The optimal scale of the economy is smaller, the greater (a) the degree of complementarity between natural and man-made capital; (b) our desire for d… - Herman Daly

Even if we can never quantify [satisfaction or happiness]... as precisely as we currently quantify GNP,... perhaps it is better to be vaguely right than precisely wrong.

Economic logic requires that we maximize the productivity of the limiting factor in the short run, and invest in increasing its supply in the long run. When the limiting factor changes, then behavior that used to be economic becomes uneconomic. Economic logic remains the same, but the pattern of scarcity in the world changes, with the result that behavior must change if it is to remain economic. Instead of maximizing returns to and investing in man-made capital (as was appropriate in an empty world), we must now maximize returns to and invest in natural capital (as is appropriate in a full world). This is not “new economics,” but new behavior consistent with “old economics” in a world with a new pattern of scarcity.

It is imaginable that someday we will discover how to create materials from nothing, how to achieve perpetual motion, how to reverse time’s arrow, and so on. But to take such science-fiction miracles as a basis for economic policy would be absurd.