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Audio Interview

The steady-state economy

Published on September 28, 2023   28 min

A selection of talks on Finance, Accounting & Economics

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Interviewer: Today I'm interviewing Professor Herman Daly, Professor Emeritus at the University of Maryland School of Public Policy on linearity of the economy and the implications of the steady-state economy. A link to Professor Daly's biography accompanies this interview. Listeners are expected to have read Professor Daly's short summary of his opinion in his article, "A Journey of No Return, Not a Circular Economy", published in Steady State Herald, dated 23rd of April 2019, before listening to this interview. A link to that article also accompanies this interview. It is worth mentioning that this interview takes place just after the new UK Prime Minister Liz Truss declared the pursuit of economic growth a fundamental goal of the new government. Professor Daly, thank you for sparing the time for this interview. Assuming that we accept your analysis, I want to ask you about its implications. What, in your opinion, should governments and electorates do and how should they go about doing it? But first, may I ask, is it not fundamentally dependent on rate, the pace of the process. To misquote Keynes, "In the long run, we're all dead and the universe ends". Professor Daly. Prof. Daly: Yes, I think you're correct. It is a matter of rate and pace. In the long run, we're all dead, including the universe. But the goal of a steady-state economy is longevity with sufficiency.

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