Economics professor Tim Jackson was the British Government's sustainable development commissioner and he has written a book called Prosperity Without Growth which everyone with an interest in our future should read.
His key point is that we need to stop aiming for economic growth because continuous growth is impossible, in fact it is destructive.
Importantly, he points out that our particular economic model, a liberalised market economy, is only in place in five countries in the world - the United States, United Kingdom, Canada, Australia and New Zealand. The first three were among the countries hardest hit by the global financial crisis.
Jackson says we need to aim for economic stability - homeostasis or equilibrium - but this is sacrilege to conventional economic theory. This is because, as Jackson argues, conventional economic thinking is fundamentally flawed, believing only growth can keep an economy stable.
Professor Jackson provides solutions to the precarious global economic picture and to our social and environmental perils.
His work is based on real world examples in many countries and communities.
Professor Jackson's answers include state investment in jobs, the environment and society - funded by targeted increased taxation - and a movement away from our high consumption lifestyles.
He also argues against bailing out failing financial organisations (Iceland let several banks fail), or if the state does bail them out the state gets to own a stake in the business in return - as they did in the UK.
We, as individuals, also need to do our part by reducing our own carbon footprint and consumerism. Do you really need that new TV or bottle of wine? Could we make that trip by bike rather than car?
My interpretation of this for Whanganui and New Zealand includes:
-State-funded reforestation of erosion prone land with manuka (for honey and oil) providing jobs, flood protection and real carbon credits.
-State investment in healthy housing, particularly outside Auckland.
-A capital gains tax on any house (other than the family home) sold within 10 years of purchase (as advised by New Zealand Treasury).
-An effective carbon and methane tax.
-Subsidies for conversion to organic farming which is higher value, more environmentally friendly and creates more jobs.
-A comprehensive domestic electronic financial transaction tax - for example, a 1 per cent tax on every money transfer. This targets financial speculators rather than the average citizen.
-A Tobin tax: a higher tax on international financial transactions which, again, would reduce financial speculation and claw back some of the money foreign-owned banks and other companies take out of New Zealand.
-Closing tax loopholes and increasing the top tax rate.
-Fixing top salaries proportional to the lowest pay rate in each organisation.
-Increasing state investment in education and health services.
-Removing gross domestic product as our measure of financial success and replacing it with a measure such as a capabilities index - a measure of the potential of individuals to engage in society (for example jobs, education, volunteering, childcare).
-Banning advertising during children's TV programmes (in place in Norway).
With more people in work in the regions there will be enough business for our small local employers.
I hear some of you say: "But the economy will stop growing." Exactly - the economy must stop growing.
The environment and the economy cannot survive as they are going. Instead, we need an economy that is stable and supports people to flourish.
-Chris Cresswell is a Whanganui medical professional
