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Life After Growth

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

By: Tim Morgan Format(s): Hardback, Ebook ISBN(s): 9780857193391, 9780857193599 Published: 18 November 2013 Edition: 1st
SKU(s): 873575 873332
 
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  • 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 sam...
 
Media Coverage

Telegraph.co.uk

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

Read more

Spectator.co.uk

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

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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...

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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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