Volunteers for Friday?Volunteers for Friday?

Summary and ConclusionsSummary and Conclusions

Take home messagesWhat it means to you

Central Differences Between EE Central Differences Between EE and Standard Economicsand Standard Economics

• Focus on scale– How big is the economy relative to the global

ecosystem?– How big can it be?– How big should it be?

• Greater emphasis on distribution– Can’t grow our way out of poverty– As more resources become scarce,

ownership becomes critical• Redefining efficiency

The AnthropoceneThe Anthropocene

• Human activities as a geological force on the planet

• Began in 1750 with advent of fossil fuels and capitalist economy

2011 and 2012 broke records

Current EventsCurrent Events

• In Europe, Paid Permits for Pollution Are Fizzling

• Think Those Chemicals Have Been Tested?

• E.P.A. to Delay Emissions Rule at New Power Plants

Course ConclusionsCourse Conclusions

• We face an unprecedented set of challenges—we are entering into a ‘no analogy’ period of human history

• The biophysical crises we face are much more serious than people recognize, and much more serious than financial collapse

• Problems can be defined as the difference between where we are and where we want to be.

• If where we want to be is in an ever growing economy, the problems we face are unsolvable.

Course ConclusionsCourse Conclusions

• We face an unprecedented set of challenges—we are entering into a ‘no analogy’ period of human history

• The biophysical crises we face are much more serious than people recognize, and much more serious than financial collapse– Biophysical crises affect scale– Financial crises affect distribution: how do we

manage $50 trillion in unpayable debt?

Course ConclusionsCourse Conclusions

• Solutions to our problems require far more dramatic action than people seem to realize

• Impact on quality of life likely to be far less than people realize

Would Addressing Current Crises Would Addressing Current Crises Require Sacrifice?Require Sacrifice?

• Over 80% reduction in fossil fuel use required• Per capita income (adjusted for inflation) in

1969 was 1/2 of today’s GDP, and poverty was lower

• We could live at 1969 standard with ½ of current CO2 emissions– Most reductions in consumption would fall on rich– With European efficiency we could reach 75%

reduction– With proper incentives and technologies, we

could do much better

Satisfaction with Life as a Satisfaction with Life as a WholeWhole

How Miserable was Life in 1969?: How Miserable was Life in 1969?: The Genuine Progress IndicatorThe Genuine Progress Indicator

What does this mean for your What does this mean for your generation?generation?

• My generation inherited the most from the past, took the most from the future

• Many of you still benefit, but most will face the costs

• Your generation must find the solutions• We have never had more resources at our

disposal to do so