The new economics — under the paradigm shift from the growth paradigm to what I call the Limits to Growth Paradigm — started long ago. Georgescu-Roegen laid the foundation with his book “Entropy Law and the Economic Process” (1971). Herman Daly followed his teacher with his “Steady State Economics” (1977). I am carrying on the work with my books and writings, including the one you have published in this symposium. There are many others whom professor-economists at the universities are ignoring.
The point to be stressed here is that, today, it is no longer enough to talk and write about steady state, zero growth etc. We have to write about a contracting economy. The new economic theory must deal with the question how to manage a smooth and gradual contraction and avoid thereby societal collapse in one country after the other. It must be a planned withdrawal from today’s madness.
