Economics of Enough

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Published on February 18, 2014

Author: adammuza

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Book review for Phd module..

Writing a journal paper on Financial Econs to be published soon.

Book Review The Economics of Enough How to Run the Economy as If the Future Matters Princeton University Press 2011, ISBN-13: 978-0691156293 by Adam Muza Muhayen FIN960 Financial Economics - PhD Mixed Mode

About the Author Diane Coyle  •Runs Enlightenment Economics - consulting firm specializing in technology and globalization •A visiting professor at the University of Manchester •Holds a PhD in Economics from Harvard •Former advisor to the UK Treasury Subject Areas : •Economics •Finance •Political Science •International Relations Other books authored or coauthored : •GDP: A Brief but Affectionate History •New Wealth for Old Nations: Scotland's Economic Prospects •The Soulful Science: What Economists Really Do and Why It Matters

Table of Contents

PART ONE “CHALLENGES” “We have borrowed massively from the natural and human resources of the future – to an extent that standards of living will be lower... when people have to service our massive financial debts and live with unknown environmental changes.“ - Diane Coyle-

CHAPTER 1 : WHAT’S HAPPINESS? The “positive psychology” movement  points to factors :     a) Active social engagement b) Absorbing work c) ‘Freedom’ This is consistent with empirical economic research indicating important  indicators of reported happiness:   a) b) c) d) e) Employment Marriage Religious participation Political liberties Income

GROWTH = HAPPINESS, NOT! Financial & ICT revolution Borrowing from the Future

IS THIS HAPPINESS?

CHAPTER 2: NATURE • The technological solutions needed for a lowcarbon future are available, and not so expensive. • The problem?? Finding the will and organization to do what needs to be done to save future generations.

CHAPTER 3 : POSTERITY

FUTURE GENERATIONS??

CHAPTER 4 : INEQUALITY

REALITY of INEQUALITY

FAIRNESS??

CHAPTER 5 : TRUST

TRUST in INSTITUTIONS??

PART TWO “OBSTACLES” "We do want more in order to be happier- but how much more is feasible without destroying the natural and social environment, and how much more is fair to the people who will come after us?” -Diane Coyle-

CHAPTER 6 : MEASUREMENTS • • Adopt broader, longer-term measures of economic well-being vs G.D.P. Additional metrics - health, education, the environment, employment, purchasing power, stocks of the world’s resources and human capital

CHAPTER 7 : VALUES Prof Barry Schwartz in his book “The Paradox of Choice” argues that too much choice makes people unhappier! “Materialistic, Conspicuous spending, Immediate gratification, Denial, Ignorance, Hypocrisy”

CHAPTER 8 : INSTITUTIONS Need to develop discipline: 1.Maintain fiscal discipline 2.Reduce economic inequality 3.Effectively govern economic markets 4.Include broader metrics

PART THREE

CHAPTER 9 : MANIFESTO of ENOUGH "We need to internalize a sense of responsibility to others, including those not yet born, in order to restore the moral fibre that is needed for market capitalism to deliver social well-being.“ - Diane Coyle -

DISCUSSION Current Obstacles Politics becoming managerial competence Lack the analysis (besides GDP) & institutions to address economic and social challenges Creating effective institutions for debating critical issues (besides G20, OECD) Main Issues i.Human’s frailty - ‘HAPPINESS’ ii.Technology & Climate change iii.SECURITY for rapidly aging population iv.Increasing INEQUALITY v.TRUST for economies, government & societies collapsing

Conclusion In The Economics of Enough, Diane Coyle discusses ways in which government policy and the actions of individuals and private companies can better serve society in the long term. Beyond the proximate impact of the 2008 economic crash, the developed world is also facing mounting pressure from the need to care for an aging population, the erosion of public trust in institutions, and, particularly in the United States and Great Britain, from growing economic inequality. Meanwhile, the entire world must determine how to deal with the threat of climate change. Book Review – The Economics of Enough

Thank you for your kind attention 21st of November 2013 FIN960 Financial Economics - PhD Mixed Mode -Adam Muza Muhayen-

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