Planned economic contraction: the emerging case for degrowth

Abstract

Abstract The sociological, ecological, and economic foundations of a macroeconomics 'beyond growth' are outlined, focusing on the idea of degrowth. Degrowth opposes conventional growth economics on the grounds that growth in the highly developed nations has become socially counter-productive, ecologically unsustainable, and uneconomic. Stagnating energy supplies also suggest an imminent 'end of growth'. In response to growth economics, degrowth scholars call for a politico-economic policy of planned economic contraction, an approach which has been broadly defined as 'an equitable downscaling of production and consumption that increases human well-being and enhances ecological conditions'. After defining growth economics and outlining the emerging case for degrowth, the feasibility of a macroeconomics beyond growth is considered and an outline of what such a macroeconomics might look like as a politico-economic programme is sketched. Keywords: degrowthuneconomic growththreshold hypothesisvoluntary simplicity