Understanding the ‘New Normal’—The Challenge of Secular Stagnation | An Economy That Works, Briefing Paper No 1
This first in our series of briefing papers on building An Economy That Works explores the underlying phenomenon of ‘secular stagnation’ – a long-term decline in the rate of growth of the Gross Domestic Product (GDP). The paper examines the evidence, explores the causes and discusses the implications of what some now call the ‘new normal’. Read more.
Uncertainties over which EU environmentally-related policies are likely to be culled in the process and aftermath of the ‘Great Repeal Bill’ should be cause for concern regarding the long term health of both humans and the ecosystems on which we all depend. The APPG briefing focuses upon the risk to the viability of Precautionary Principle from the lengthy and involved process of repatriation of EU Law. The Precautionary Principle offers a comprehensive defence against policies which favour ‘growth’ at the cost of potentially irreversible or catastrophic risk. The Precautionary Principle remains on the frontline of the legal-environmental defence and should not be downgraded, but actually if possible enhanced. More information on the briefing page.
Budgets are routinely analysed by people who believe there is nothing problematic about economic growth. Forecast rates of GDP growth play a key role in the Budget calculations, and Budgets are praised or criticised based on the effect they are deemed to have on future growth. In our view, such analysis misses a critical aspect of the contemporary debate: namely the prospect that there may be environmental, social and secular limits to economic growth. In relation to the Budget Statement released by the Chancellor on 8th March 2017, we would make the following remarks... Read more
Four and a half decades after the Club of Rome published its landmark report on Limits to Growth, the study remains critical to our understanding of economic prosperity. This new review of the Limits debate has been written to mark the launch of the UK All Party Parliamentary Group (APPG) on the Limits to Growth. It outlines the contents of the Club of Rome’s report, traces the history of responses to it and dispels some of the myths surrounding it. As Prof Tim Jackson summarises the report in this accompanying CUSP blog, if the Club of Rome is right, the next few decades are decisive: One of the most important lessons from the study is that early responses are absolutely vital as limits are approached. Faced with these challenges, there is also clearly a premium on creating political space for change and developing positive narratives of progress. A part of the aim of the APPG is create that space. Read more