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Instead the economy is a subsystem of the finite biosphere that supports it. When the economy’s expansion encroaches too much on the surrounding biosphere, we begin to sacrifice natural capital (animals, plants, minerals and fossil fuels) that is worth more than the manmade capital (roads, factories, appliances) added by ‘growth’.
Science has established without a doubt that, in today’s “full-world economy,” it is necessary to operate within an overall Earth System budget with respect to allowable physical throughput. However, rather than constituting an insurmountable obstacle to human development, this can be seen as initiating a whole new stage of ecological civilization based on the creation of a society of substantive equality and ecological sustainability, or . , in this sense, is not aimed at austerity, but at finding a “prosperous way down” from our current extractivist, wasteful, ecologically unsustainable, maldeveloped, exploitative, and unequal, class-hierarchical world. Continued growth would occur in some areas of the economy, made possible by reductions elsewhere. Spending on fossil fuels, armaments, private jets, sport utility vehicles, second homes, and advertising would need to be cut in order to provide room for growth in such areas as regenerative agriculture, food production, decent housing, clean energy, accessible health care, universal education, community welfare, public transportation, digital connectivity, and other areas related to green production and social needs.
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There is a growing awareness – from the grassroots to academia – that the real economy is the natural world, on which we ultimately depend for all of our needs. Only when we embrace a structural shift in the current economy – away from dependence on a corporate-run global marketplace, towards diversified local systems – will we be able to live in a way that reflects this understanding.
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