by Eric Zencey. Early in April, an international community of sustainability theorists and practitioners gathered in New York City at a special High Level Meeting at ...
steadystate.org/new-bretton-woods - "Early in April, an international community of sustainability theorists and practitioners gathered in New York City at a special High Level Meeting at the United Nations.
Titled “Happiness and Wellbeing: Defining a New Economic Paradigm,” the High Level Meeting brought together 600 participants for the plenary session on Monday, April 2, with 200 invited experts staying an additional two days to form working groups to address key elements of the new economic paradigm. The meeting was called to begin the implementation of UN General Assembly Resolution 65/309, passed last year on unanimous voice vote. That resolution, brought forward by the tiny mountain kingdom of Bhutan and sixty-eight co-sponsoring nations, called for implementation of a dramatically different, more “holistic” understanding of economic development. It specifically rejected the GDP-based approach taken in the past and called for the creation and use of an alternative set of indicators that would more accurately measure human wellbeing. It also authorized Bhutan to call the High Level Meeting to articulate that indicator set, and to create a path toward its adoption.
But the meeting was about more than an indicator set. To decide what you’re going to measure, you have to know what you want to measure, and discussion of that — the ultimate purpose of an economy — subverts a great deal of traditional economic thought. And so the larger purpose of the meeting was to articulate the elements of a new economic paradigm, and to issue a call to world leaders to adopt its fundamental precepts.
The linking of development policy, pursuit of wellbeing, and alternative indicators in a new economic paradigm is a strong step toward establishing a sane and sustainable civilization that focuses on meeting human needs with ecological efficiency. To get there, centuries of infinite-planet economic thinking have to be swept aside. Traditional development theory begins with the idea that some nations are underdeveloped — nations that don’t have a western, industrial, consumerist economy. It also supposes that all the nations of the world want that kind of economy and that they can have it. But all three presumptions are false. No nation on the planet has an ecologically sustainable economy, which means that every nation, without exception, faces a major development problem. Consistent with the principles and practice of traditional neoclassical economics, western-style consumerist development has been predicated on an enormous drawdown of the planet’s stock of stored antique sunlight — oil and coal — which is a finite resource; and it has completely ignored the fact that the planet’s “sink” services — its ability to absorb our effluents, including greenhouse gases, without ill effect — are fixed and finite."