Macroeconomics Without Growth

“This is one of the most important pieces of research to come out in ecological macroeconomics in the last 20 years, alongside Peter Victor’s ‘Managing Without Growth’, and Tim Jackson’s ‘Prosperity Without Growth’. It is the first and only attempt to systematically work out the conditions for zero growth under different economic models.” (Giorgos Kallis, Research Professor of Ecological Economics, Autonomous University of Barcelona) “Steffen Lange has provided an amazing piece of work. The book has good chances of becoming a standard work for ecological economists in due course.” (Arne Heise, Professor of Macroeconomics, University of Hamburg) 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.