NEW PAPERBACK EDITION WITH ADDITIONAL INTRODUCTION AND END NOTE
FROM THE AUTHOR Why, years after the banking crisis, is the global
economy still mired in recession and burdened by enormous debts?
Why have the tried-and-tested economic policies of the past failed
us this time? In Life After Growth, leading City analyst Tim Morgan
sets out a ground-breaking analysis of how the economy really
works. Economists are mistaken, he argues, when they limit their
interpretation of the economy to matters of money. Ultimately, the
economy is an energy system, not a monetary one. From this, it
follows that we need to think in terms of two economies, not one -
a 'real' economy of work, energy, resources, goods and services,
and a parallel, 'financial' economy of money and debt. These two
economies have parted company, allowing the financial economy to
pile up promises that the real economy cannot meet. Starting with
the discovery of agriculture, Tim Morgan traces the rise of the
economy in terms of work, energy and resources. The driving factor,
he explains, has been cheap and abundant energy. As energy has
become increasingly costly to obtain, the potential for prosperity
has diminished, to the point where growth in the real economy has
ceased. An immediate problem is that our commitments - including
debt, investments and welfare promises - cannot be honoured, which
means that we can expect the financial system to be wracked by
value destruction. At the same time, we need to adapt to a future
in which prosperity can no longer be taken for granted.
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