclear Waste Management
Organization (NWMO) 1534
nuclear wastes 1525
obesity 1012, 243, 309
oceans 1626
OECD
cautionary assessment of data 267
collation of information 266
definition of full employment 244
economic growth 212, 304
Going for Growth initiative 304
green growth 278
income inequality trends 257
measuring wellbeing 219
natural capital 85
OECD countries
critical materials 11216
environmental performance 2668
household wealth ownership 26061
income inequality 257
limits to growth 243
material footprint 111, 266
poverty 2513
unemployment 2446, 24950
wealth distribution 261
working time 328, 330
oil
benefits of 118
concerns about limits to growth 132
EROI 1267
fossil fuel energy surpassed by 117
global demand for 125
global production of 12021
limited supplies of 122
possibility of industry decline 40
prices 14, 20, 133, 204, 306
renewable alternatives 123
sands 87, 105, 121, 1323, 158
transition away from 122
unconventional 20, 12022, 1323
Old Scarcity 105
open systems
analysis of 5053
definition 45
demands upon environment 47
economies as 4450, 55, 74, 956, 138, 317
as nested 50
Paley Commission 1034
Pareto efficiency 59, 612, 64, 221
Paris agreement on climate change 14951, 204, 268
participants, numerous 60
Pascual, U. 78, 81, 84, 924
payments for ecosystem services (PES) 160
peak oil 47, 102, 11822, 167
perfect information 60
performance indicators 27781
Pigou, A.C. 213, 238
Piketty, T. 2578, 261, 2989
Planet Earth as closed system 456, 48, 74, 304
planetary boundaries 1368, 265
plastic waste 1646
policies for managing without growth
compelling arguments for 33940
consumption 3379
environment 31724
international trade 3367
investment 33033
population 30717
poverty and inequality 3247
productivity 3334
reduced work time 32730
from simulations to reality 3047
technology 3346
Pollard, S. 59
population
Canadian 308
government views and policies on 30810
immigration 31013
and immigration policy 31317
natural increases in 310
economic growth as essential for 3078
percentage change in various countries 2667
positional goods 19, 22022, 305, 338
poverty
absolute and relative 251
aim to end 26
in Canada 2516, 3247
and climate change impacts 147
degradation of ecosystem services 157
and economic growth 172, 238, 2412, 25056, 2689, 3056
extreme 101
Galbraith on 18
and income distribution 2567, 263, 3245
income measures 2516
and inequality 3247
inter-related factors 324
Malthus’ predictions of 100101
measures to combat 326
unemployment as cause of 24950, 282, 327
prices
and distribution of income and wealth 712
carbon 689, 2845, 290, 303, 331
dual role of 659
and environmental problems 745
and information 5763, 6974
oil 14, 20, 133, 204, 306
relative 62
single role for 679
and theft 667
and theory of second best 635
and time 6971
pricing nature
approaches to 767
efforts as fraught with problems 305
monetary valuation 778
natural capital 7891
recommendations for 913
valuation methods 817, 93
produced capital 81, 859, 157, 170
productivity policy 3334
‘productivity trap’ 15
progress
economic growth as 912, 339
GDP as measure of 912, 71, 734
historical relation to economic growth 5, 78
idea of 59
pre-Enlightenment 4
slowing down 186
social 4, 276, 281
property rights 19, 512, 60, 667, 70, 79, 812, 105
public goods 22021, 2234, 2334, 237, 331, 338
qualitative development 43, 55
quantitative growth 43, 55
quantitative limits 1367, 32024, 331
rebound effect 108, 117, 1967
recycling
and ‘circular economy’ concept 47
in Earth system–human system 174
eventual material and waste degradation 46
impossibility of total 100
limited impacts 98
and risk 112, 116
REDD+ 16061
reduced work time 2489, 32730
renewable resources 1920, 39, 1045, 12230, 1323, 2689, 318
resource rents 86
resource scarcity
beliefs about 107
Old and New 105
physical 113
and prices 1920, 85, 1057, 12021, 194, 305
Scarcity and Growth study 1045
water 33, 54, 147, 1667
revenue neutrality 678, 322
rivalry 656
Roberto see HappyGrow
Royal Society 67, 144
Samuelson, P. 13
scale
11-step life evaluation 21415
decisions on 318
of economy and green growth 2058
in environmental Kuznets curve 2645
of human impacts 138, 1834
and intensity 2057, 2645
relation with composition and technology 289, 47, 18697
result of increases in 1967
scarcity see resource scarcity
Schumpeter, J.A. 5051
second-best theorem 635, 77
Sers, M. 128, 130, 134
services
forests 15762
fresh water 1667
oceans 1626
reports on 1567
shopping simulation model see
HappyGrow
Simon, J. 1067, 185
sinks
climate change 14252
lead and CFCs 14042
limited capacity 13940, 266
nature of 1389
nuclear wastes 1525
sixth extinction 15860, 163, 175, 307, 339
slower growth 313, 37, 3940, 44, 287
Smith, A. 8, 17, 51, 59, 222
social exclusion
income inequality causing 282
link to poverty 250, 3245
measures to combat 326
social influences 2912
stagflation 14
status
consumption and growth 2212
in HappyGrow model 22337, 23940
positional treadmill 213
as social phenomenon 237
status goods 22021, 231, 235, 331, 338
steam engines 34, 108, 1956
stock-flow consistent (SFC) modeling 2724, 2923, 295, 297
stock-flow resources 878, 123, 1578
stocks
connection with flows 39, 1689, 270, 272, 284
of consumables and durables 223, 228, 2345
depreciating 223
financial 2723, 284
fish 1645, 194
of natural assets 79, 178
of natural capital 80, 86
stranded assets 867, 129
supply distortion 116
sustainable development 19, 225
sustainable development goals (SDGs) 257
Sustainable Prosperity Index (SPI)
calculation of 283
as composite performance indicator 278
environmental influences on 28891
explanation 28081
financial influences on 2926
in LowGrow SFC illustration 277
in LowGrow SFC scenarios 288, 331
social influences on 2912
variables in 282
Sustainable Prosperity scenario 28496, 298302, 3313
Sweden
absolute poverty 251
average hours employed and full employment 2489
economic growth
average rates of 323
as insufficient for solving problems 268, 3056
environmental performance ranking 267
fertility rates 308
GDP
per capita and ecological footprint 17980
percentage change in, population and environmental indicators 2667
percentage from expenditure on goods 192
percentage from expenditure on services 191
goods as percentage of exports and imports 1923
government provision of services 578
income inequality 2567
LIM
after taxes and transfers 2523
households below 2534
net replacement rate 24950
population 2667, 308
unemployment rates 2447, 249
waste management organizations 153
system dynamics 16874
system dynamics macroeconomic model see LowGrow SFC model
systems
analysis 5053
carbon taxes and emissions trading 689
closed 456, 48, 74, 304
feedback loops 57, 74, 169, 272
functioning 578
of markets and prices 59, 66
nested 50, 57, 74
price 57, 712, 76, 170
social and environmental 59, 74
sources, sinks and services 100, 135, 1678, 181, 186, 265
see also open systems
taxes
carbon 679
differential, on goods and services 338
and distribution of income 259
emissions 3224
gasoline 2678
inequities in distribution ameliorated through 91
investment 332
on luxury goods 222
markets working well through 58
policy objectives 22
used to adjust prices 74
on wealth 3257
technology
assessment 3346
changes in, and environmental impact 1937, 305
investment and productivity 331
mitigating and preventing environmental impacts 1856, 208
relation with composition and scale 289, 47, 18697
theft 667
theory of second best 635, 77
thermodynamics, first and second laws
of 467, 99100, 117, 266
think tanks 58, 205, 219
time
GHG emissions remain in atmosphere 151
and prices 6971
reduced work 2489, 32730
trading
emissions 54, 68, 76, 2845, 3214
international 24, 11011, 18893, 242, 3367
‘treadmills’ 213
Trudeau, J. 43
Trump, Donald 29, 149, 243, 270
UN Framework Convention on
Climate Change 143, 167, 2034
‘uneconomic growth’ 21314
unemployment
arithmetic of reducing rate of 3289
as cause of poverty 24950, 282, 327
and economic growth 2689
and GDP 334
growth as ‘remedy for’ 16, 241
and Keynesianism 1214
policies for reducing working time to reduce 32930
rates of 24450
in Sustainable Prosperity Index (SPI) 2813, 2913, 298
United Kingdom (UK)
absolute poverty 251
capital’s share of national income 299
on climate change 144, 148
coal and oil 1023, 117
consumption-related GHG emissions 189
economic growth
average rates of 323
as insufficient for solving problems 268, 3056
environmental performance ranking 267
example of absolute decoupling 175
fertility rates 308
first industrial revolution 51
full employment
average hours employed and 2489
commitment to 13
government on 244
GDP
per capita and ecological footprint 17980
percentage change in, population and environmental indicators 2667
percentage from expenditure on goods 192
percentage from expenditure on services 191
goods as percentage of exports and imports 1923
government
on full employment 244
interpretation of sustainable development 25
households
below LIM 2534
mean and median net wealth per 260
income inequality 2567
LIM
after taxes and transfers 2523
households below 2534
material footprint 11011
net replacement rate 24950
population 2667, 308
reduced work time 327
unemployment rates 2447, 249
wealth distribution 261
United States of America (USA)
absolute poverty 251
air pollution 139
capital’s share of national income 299
on climate change 144, 1489, 151, 268
co-operatives 298
coal production 103, 118
consumption-related GHG emissions 189
critical materials 11415
economic growth
average rates of 323
decline in rate of 186
green 2067
as insufficient for solving problems 268, 3056
as primary policy objective 30
emissions trading schemes 68, 321
environmental performance ranking 2678
era of ‘uneconomic growth’ 21314
ethanol production 123
full employment
average hours employed and 2489
commitment to 13
government on 244
GDP
composition of 184
and GPI 21617, 219, 230
per capita and ecological footprint 17980
per capita, real 210, 216
percentage change in GDP, population and environmental indicators 2667
percentage from expenditure on goods 192
percentage from expenditure on services 191
goods as percentage of exports and imports 1923
government
on full employment 244
interpretation of sustainable development 245
households
below LIM 2534
mean and median net wealth 26061
immigrants to Canada 31113
income
and happiness 211
inequality 2567
LIM
after taxes and transfers 2523
households below 2534
material footprint 111
natural resources
costs of 1045
historical views on 1035
net replacement rate 24950
new technologies 335
obesity 102
oil extraction, unconventional 20, 121
oil production 11921
poor performance of 243
population 2667, 308
privatized health care 54
reduced work time 3279
relying more on markets 578
total end use of electricity 196
unemployment rates 2447, 249
waste management organizations 153
wealth distribution 261, 270
useful goods 21921, 2236, 2323
utility 21013, 218, 22140
valuation methods 817, 93
Victor, P.A. 15, 37, 46, 49, 934, 120, 128, 130, 134, 182, 18990, 200, 208, 211, 258, 265, 287, 295, 297, 3023
Von Hayek, F.A. 59
water scarcity 33, 54, 147, 1667
wealth distribution
in Canada 2623, 325
in decision-making hierarchy 318
as more unequal than income distribution 261, 325
and prices 712
in selected OECD countries 26061
statistical data 26061
in USA, South Africa, France and UK 2612
wealth inequality 26063
well-being
as affected by relative position 263
approaches to measuring 219
deficiencies of GDP as measure of 21617
and economic growth 209, 21314
factors influencing impact of rising incomes on 21213
and GPI 21619
growth and positional goods 220
index for subjective 212, 237
public good scenario 2334, 237
purpose of HappyGrow 223
willingness to accept 813
willingness to pay 813
work time, reduced 2489, 32730
world happiness 21416
World War II
era of 1112
post 10, 1314, 103, 244, 304