Timothée Parrique - Reimagine Economics for Ecological Sustainability

This discussion focuses on the urgent need to reshape our economic models to address the ecological crisis effectively. The current economic framework is likened to societal metabolism but is criticized for its unsustainable nature. Incremental changes are deemed insufficient; instead, radical restructuring is called for.

Economists are often described as ecologically illiterate, overlooking the fact that ecology is not just an asset but a vital component of our financial system. Current economic models lack empathy and vision for nature, often simplifying ecological complexities to fit outdated economic theories.

One of the key criticisms is of the Gross Domestic Product (GDP) metric. Originally developed during a financial crisis a century ago, GDP is seen as a crisis indicator rather than a measure of societal well-being. It fails to account for human suffering, valuing economic activities like medication for depression or psychological services without considering the underlying human costs.

The concept of 'green growth' is challenged, with the argument that it is a fallacy in the face of the multifaceted ecological crisis. In contrast, 'degrowth' is presented not as a regression to simpler times but as a path towards maximizing efficiency and well-being with minimal environmental extraction. The focus is on redefining what is considered valuable work, moving away from capitalism's emphasis on profitability to recognize the importance of non-lucrative but socially and environmentally essential activities.

The degrowth movement has evolved from activism to a more scientific approach, aiming to provide practical solutions and a viable framework for a more equitable, greener, and cleaner world. The call to action is for a 'timeout' to reassess our economic goals, moving away from autopilot towards deliberate, conscious decision-making about our economic future.

Reimagine is a podcast with host Babak Behrad, brought to you by Society Lab.