i personally think that quantitative limits, theoretically, are better than price limits, taxes. If if you limit that quantity, then given a demand curve, you'll determine the price. But demand urves are really not known. You can draw one on the blackboard, but they're shifting all around and there's errors and omissions. So safe is safer, ecologically, i think, to fix the quantity and then let the variations and errors and omission work themselves out in price variations. That would be my preference, theoretically.
On this episode, we meet with ecological economist and professor emeritus at the University of Maryland, Herman Daly.
Daly discusses the biophysical underpinnings of human economies, and how a social system that is more tethered to our ecological reality might come into being.
Daly explains how the transformation from classical economics to neoclassical economics created an understanding of the world that prioritized utility and money above all else. How did neoclassical economics contribute to our current predicament?
Further, Daly explores what he believes to be the best-case scenario humans face in the next decade.
About Herman Daly
Herman Daly is Professor Emeritus of economics at the University of Maryland School of Public Policy, former senior economist at the World Bank, and a founder of the field of ecological economics. He is the author of For The Common Good, Valuing the Earth, the textbook Ecological Economics, and many other books, essays, and academic papers
For Show Notes and Transcript visit: https://www.thegreatsimplification.com/episode/06-herman-daly