Green Economics: An Introduction to Theory, Policy and Practice

Even those who promote environmentally sound solutions to today’s issues often reduce the crisis to little more than an exercise of carbon accountancy, an approach that can leave the reader cold. Molly Scott Cato’s book is different. Expertly revealed through its chapters is an altogether more human approach to economics and the environment, one which is both scientifically literate and philosophically grounded. We are first introduced to the early pioneers of green economics; the contributions of well known figures such as James Robertson, Ernst Schumacher and Hazel Henderson are discussed, as well as those of some surprising figures from the 19th Century and before (whom Cato refers to as the proto-greens). Once the scene is set, issues such as work, money and business are discussed from a green perspective, which she notes as distinct from either environmentalism or radical socialism. Finally the book deals with the policy context, giving practical green solutions to problems concerning taxation, welfare, land and of course - globalisation. What is particularly refreshing in this account of a sustainable economy is the author’s positive language and practical thinking. She clearly believes that green politics is achievable, perhaps even inevitable, and her confidence is infectious. Nowhere is this enthusiasm better expressed than in the wonderful phrase ‘more fun; less stuff’, a prerequisite for a sustainable society and a powerful retort to those who believe ‘going green’ would mean a life of drudgery. However, Green Economics is more than the usual textbook on localism and sustainability; it is a direct challenge to an academic discipline that has lost its way. For a generation, economists have searched for scientific certainty and concentrated on complex mathematical models, neglecting important issues such as morality and spiritual fulfilment. The so-called ‘physics envy’ of a social science. Could this blinkered view be the reason their theories have failed so spectacularly? As the author herself acknowledges this is by no means an original work but a collection of ideas and examples of ‘right living’ from all around the world, including her own community in Stroud, Gloucestershire. Some topics do feel as if they have been covered a little too briefly. It would have been good to see more discussion of the diversity and resilience of a localised economy and how this would shield us from the chaotic world economy. But as an attempt to bring together the often disjointed works of green economists, and in the process establish a new academic discipline, Green Economics is a valuable contribution. Just one year ago the tenets laid out in this book would have been considered radical. Now, with the collapse of markets all around the world, they represent a modest, common sense approach towards a sustainable future. At last, here is a serious book on economics which has a clear narrative and is enjoyable to read.