Transcript The Value Revolution in Economics

The Value Revolution in
Economics
Wealth, Indicators &
Accounting
Redefining Wealth
Quantitative:
Money & Material
Accumulation
Qualitative:
Well-being
Regeneration
Industrialism
River Economy: Linear Flows
Divided Economy:
• Production / Consumption
• Formal / Informal
• “Workplace” / Home
Resource-intensive / people
displacing/deskilling
Concentrated production / energy forms
Green / Postindustrial
Lake Economy:
--cycling / waste-as-food / biomimicry
Integration of production & consumption
--home / workplace
People-intensive / Knowledge-culture-based
--resource-displacing
Decentralized / distributed
Historical Trends
Dematerialization
Detoxification (& decarbonization)
Decentralization
Waste, Demand & Artificial
Scarcity
Permanent War
Economy
The Suburb
Economy:
Oil / Autos /
Subdivisions
Indicators
“[If it is to be achieved, the new
economic system] will result from
our becoming better ecological
accountants at the community
level. If we must as a future
necessity recycle essentially all
materials and run on sunlight, then
our future will depend on
accounting as the most important
and interesting discipline.”
Wes Jackson,
Becoming Native to This Place
Indicators & real wealth



Qualitative Wealth is far more complex:
requires more quantification
Qualitative Wealth is place-based or
specific to circumstances
Qualitative Wealth is needs-based,
requiring examination of consumption.
Genuine Wealth Assessment Life-cycle
Business Applications
Internal accounts
Natural Step, ISO 14000, Eco-footprint,
Sustainability Reporting
Government Regulation
Alternative Industry Standards
--LEED green bldg.; FSC wood ; B Corporation ;
Innovative Business Models:
-- B Corporation
-- McDonough/Braungart Protocol
--Local Food Plus
Business Applications -II





Builds external costs into firm decisions
Essential to Triple Bottom Line
SBLS: can be translated into financial
bottom line
Crucial to Stakeholder relationships
Made easier by network support:
--market transformation
LCA and Product life-cycles:
Environmental Lock-in over a Product’s
Development Cycle