Degrowth means the removal of economic growth as a notion of the social objective. However, degrowth is not the opposite of growth, and neither is it negative growth. Preferably, it is an idea that represents a wide area to ensure stability. Firstly, it aims at reducing the consumption of natural resources and energy to mitigate biophysical constraints and the renewal capacity of ecosystems through changing from the productivity or consumption way of production. Secondly, it is concerned with coming up with new political and social imagination to replace the traditional way of thinking when the matter of growth and development is concerned. Thirdly, it incorporates an inclusive approach which is a diverse movement that comprises different currents, experiences, and approaches tailored towards the formation of autonomous and a prudent society. Fourthly, it aims at finding several measures we can implement to progress and eliminate immoderation. Finally, degrowth is not an option but a matrix of alternatives centered at integrating the political and democratic concerns of getting a perfect way of coexisting together with nature. Given the significance of economic degrowth, this is the reason why the essay will be written.

The first conference successful conference on degrowth occurred in 2008 in Paris. The meeting brought on board scientists from different fields and disciplines and the civil society all with the intention of discussing the subject of degrowth as one of the means for more ecology, more quality or more well-being of the community. The result of the conference was the publication of Paris Degrowth Declaration which emphasized on economic degrowth if environmental sustainability and social equity are to be attained universally. During the conference, there were more than ninety presentations made on different topics of degrowth on the first day. The second day was mainly concerned with broad socio-economic processes involved in degrowth, addressing the societal values and economic degrowth entirely with panels on the change in cultures, change of institutions and democracy. The paper aims at discussing various areas of economic degrowth, whether it can be achieved sustainably and how.

Why economic degrowth is ethical

Development and posterity of human beings require the utilization of resources. However, overusing the resources in the economy has already brought up to encroachments to the boundaries of the earth. Consequently, the overuse of the resources has contributed significantly to global unsustainability. For instance, it is unreasonable to argue that using fossil fuel is desirable because it is readily available and in plenty. Preferably, it is critical to think of it in terms of the capability available to burn the fuel which ought to be considered as scarce. Reduction of resources use reduces the effect on sinks and regulation. Despite the use of resources having a significant impact on the universe, the distribution of the resources has not been equal from country to country and also among individuals in these countries.

The world faces a problem on this issue. Many are aware that economic growth is based on material prosperity and that is what enables people to live comfortable lives in rich nations. However, there is a close relationship between economic growth and poverty eradication among countries that use a small share of the planet’s resources and thus are considered as a developing country, and economic growth is the only known way that can help pull people out of poverty. However, relying on economic growth for long-term development and posterity is not viable. Economic growth requires the use of resources on earth of which their quality and quantity is on the decline, and it is destabilizing the ecosystem. In a nutshell, economic growth plays a considerable role in lifting people out of poverty, but more reliant on the declining resource is not a lasting solution.

Therefore due to the constant increase in the world’s population that strains the planet, degrowth is the only solution to sustainability. The objective of degrowth involves a reduction in the consumption of natural resources, and it should be acted upon with speed since the degradation that is evident currently emanates from the overuse of resources. Since the use of resources and economic growth are almost inseparable, there is need to apply degrowth for the global economy.

Degrowth requires a shift from the traditional way of understanding posterity. Importantly, it needs a change from high resource consumption and high greenhouse emissions, decarbonization and reduced consumption of materials. However, not many politicians favor the degrowth initiative but they ought to be brought on board for the full achievement to decarbonize the economy. The efforts to degrow should be applied on a pro-rata basis where those countries that consume a large portion of the planet’s resources should degrade more than those who consume in smaller quantities.

Is a degrowth economy possible?

Various arguments have been fronted to justify the applicability of degrowth due to the opportunity cost that will be sacrificed and may not be appealing to a section of people. However, if there is inconsistency in the vision of an economy and that which is based on consumption growth and that which provides complete decoupling, then there is a need for more aggressive measures to be implemented to ensure stability and maintaining the employment rate. There is a need for innovation to come up with a different economic setting for the economy that is constrained. There is an emergence of new ecological microeconomics that is possible without more consumption that degrades the environment.

According to Tim Jackson, current economies and built explicitly on consumption growth. However, Keynes macroeconomics was more concerned about this position where aggressive growth is achieved by consumption but predicted a time when the economic problem would be solved. Politicians often differ when presented with options of growing the economy that is separate from consumption especially during the recession. Despite all the dangers of relying on the use of resources to trigger growth in the economy, there are no deliberate attempts made to create an economy that does not rely on spending to achieve long-term growth. Additionally, we lack a comprehensive model to show how like macroeconomic variables should respond in the event that capital is not building up. Our model is also not in a position to account for the reliance on ecological variables to enhance economic growth. These variables include utilization of resources, reserves, pollutions and perpetuating integrity in ecology.

Despite the overconsumption of resources, there exists a potential avenue that can be explored in the efforts to make the economic output stable. This is by changing the roles that important variables play such as investment, consumption and public spending among others that are present in the basic model of microeconomics. Therefore, economic stability can still be achieved by the configuration of the entire macroeconomic variables in a way to reduce imperative growth. Various studies have been conducted to achieve this by different economies lie Peter Victor. According to this research, the most relevant factors that stimulate economic transformation to a suitable economy are changes to investment how the labor market is structured. Consequently, there is a need to reduce the net business investment integrated with the change I investment from private to public goods which ought to be achieved through changing the tax laws and public spending. Moreover, the labor market can be stabilized more than before through shifting the demographic orientation and partly changing the policies tailored at maintaining the entire economy and population.

Labour productivity is presumed to expand which eventually exceeds the available work. Nonetheless, in this macroeconomic model, unemployment can be eliminated by equal distribution of the available work to the available labor force. For that reason, the number of hours available for work is then reduced. The reduction of the number of working hours is considered as one of the ideal ways of addressing the problem of unemployment and achieving full employment without increasing the output but ensuring efficiency. This is not the only way of addressing degrowth since there are exist other radical measures that when implemented help solve the situation to a great extent. One of them is the introduction of a universal basic income across the board.

Despite the traditional function of investment being cantered around labor productivity, the significance of degrowth is likely to diminish this approach. However, innovations in different factors of the economy just like labor need to be implemented, but they need to be tailored more on sustainability goals. Precisely, investments will be required to concentrate more on resource productivity, application of renewable energy, clean technology, conducting green business, adapting to climate and ecosystem sustaining and protection. The public sector which incorporates the free market also has a crucial role to play in achieving the desired transition. Peter Victor suggests that there is more space within the conventional framework that can be exploited to stabilize economic output. However, the fundamental macroeconomic factors will still exist, and it depends on how they will be restructured to achieve degrowth and sustainability. For instance, individuals are going to save and spend. Firms will continue producing goods and services, and the government will go on expanding the tax bracket and spending the same in public goods. Additionally, the investment in stock from both public and private sectors is expected to continue. However, macroeconomic variables will be required to be included in the, and these will most likely be centered around energy and dependency on resources as well as the value of the environmental services and natural capital.

Sustainable degrowth

In advocating for degrowth, it should be done in a way that enhances sustainability. Sustainable degrowth transformation ought to be separated from for unsustainable degrowth. For instance economic recession or depression with degradation of conditions in the social sphere like employment and poverty. A successful and value-adding degrow is that which focuses on implementing ways of reducing the GDP in the current measures. That is because a considerable portion of the GDP is accounted for in the resource-intensive production and activities consumption activities. However, the focus on the GDP is the secondary motive, but the primary pursuit of degrowth is to enhance the well-being, ecological sustainability, and social equity.

Moreover, sustainability degrowth does not mean across and board degrowth. However, there is a need for growth for certain social qualities, small scale economies and the needy groups of people. The enhanced growth of firms, sector, nations or regions that directs its costs eternally is not sustainable. There is also the need to redirect and not arrest the technological and knowledge progress applied under sustainable degrowth to achieve more. Therefore, sustainable growth centers on an alternative sustainable future. Sustainable degrowth can also be obtained through research and development to come up with innovations that encourage less consumption, political strategies, and technologies that contain required limits and chosen limits rather than constant changes that support consumption. Sustainable degrowth is also presented as a social option and not forced as an external imperative for the environment. Instead, decentralization and strengthening democracy through its institutions should form some of the main objectives of degrowth.

Proposals for policy degrowth

According to various recent studies, degrowth is aligned with three broad goals. The first objective is to diminish the effect of the environment on human activities by applying the following proposals: decreasing material and usage of energy, encourage incentive for local production and consumption and encourage changes the manner in patterns of consumption patterns. The second objective is to promote equity in the distribution of wealth and resources between countries which can be attained by applying the following; formation of redistributive policies that will foster fair distribution of income, and promote a work-sharing culture among citizens. The third goal is to initiate and encourage a shift to be friendly and participatory society from a materialistic culture. This can be adequately achieved by exploring and rewarding value of the unpaid activity.

Despite the origin of degrowth, a vast portion of the suggestions is inclined to a top-down approach and display a geographical focus. There is the need for government to actively participate and directly control some of these proposals through measures like caps, restructuring tax laws and regulations and insisting the need for a more aggressive state of intervention to facilitate degrowth. Nonetheless, this is the opposite of discourse of the majority of degrowth proponents that advocate for a need for a democratic and voluntary in degrowth and thus giving the civil society to participate in the course actively. The grouping of the suggestions in either top-down or bottom-up classes can sometimes be controversial which should be avoided as the two as complementary. The degrowth transition to avoid irresponsibility in matters of climatic change and ecosystem degradation will be an uphill task to accomplish. That mantes from the fact that persons are exposed to social signals and status that breeds constant competition. Changes to the impending economic structure is a prerequisite to aid the shift from narrow self-interest to socials behaviors or from persistent novelty to the desired conversation of important issues can only be instituted through the transformation of the underlying economic structure. That is because businesses operate in market conditions.

Conclusion

Degrowth is concerned with the removal of economic growth as a notion of social objective but rather enhancing stability. Additionally, it aims at reducing the consumption of natural resources and energy to mitigate biophysical constraints and the renewal capacity of ecosystems through changing from the productivity or consumption way of production. Degrowth is also ethical and should be enhanced if the environment is to be sustainable for the future. Many are aware that economic growth is based on material property and that is what enables people to live comfortable lives in rich nations. Economic growth requires the use of resources on earth of which their quality and quantity is on the decline and it is destabilizing the ecosystem. There are three objectives of degrowth if when implemented will help solve the problem. The first objective is to diminish the effect of the environment on human activities. The second goal is to encourage equity in the distribution of wealth and resources between countries, and the third goal is the goal is to initiate and promote a shift to convivial and participatory society from a materialistic culture. In a nutshell, degrowth is a noble idea and ought to be implemented universally for a better future.

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