Who will pay? Questioning the “deficit myth”

One of the big questions raised by the Covid-19 crisis and by the plans for a Green New Deal to confront the climate emergency is: how are we going to pay for all this? Governments’ deficits are piling up and the ideologues of austerity are already predicting the “end of the world as we know it” and preparing post-corona “austerity 2.0”. However, some influential economists are tackling the “deficit myth”.

On YouTube, hear the views of economics professor Marianna Mazzucato (University College London) and Tim Jackson (University of Surry). 

Professor Mazzucato: “The money tree exists but it is too late

There is also a new book out, The Deficit Myth (June 2020), by “rock star” of progressive economics Stephanie Kelton (professor of economics and public policy at the State University of New York). In this book, Kelton exposes six myths of governmental deficits. Read a good review of this important new publication here.

“Green Swans”: reality or fairy tale?

The British author John Elkington is sometimes called the “godfather” of sustainable development. As a “big business” expert/consultant, Elkington coined the phrase “triple bottom line”, which became the main tool for companies to measure their progress towards sustainable development. In 2019, however, Elkington “recalled” his concept, as it had become meaningless and sometimes even a tool for corporate greenwashing.

Now, in his new book Green Swans: The Coming Boom in Regenerative Capitalism, Elkington introduces his new ideas on business sustainability in the decade of “exponential change” (and exponential crises perhaps?). Elkington hopes that “Green Swans” will emerge, meaning societal developments or solutions which will lead society to sustainability breakthroughs.

John Elkington: "How do we build resilience into our companies, our supply chains, our economies, our societies and communities, and the biosphere? In the end, the only way to do that is through regeneration.

Read this interview with the author to hear his fairly optimistic opinions.