How can we organize our economies without growth? “Macroeconomics Without Growth’ provides a comprehensive understanding of how non-growing economies can be sustainable. With this book, Steffen Lange brings new momentum into the debate on post-growth, degrowth and steady state economies. The book delves deep into economic theory to understand how a macro-economy can operate without growth. By applying a highly diverse set of theories – from Neoclassical, Keynesian and Marxian traditions – the book is able to cover a wide range of macroeconomic aspects: Is zero growth possible in a capitalist economic system? What happens to aggregate demand and aggregate supply when economies stop growing? And what role do firms, markets and technological change play in post-growth economies?
Steffen Lange conclusively shows that sustainable economies without growth are feasible from a macroeconomic perspective. However, small changes will not suffice. Rather, key economic institutions and dynamics need to be rearranged: the prices of labour and natural resources, the structures of companies, the framework of markets – just to name a few. ‘Macroeconomics Without Growth’ is the first economics book to investigate nongrowing economies in a comprehensive manner. It is a must read both for economists who want to use economics for a sustainable future, and for environmentalists who want to understand the economic principles of sustainable transformations.
(Description by the publisher)