New Economics, Socio-technical Transitions and Social Practices
Edited by Maurie J. Cohen, Halina Szejnwald Brown and Philip J. Vergragt
Chapter 2: The macroeconomics of development without throughput growth
Serious discussion has begun of policies to promote the goal of increasing well-being without material growth. The idea of a steady-state macroeconomics was introduced into the modern economics conversation by Herman Daly (see, for example, Daly, 1973, 1991a, 1991b). Daly built on the fundamental analyses of Georgescu-Roegen (1971), although, of course, the origins of the concept go back much further, at least to John Stewart Mill, with significant echoes in the work of John Kenneth Galbraith. In the growth model presented by Robert Solow (1970), economic growth theoretically converges to a steady-state rate of growth based on the rate of growth of the labor force and technological progress – but would reach an absolute steady state (with no economic growth) only if the rates of population growth and technological progress were both zero.
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