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Life After Growth

How the global economy really works - and why 200 years of growth are over

By Tim Morgan
Cover of Life After Growth (Hardback) by Tim Morgan

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Contents Listing

Foreword by Terry Smith

Part I: The End of an Era
1. An economy that has run out of road
2. How the economy really works

Part II: The Real Economy
3. The energy economy
4. The great breakthroughs
5. Growth and risk
6. The real threat

Part III: The Financial Economy
7. The servant, not the master
8. The madness of crowds
9. The madness of globalisation
10. The madness of statistics

Part IV: Life after Growth
11. Welcome to life after growth
12. Value reduction - the real economy
13. Value destruction - the financial economy
14. An end or a beginning?

Afterword - "What does this mean to me?"
Index
Foreword by Terry Smith

Part I: The End of an Era
1. An economy that has run out of road
2. How the economy really works

Part II: The Real Economy
3. The energy economy
4. The great breakthroughs
5. Growth and risk
6. The real threat

Part III: The Financial Economy
7. The servant, not the master
8. The madness of crowds
9. The madness of globalisation
10. The madness of statisti ...

Summary

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 ... Read more below.

About the Author

Tim Morgan

Described in the press as "Dr Gloom" and "Terrifying Tim", Tim Morgan has never avoided controversy, whether he is pointing out the crippling weaknesses of the British economy, calling for greater justice for a younger generation robbed by its elders, or explaining the link between inner-city riots and thwarted materialism. He developed the Essentials Index, which provides invaluable insights into the real cost of living.

Educated at Cambridge, Tim has always been fascinated by economic, political and military issues. His fascination with maritime warfare has taken him from commando exercis... Read more on Tim Morgan

Jacket Text

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.

#lifeaftergrowth
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. ...

Reviews

"A lesson I learnt early on is that when Tim has something to say which is related to energy analysis, as this book is, it is wise to take notice...If I had one wish it would be that commentators, and policy makers, take his work as seriously as it deserves to be taken."
- Terry Smith

"Life After Growth has completely reframed my thinking about what’s going on in the world today."
- Mike Scialom, Cambridge Business
"A lesson I learnt early on is that when Tim has something to say which is related to energy analysis, as this book is, it is wise to take notice...If I had one wish it would be that commentators, and policy makers, take his work as seriously as it deserves to be taken."
- Terry Smith

"Life After Growth has completely reframed my thinking about what’s going on in the world today."
- Mike Scialom, Cambridge Business

Media Coverage

Telegraph.co.uk

Chancellor foresaw almost everything- The Telegraph, 7th March 2009

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Spectator.co.uk

Common sense over computers?- The Spectator, 7th March 2009

Read more

Daily Mail

The middle class is becoming an endangered species. Perhaps that sounds alarmist, or seems like special pleading for a group of people that is still relatively prosperous.

But the peril is real –...

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City A.M.

ALTHOUGH the economy is improving, this is turning out to be “a recovery, but not as we know it”. Britain may be getting better off, but people keep getting poorer, as the costs of essentials...

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Public Finance

The escalation in energy costs is not just a living standards issue. It poses a threat to growth, and undermines the expansion of the ‘real economy’

That the recovery in the British economy is...

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MoneyWeek

The economy is growing (just!), technology is enhancing and enriching lives (supposedly!) and, thanks to the central planners’ best efforts, there’s money sloshing about too. So why are so many...

Read more

Cambridge Business Magazine

“We are already in the post-growth era,” states Tim Morgan in ‘Life After Growth’, “for which there exists no prior experience, and for which virtually no preparation has been made,”...

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Business Day Online

Ever since the publication of Capital in the 21st Century, prominent supporters of capitalism have rivalled each other in their denunciations of Thomas Piketty’s egalitarian thesis. In so doing,...

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