Insight and inspiration in turbulent times.
I love the way John Michael Greer’s latest book, The Wealth of Nature, opens, with a good skewering of the premise on which the modern pseudo-science of economics depends. Exposing 18th century philosopher Adam Smith’s thinking in The Wealth of Nations as flawed, Greer goes on to explain what Smith missed, why it’s important, and how we can turn the error in history around. (book review)
This week we are taking a break from the usual format to publish a new piece by ODAC trustee Chris Skrebowski. In the article Chris argues that the long running debate over peak oil between geologists and economists is a distraction. There is a price at which oil becomes unaffordble to consume and therefore to produce. The affects of this are already beginning to play out in the global economy.
In the “empty world” of the past, hard work was a public good with few negative externalities on society. In today’s “full world,” work has become a common-pool resource, vulnerable to over-exploitation. In the absence of social or cultural norms to take care of this common-pool resource, governmental intervention is the best option for preventing market failure and encouraging an optimal amount of work. Unfortunately, our work ethic is worsening the situation.
America and Oil. It’s like bacon and eggs, Batman and Robin. As the old song lyric went, you can’t have one without the other. Once upon a time, it was also a surefire formula for national greatness and global preeminence. Now, it’s a guarantee of a trip to hell in a hand basket. The Chinese know it. Does Washington?
There is a legend lingering around the first “Limits to Growth” book that says that it was laughed off as an obvious quackery immediately after it was published. It is not true. The study was debated and criticized, as it is normal for a new theory or idea. But it raised enormous interest and millions of copies were sold. Evidently, despite the general optimism of the time, the study had given visibility to a feeling that wasn’t often expressed but that was in everybody’s minds. Can we really grow forever?
Wall Street’s not cutting it: California’s legislature voted to do a feasibility study on establishing a state-owned bank.
One factor that is increasingly being cited as an important economic indicator is happiness. After all, what good is increased production and consumption if the result isn’t increased human satisfaction? Until fairly recently, the subject of happiness was mostly avoided by economists for lack of good ways to measure it; however, in recent years, “happiness economists” have found ways to combine subjective surveys with objective data (on lifespan, income, and education) to yield data with consistent patterns, making a national happiness index a practical reality. From Richard’s new book The End of Growth.
A weekly update of peak oil news, including:
-Developments this week
-OPEC and the IEA’s Oil Market Report
If backyard homesteaders are getting it wrong with their backyard meat production efforts, is the solution more outsourcing to the “experts?” Or is it community-based re-skilling to get it right more of the time as we work toward greater food security and sovereignty? A response to James McWilliams article “The Locavore Movement’s Mistake: Deregulating Animal Slaughter” posted on September 13, 2011 at The Atlantic Monthly.
A water crisis is unfolding in Saudi Arabia that could have profound implications for both the Saudi people and for the rest of the world.
The release of the International Energy Agency’s Oil Market Report for September is a good time to review the status of our ongoing crisis for the report updates the IEA’s latest thinking on the prospects for global oil.
Culture Kitchen is a San Francisco start-up on a unique mission to connect local experts at ethnic home cooking with food lovers who are interested in the people and the stories behind the food.
