Supply Shock
Economic Growth at the Crossroads and the Steady State Solution
By: Brian Czech, Ph.D.
Format: May 28, 2013
Format: Paperback, 384 pages
ISBN-10: 0865717443
ISBN-13: 978-0865717442
Publisher: New Society Publishers
"Could it be that something is wrong with the sheer immensity of our national and global economies? Of course it could, and the sooner we recognize it the better", writes founding President of CASSE and a Visiting Professor at Virginia Tech University, Brian Czech in his landmark and thought provoking book Supply Shock: Economic Growth at the Crossroads and the Steady State Solution. The author describes a sustainable alternative to the constant growth economy in the form of the steady state economy.
Brian Czech recognizes that politicians and economists who advocate constant economic growth have what they perceive as the best interest of the people at heart. The author points out that those same politicians and economists all too often lack any background or understanding of science. For the politicians, Brian Czech states as well that election campaign funding depends upon support for unlimited growth policies. The author provides evidence that people are sensing that the growth above all policy is not working as well as stated by the experts. Brian Czech describes the very real conflict that exists between unlimited economic growth and the degradation of the environment.
Brian Czech (photo left) understands that the future of the planet, as well as the economic welfare of future generations, depends on protecting the environment. While economic growth may have been the central theme of twentieth century economic thinking, it has become the central problem for the twenty-first century. To meet the challenge of sustaining the environment, along with meeting the economic needs of current and future generations, Brian Czech offers the alternative approach of the steady state economy.
Brian Czech outlines the crucial economic and environmental reasons for the establishment of the steady state economic principles. The author also advocates that people press politicians to implement the concept of the steady state economy as well. The book is divided into the following overarching sections that outline the principles of the steady state economy, as well as the reasons why it is so critical to put into action immediately:
* Economic growth at the crossroads
* The dismal science becomes unhitched
* Economics for a full world
* Politics and policy: The horse before the cart
For me, the power of the book is how Brian Czech combines a comprehensive overview of current growth oriented economic thought and its inherent problems, with a complete description of solid state economics and the reasoning for its implementation. The author offers a convincing counter argument to the standard view that there is no direct conflict between the health of the environment and unlimited growth. Brian Czech demonstrates that the doctrine of unlimited growth not only has severe consequences for the environment, but will also jeopardize the economic opportunities for future generations.
Brian Czech acknowledges that the change over to a steady state economy won't be possible immediately. Instead of this reality being an indictment of the entire concept of the steady state economy, it is an opportunity for adjustment even as a halt is put on the now outdated infinite growth economic model. Indeed, Brian Czech accepts the reality that the economy may actually shrink as the adjustment period to the steady state economy takes place. He also points out that finding the exact steady state position for the economy will take some time to locate, but that search for equilibrium will offer time for a complete change in thinking as well.
I highly recommend the visionary and must read book Supply Shock: Economic Growth at the Crossroads and the Steady State Solution by Brian Czech, to any business leaders, economists, environmental activists, academics, politicians at all levels, government policy makers, and anyone with an interest in achieving a sustainable economy that works for everyone, while conserving the environment for future generations. This book will change your mind about the idea that only unlimited growth will boost the economy.