{"id":820,"date":"2020-07-28T13:36:50","date_gmt":"2020-07-28T11:36:50","guid":{"rendered":"http:\/\/people.unipi.it\/tommaso_luzzati\/?p=820"},"modified":"2020-07-28T14:46:31","modified_gmt":"2020-07-28T12:46:31","slug":"post-covid-world-ask-the-economists-to-tell-the-truth","status":"publish","type":"post","link":"https:\/\/people.unipi.it\/tommaso_luzzati\/post-covid-world-ask-the-economists-to-tell-the-truth\/","title":{"rendered":"Post-Covid world: ask the economists to tell the truth"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The framework on which Ecological Economics is founded provides a privileged perspective for formulating policy indications for managing the Covid pandemic and fostering economic recovery. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, Ecological\nEconomics adopts the precautionary principle, as stated by Bob Costanza in the\nfirst editorial of the journal <strong>Ecological Economics<\/strong> in 1989. The level of uncertainty we face\ntoday requires policies that minimize societal risk. The rapid spread of Covid19\naround the world should have impressed upon policymakers, and people in\ngeneral, the importance of espousing said precautionary principle. Had\ngovernments taken the early warning signs seriously, the epidemic would have not become a pandemic, and the\neconomic crisis would have been much less severe.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Second, as Industrial Ecology has also been emphasising for many years, ecological\neconomists know that the principle guiding any sustainability policy should be\nminimizing material throughput. GDP growth is based on accelerating the rate at\nwhich extracted materials become waste, thereby engendering environmental\ndegradation and negative effects on our well-being and happiness. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Third, we are acutely aware of the limits and flaws of GDP as an\nappropriate indicator for measuring progress and assessing economic policy. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The deep economic crisis triggered by COVID presents us with the\nopportunity to radically change our economy and society. It is time for us to call\nfor structural change, something that we have been hoping to attain for decades,\nand to which we have dedicated a great deal of research effort. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">None of us needs convincing that the present socio-economic system must be\nchanged. We are thus in the position of having to talk to the hesitant, to those\nwho are still convinced by the \u2018conventional wisdom\u2019 that without an\nincessantly growing GDP we cannot have employment and well-being, that\nstimulating demand (and garbage generation) is the only way forward. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Paradoxically, first-year economics students are taught that economics\nstudies the allocation of scarce resources among alternative ends, and that\nmarkets generate bad allocation of production factors due to externalities and\npublic goods, leading to the production of too much\nof some goods and not enough of others. Prices are wrong, that is to say, they\ndo not reflect the actual cost of producing goods, and hence the value that\npeople attribute to them. Workers and other production factors should be\nreallocated so that the \u201cright\u201d quantities are produced at the \u201cright price\u201d.\nGDP includes anything that is traded on the market, without distinguishing\nbetween economic goods and bads. GDP is not the right indicator, even from a\nstrict Arrow-Debreu perspective<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We recognise the many flaws in the neoclassical approach and that criticisms to the current system go far deeper than the problem of allocative inefficiency. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, we should at least try to break the mainstream schizophrenic position of macroeconomics supporting GDP growth while microeconomics invoking improvements in allocative efficiency. In reacting to the current rhetoric about how to re-launch the economy, while calling for a healthy transformation towards a less unsustainable socio-economic system, we believe that it is also helpful to convince the hesitant and the sceptical that GDP growth can be bad even from a mainstream point of view.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To this purpose we launch <a href=\"http:\/\/shurl.ec.unipi.it\/0m68oV\">a short plea, which is supported by a group of well-known scholars within our discipline and is AVAILABLE HERE<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We ask economists to sign it. <a href=\"https:\/\/docs.google.com\/forms\/d\/e\/1FAIpQLSc4JBVwJlysnplEw0yK-d65ZGK9bmyyLNPqoF7WqameKdqRnQ\/viewform?usp=sf_link\">You can do it by clicking here.<\/a> We will send it to several international institutions (e.g. EU Parliament and Commission) and spread it through the media.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tommaso Luzzati* and Tiziano Distefano<br>Dipartimento di Economia e Management, <a href=\"https:\/\/remarc.ec.unipi.it\/\">REMARC<\/a> and <a href=\"https:\/\/cisp.unipi.it\/\">CISP<\/a> &#8211; Universit\u00e0 di Pisa, Italy ,  *Corresponding author, <a href=\"https:\/\/people.unipi.it\/tommaso_luzzati\/\">https:\/\/people.unipi.it\/tommaso_luzzati\/<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>A plea to politicians: ask the economists to tell the truth, available at<\/em><br><a href=\"https:\/\/docs.google.com\/document\/d\/11invyuIdtYxA_4gQrSNozsxBO7GyNYzczeLu79Em0o0\/edit?usp=sharing\">https:\/\/docs.google.com\/document\/d\/11invyuIdtYxA_4gQrSNozsxBO7GyNYzczeLu79Em0o0\/edit?usp=sharing<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The framework on which Ecological Economics is founded provides a privileged perspective for formulating policy indications for managing the Covid pandemic and fostering economic recovery. First, Ecological Economics adopts the precautionary principle, as stated by Bob Costanza in the first editorial of the journal Ecological Economics in 1989. The level of uncertainty we face today [&hellip;]<\/p>\n","protected":false},"author":253,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[9,8,15,16,17,18],"class_list":["post-820","post","type-post","status-publish","format-standard","hentry","category-covid","tag-coronavirus","tag-covid-19","tag-sostenibilita","tag-sustainability","tag-transition","tag-transizione"],"acf":[],"featured_image_src":null,"author_info":{"display_name":"TOMMASO LUZZATI","author_link":"https:\/\/people.unipi.it\/tommaso_luzzati\/author\/a009238\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Post-Covid world: ask the economists to tell the truth - Tommaso Luzzati<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/people.unipi.it\/tommaso_luzzati\/post-covid-world-ask-the-economists-to-tell-the-truth\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Post-Covid world: ask the economists to tell the truth - Tommaso Luzzati\" \/>\n<meta property=\"og:description\" content=\"The framework on which Ecological Economics is founded provides a privileged perspective for formulating policy indications for managing the Covid pandemic and fostering economic recovery. First, Ecological Economics adopts the precautionary principle, as stated by Bob Costanza in the first editorial of the journal Ecological Economics in 1989. 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