We need new form of economics

The economics profession has lost its way. The traditional way to solve our economic problems has always been growth. But despite the best efforts of all concerned, the Irish economy refuses to grow. Lower interest rates, quantitative easing, and strict austerity are failing. GDP is now lower than when the crisis began.

It’s time to abandon the pursuit of growth in wealthy nations and consider a new strategy — an economy of enough. Suppose that instead of chasing after more stuff, more jobs, more consumption, and more income, we aimed for enough stuff, enough jobs, enough consumption and enough income.

Economic growth is causing a number of global environmental problems, ranging from climate change to biodiversity loss.