Daniel Blanchard

Econ 2105
1/15/14
Extra Credit
In An Economic Reality Check, Tim Jackson expands on a conception of
meaningful prosperity in a new economy. Furthermore, he explores criticisms of
current economies and consumerism.
Essentially, modern, developed economies depend upon consumption in order to
maintain themselves. When consumption drops, economies will dip into a recession or
depression. As a result, entities in this society have a vested interest of encouraging and
maintaining a society of reckless, hedonistic consumption as a means of maximizing
proft.
However, such a society is at odds with one that is sustainable. It is an immutable
law of the universe that resources are scarce. As a result, any system that requires
consumption and growth for its continuation will inevitably collapse. Whether this occurs
in a decade or in one million years is irrelevant, because the system itself us unsound.
Furthermore, economies that depend on selfsh consumerism do harm to the
human soul, at least to some extent. Jackson, describes the human psyche of
consisting of a set of competing values with each, taken in moderation, having value for
a fourishing life. If a society encourages the development of a single aspect of human
experience and ignores or actively discourages the development of other aspects, then
the human beings that inhabit that society will not live lives to the fullest. Essentially
prosperity must be meaningful to human lives. If people are materially wealthy, but
miserable and destructive, then that prosperity does nothing to advance the human
condition. Similarly, a society that is wealthy, but where a great many people live in
poverty, is not using its wealth efciently. The dow jones being at an all time high does
not mean much if most people do not beneft from this.
It becomes obvious from this examination that some degree of systemic change
is needed. Ironically, economies that need the most change in this regard, being
ensconced in consumerism, will have difculty enacting this change. If a society
encourages a large number of people to be absorbed in their own lives and ignore the
social and political context in which they live, there will be few in that society that see the
need for change and are able to advocate for that. Furthermore, the powers that be,
which beneft from maintaining the status quo, will actively resist such change and will
often have more resources at their command.
If we are to move towards a world of prosperity and human fourishing,
meaningful prosperity for ourselves and our fellow man, then we will need to a series of
systemic changes to our economic system and the economy of the world and
relentlessly advocate for these changes socially and politically. Jackson recommends
one way to alter our current system is to enshrine social values in companies and
private entities. Efectively forcing a great deal of private income into social investment.
This could very well do some good, however it must necessarily be a small part of a
large campaign.