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[WorldChanging]: Alan AtKisson offers a terrific summary of recent developments in ecological economics, and the challenge of figuring out how well we’re doing at creating and maintaining real wealth, despite our woefully limited economic tools — and introduces some exciting work on Inclusive Wealtha reform of neo-classical economics, using accounting prices (i.e., substitution prices) to put a monetary value on key capital stocks in nature, the manufactured economy, human welfare, and human knowledge. The core idea: manage all those stocks so that they don’t decline over time, and you get sustainability.
When Inclusive Wealth matures, it could become the ‘balance sheet’ to GDP’s undifferentiated ‘cash flow statement’, and tell us something we desperately need to know: whether our economies are headed in a sustainable direction.
(I’ll have more to say on this subject, but right now I’m choosing sleep over intellectual challenge.)