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New Economy (movements)

New Economy is a set of movements that aim to to modify or replace the 19th and 20th century capitalist economic systems, with alternative models whose goal is to more effectively attain the twin goals social justice and environmental sustainability. These models often also encompass socio-political reforms.

Social justice and environmental sustainability are linked, in that while poverty might inhibit some greater consumerism, it also leads to short termism (elephant hunting); deprivation of education and time to fully engage in the political process and democracy means that the few powerful are less accountable. Also often the health risks of degraded environment are felt the most by the poor.

Critiques of the status quo

Classic capitalism

industrial revolution and adam smith
then tampering of most extreme parts with more regulation adn greater social safety nets by governemtns
- Industrialists also understood the moral value of treating employees well
then Friedman and Chicago school brought more economic liberalism and the reaffirmation of profit maximization as only obligation of managers
while, economics developed into a field that is mostly assumed a rational people and develop flawed models that have gone from being theoretical, to becoming self- fulfilling prophecies, and from being descriptive, to being seen as prescriptive.
inequality^[1] (explain not just that it exists and how it got here, but spell out why it matters)

Adam Smith, shareholder’s primacy (fiduciary), monetary policy of quantitative easing, Chicago school of shareholder value (Just laws follow) Milton Friedman, gdp main measure driving bar OF success By governments, resource natural over-exploitation, — w nature n healyh effects, externalitirs negative (hidden subsidy to fumes for ex)

Critiques

Doughnut Economics^[2]
(Paper analyzing Adam Smith re how self-interest was not absolute, and that morals were important as well.)
principled, academic, and pragmatic critiques
- The Homo economicus fallacy^[3]
- "rational economic man: he stands alone, with money in his hand, a calculator in his head, ego in his heart, and nature at its feet. He hates work, loves luxury, has insatiable wants, and knows the price of everything"(https://www.youtube.com/watch?time_continue=87&v=SOKHWOMVMyo&feature=emb_logo)
  - By modeling it, we are becoming it.^[2] (https://www.youtube.com/watch?time_continue=87&v=SOKHWOMVMyo&feature=emb_logo)
- people are not just driven by a narrow economic profit maximization - logical to bring the interests and characteristics ofa human being as a whole to the business/workplace.^[4]

Environmental sustainability and social justice

Measurements

You get what you measure (by Jack Welch?)

Ecosystem services

Ecosystem services accounting

Beyond GDP

GDP: the monetary cost of all things sold in the market

^[5]^[6] ^[7] Maximize welfare and wellbeing instead of wealth.

The GDP creator himself said that it was not a good measure for the overall economic success of a society.^[5]^[6] "instead of making GDP growth regardless "economies that need to grow regardless of whether or not they make us thrive, while we need are economies that make us thrive regardless of whether or not they grow" (https://www.youtube.com/watch?time_continue=54&v=5zkqGEaztRM&feature=emb_logo)

HDI & Happiness

Economic models

Doughnut Economics^[2] [request graph be donated to commons]

Degrowth or zero growth

Role of the state

lifestyle

buen vivir, share economy Organic food, Vegetarianism or Veganism

Government policies

Carbon tax

Other taxation

Other policies

Behavioral economics Libertarian paternalism preserving full freedom of choice, while nudging towards options that may benefit the most, to most people.^[3]

Behavioral economics

Financial Markets and corporate governance

Disclosures and enhanced corporate reporting

Sustainability Accounting Standards Board

Role of shareholders

Primacy of shareholder value; fiduciary duty

Responsible investing

Shareholder activism through shareholder resolutions.

Impact investing Environmental, social and corporate governance (ESG) Principles for Responsible Investment (PRI)

negative screening, ...

http://www.intentionalendowments.org/divestinvest_page

Conducting business

Benefit corporation (B-corp)
Worker cooperative (large example: Mondragon Corporation)

Employees represented in BOD
Consideration of stakeholders
Primacy of shareholder value; fiduciary duty

Monetary policy

Quantitative easing vs Green QE
- QE benefits existing investors, by propping up the value of their investments, by making bond financing more accessible to large companies

Democratic engagement

localism: tight-knight local communities, with a local economy (worker cooperatives) may be more vested in the wellbeing of the community and may make better decisions for the group. Also, they may be more investment in local good governance. There are hopes for this model to then percolate upwards to the national level.

Agriculture

What kinds of sustainable agriculture?

In Philanthropy

loan guarantees to impact projects

Various concepts

?

Notes for later

Evergreen Cooperatives (Cleveland Model)^[9]
- [[Preston Model]^[9]
Bristol Pound

References

^ Piketty, Thomas (August 2013). Capital in the Twenty-First Century. Belknap Press: An Imprint of Harvard University Press. ISBN 978-0674979857.
^ ^a ^b ^c Raworth, Kate (March 22, 2017). Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist. Chelsea Green Publishing. ISBN 978-1603586740.
^ ^a ^b Thaler, Richard H.; Sunstein, Cass R. (February 24, 2009). Nudge: Improving Decisions About Health, Wealth, and Happiness. Penguin Books. ISBN 978-0143115267.
^ Seidman, Dov (September 21, 2011). How: Why How We Do Anything Means Everything. Wiley. ISBN 978-1118106372.
^ ^a ^b Boushey, Heather (October 28, 2019). "The Way We Measure the Economy Obscures What Is Really Going On". The New York Times. By definition, national accounts tabulate only goods with a price tag, leaving out all the things we do for each other, like the unpaid time that parents spend caring for their children, or the unpaid time adult children spend caring for their aging parents. There are other problems as well. When a factory spews toxic fumes into the surrounding air, this doesn't get subtracted from national income, and we don't count the negative effect on the lungs of all the people nearby. Worse yet, the money that is spent to clean up the air — and the money that is spent to care for the rise in asthma for the local population — gets counted as an increase in output.
^ ^a ^b Jolly, David (September 14, 2009). "G.D.P. Seen as Inadequate Measure of Economic Health". The New York Times.
^ Kerr, Steven (1975). "On the folly of rewarding A, while hoping for B" (PDF). Academy of Management Journal. 18 (4): 769–783. doi:10.5465/255378.
^ Jackson, Tim (2009). Prosperity Without Growth: Economics for a Finite Planet. Earthscan Publications Ltd. ISBN 978-1849713238.
^ ^a ^b Sheffield, Hazel (2017). "The Preston model: UK takes lessons in recovery from rust-belt Cleveland". No. 11 April 2017. The Guardian. Retrieved 28 June 2019.

https://www.kateraworth.com/animations/

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[Piketty_2013-1] Piketty, Thomas (August 2013). Capital in the Twenty-First Century. Belknap Press: An Imprint of Harvard University Press. ISBN 978-0674979857.

[Doughnut_Economics_2017-2] Raworth, Kate (March 22, 2017). Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist. Chelsea Green Publishing. ISBN 978-1603586740.

[Thaler_2009-3] Thaler, Richard H.; Sunstein, Cass R. (February 24, 2009). Nudge: Improving Decisions About Health, Wealth, and Happiness. Penguin Books. ISBN 978-0143115267.

[Seidman_2011-4] Seidman, Dov (September 21, 2011). How: Why How We Do Anything Means Everything. Wiley. ISBN 978-1118106372.

[NYT_2019-11-28-5] Boushey, Heather (October 28, 2019). "The Way We Measure the Economy Obscures What Is Really Going On". The New York Times. By definition, national accounts tabulate only goods with a price tag, leaving out all the things we do for each other, like the unpaid time that parents spend caring for their children, or the unpaid time adult children spend caring for their aging parents. There are other problems as well. When a factory spews toxic fumes into the surrounding air, this doesn't get subtracted from national income, and we don't count the negative effect on the lungs of all the people nearby. Worse yet, the money that is spent to clean up the air — and the money that is spent to care for the rise in asthma for the local population — gets counted as an increase in output.

[NYT_2009-09-14-6] Jolly, David (September 14, 2009). "G.D.P. Seen as Inadequate Measure of Economic Health". The New York Times.

[Kerr_1975-7] Kerr, Steven (1975). "On the folly of rewarding A, while hoping for B" (PDF). Academy of Management Journal. 18 (4): 769–783. doi:10.5465/255378.

[Jackson_2011-8] Jackson, Tim (2009). Prosperity Without Growth: Economics for a Finite Planet. Earthscan Publications Ltd. ISBN 978-1849713238.

[Sheffield-9] Sheffield, Hazel (2017). "The Preston model: UK takes lessons in recovery from rust-belt Cleveland". No. 11 April 2017. The Guardian. Retrieved 28 June 2019.

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