Do standard economists truly believe that things in our economy have perfect substitute ability, and that we actually can physically grow for centuries or millennia? Do they really believe that? Well, goodness, i think some do. Others don't. And so all this u we have an energy, an materials economy, not a monetary one. No climate change is an existential risk. All these things are popoed away under the frameworkf o, neo classical economics. But when you forget the level of abstraction and you begin to treat your abstractions as if they were, in fact, the real world, then that's what he calld ta fallacy of misplaced concreteness.
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