Showing posts with label Joseph Stiglitz. Show all posts
Showing posts with label Joseph Stiglitz. Show all posts

13 August, 2012

Response needs to be immediate and dramatic


Author Joseph Stiglitz.
by Robert McLean

Our response to climate change needs to be more immediate, and dramatic, than imagined.

References to future events continue to intrigue me for although I acknowledge the importance of planning, many seem to glibly go ahead apparently unaware that our climate is quickly becoming unmanageable, not that it ever was.

The closing of the London Olympics brought comments from many about their hopes and dreams for the 2016 Summer Olympics in Rio, South America.

Just today (August 13), reading The Price of Inequality, author Joseph Stiglitz said, in discussing the 2008-09 global financial crisis, that the American economy would not again operating at its prime until 2018 – that’s six years away!

Those who understand the implications and ramifications of the changes we have made to our climate, are predicting significant difficulties for all parts of the world and certainly by then.

Those same people are arguing that the world needs to shift to an alternative energy source immediately, not in four or five years, but immediately and along with the reduce our carbon dioxide emissions by close to 100 per cent over the same time frame.

Stiglitz's latest book will
help you understand
the distrurbing nexus
between politics and the
economy.
Both those things border on impossible, particularly as the fossil-fuel industry is both so pervasive and powerful with its tentacles deep in most every political party, certainly those with power and influence, around the world.

Along with most others, I am entrenched in political and economics paradigm that generate inequality, poverty, confrontation and, beyond those things, a way of living that is absolutely unsustainable.

We don’t have much time (we are in fact about 40 years too late), but a first step would be to reduce our consumption and so demand and energy and our seemingly insatiable appetite for irreplaceable resources.

To do that we need to live quieter lives, that is step back from the abyss, contemplate and consider and work less (in the traditional sense) and apply ourselves to more purposeful leisure and in doing that make our communities richer and more resourceful.

For some time now (several months) the idea of a Four-Hour Work Day has been articulated encouraging us to be more innovative about how we live and shifting our allegiance from becoming financially richer to creating resilient and tightly bonded communities that will allow us to live in a world that will be somewhat different from what we presently understand.

It is about retro-fitting our economic system and returning to a style of democracy that is truly about one-vote per person and not, as it has become in America and is becoming here, “one-vote per dollar”.

04 February, 2012

Yes, we are 'Mismeasuring our Lives'


Writing in the foreword to “Mismeasuring Our Lives: Why GDP Doesn't Add Up” French president, Nicholas Sarkozy, said:

French president,
Nicholas Sarkozy,
who argues we
are mismeasuring
our lives.
“If we do not want our future and the future of our children and grandchildren to be riddled with financial, economic, social and environmental disasters, which are ultimately human disasters, we must change the way we live, consume and produce. We must change the criteria governing our social organizations and our public policies”.

The description of the book by Amazon.com says:

It was in February of 2008, amid the looming global financial crisis, President Nicolas Sarkozy of France asked Nobel Prize–winning economists Joseph Stiglitz and Amartya Sen, along with the distinguished French economist Jean Paul Fitoussi, to establish a commission of leading economists to study whether Gross Domestic Product (GDP)—the most widely used measure of economic activity—is a reliable indicator of economic and social progress. The Commission was given the further task of laying out an agenda for developing better measures.
Mismeasuring Our Lives is the result of this major intellectual effort, one with pressing relevance for anyone engaged in assessing how and whether our economy is serving the needs of our society. The authors offer a sweeping assessment of the limits of GDP as a measurement of the well-being of societies—considering, for example, how GDP overlooks economic inequality (with the result that most people can be worse off even though average income is increasing); and does not factor environmental impacts into economic decisions.

Those eager to consider a
response to climate change will
meet again Beneath the Wisteria
 in Shepparton's Maude St Mall
at 11:30am on Saturday,
 February 25.
Probably 20 years ago, a former manager declared “that what gets measured gets done”.

Interestingly, in relation to that comment, the opening paragraph to the book’s preface says;

“In an increasingly performance orientated society, metric matter. What we measure effects what we do. If we have the wrong metrics, we will strive for the wrong things. In the quest to increase GDP, we may end up with a society in which citizens are worse off”.

Considering recent world events, it appears we really are “Mismeasuring our Lives”.