Planned economic contraction: the emerging case for degrowth

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 counterproductive, 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 defini..