The economics of enough: Dan O'Neill at TEDxOxbridge

Is economic growth always a good thing? Why are people in countries like the US and UK not happier or working fewer hours when GDP has tripled since 1950? Dan O'Neill's thought-provoking talk exposes the pitfalls of economic growth and hints at alternative ways to measure progress.

Dan O'Neill is a lecturer in ecological economics at the University of Leeds, and the chief economist at the Center for the Advancement of the Steady State Economy (CASSE). His work focuses on the changes that would be needed to achieve a prosperous non-growing economy, and alternative ways of measuring progress besides GDP. He is co-author (with Rob Dietz) of Enough Is Enough: Building a Sustainable Economy in a World of Finite Resources, an international best-seller which has recently been made into a short film. When he isn't doing research or teaching, Dan enjoys hiking in the Yorkshire Dales and singing songs about the misguided pursuit of economic growth.

In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)

[AnneDulong]

Really really insightful. One of the best talks I have ever watched.

[aqwteaser]

This is very reminiscent of Kate Raworth's Doughnut Economics!

[silentstorm]

I hate how people just try to disagree with him because of different opinions, but while doing so they don't say anything against his arguments, they just... complain for the sake of disagreeing with different views, no matter how clever those other views are.

[vjislaniya]

Economics of enough

If students are not listening such lectures in economics class then their study is not complete

[washserf]

Excellent talk. As he says Economic growth surely is a means to an end not an end in itself! We can grow our support systems, education, healthcare etc and we can regulate the market to produce more equitable outcomes as regards distribution of wealth. We can stop banks issueing loans when they have virtually no deposits to cover these loans. The reserve bank can spend on useful infrastructure which will in turn create economic activity. We can switch to a sustainable economy a Steady State economy where everyone can have a good not luxurious life and we dont outstrip the natural bounds of the ecosystems we and our fellow creature depend on. Enough is enough !

[evelynwinters]

Fantastic talk - economic reform with models such as De Growth and Buen Vivir need to be prioritised for the future of the earth and humanity.

[cleonawallace]

Fairly depressing to watch this in 2022 and realise that in the past 8 years nothing much has changed :(

[YBBBJ]

Madness of More and Economics of Enough


(0:8:47) Ribanomics: Have you ever wondered where money comes from? They create money out of thin air. 2-minutes of a very sharp explanation of how the current (fractional reserve) banking system majorly contributes to inflation.


Well, human nature doesn't seem to go to the direction of what O'nei is proposing. In order for it to work, would require a responsible society or an authoritarian state. The latter is easier, but it would defeat the purpose of the prosposition in the first place.


Let's try the first.

[peepalfarm]

10:00 so returning the loan won't destroy the created money?

[yemyintthoung]

Notes:
1:47 Planetary Boundaries
4:15 The New Economic (The steady State Economy Conference)

[yvonnehyatt]

Please study - Ernesto Sirolli, Joel Salatin, and the Rockefeller’s Méthod thanks

[patrickduffy]

Jacque Fresco was saying all of this since the 70s a resource based economy but like his space ship analogy the difference is on Apollo everyone involved wanted to solve the problem

[sebbythecrabby]

Perhaps the government could offer an ultimatum to companies: either you choose your own minimum wage:maximum wage ratio before a certain date, or wait until (after that date) the government decides for you what ratio you'll be allowed to pay. We should also encourage companies to do this by choice, for ethical reasons, as certain co-operatives and other 'values-driven' businesses do this already. The difficult thing is having the political will to make such an ultimatum happen...I don't have an easy answer for that! Suggestions welcome ;)

[nthperson]

The key to fundamental change is actually simple: treating the planet as our commons rather than as private property. Grant access to locations (to nature) by competitive bidding under leasehold arrangements. Rely on these '"rents" to pay for public goods and services. At the same time, eliminate the taxation of earned income, of capital goods and commerce. The result will be full employment without inflation and sustainable economic activity.

[ElleCooper]

I look forward to making do & living with {lol} less... A Steady State Economy is something I hope humanity attains sooner rather than later, however, the comments below show that uncoupling the economy from human identity is going to be a challenge.

[merch]

Loved the start of his speech!
Very polished.

[JohnDoe-kqnc]

What about confounding factors that affect the correlation between GDP growth and unemployment rate? Correlation does not imply causation.

[thetruth]

You are a game changer sir. You have great insight I am your follower from today. You are infinite and you shall grow your limits and you will help the kingdom of God prevail.

[Thomas-ikjs]

If America wants to measure the well-being of people, how can they collect data and convert them to utils? RGDP has flaws, but it is by far the most practical way of measuring economic growth.

[minionsystems]

It is true that GDP is measured improperly. It is also true that the fractional reserve banking system implies default to balance the books. Growth though, is only really necessary to account for increases in population and to pay for extravagant entitlements. The problem with Utopian schemes like minimum and maximum income require coercion. If "utopia" could be done voluntary, it would already be done.

"Inequality" is a canard - a nice way of saying "I'm jealous of your income and you owe me". What matters is not income inequality but rather the real income of the lowest earners. Just because you are rich does not make me poor - the opposite is true. Wealth diversity is useful in the same way as biological diversity is - it creates opportunities. Very wealthy individuals can invest in ways that others cannot.

What is required is the free market and patience - free markets are the only mechanism proven to increase wealth and prosperity. Happiness is not a quantity that can be measured because it cannot really be defined and it changes from minute to minute. All we know is that shortage of resources causes unhappiness so why not promote prosperity by removing coercion and control growth by controlling population and restraining government growth.