If an economic system is built on myths that aim to defy the laws of physics and ecology we should not be surprised to see it fail. Perhaps we can use this crisis to begin asking the right questions and redesign with human needs and planetary realities in mind. The Reality Report interviews Professor Joshua Farley of the Gund Institute of Ecological Economics at the University of Vermont.
In this edition of the Reality Report, economics Professor Joshua Farley of the Gund Institute for Ecological Economics at the University of Vermont discusses the false assumptions of dominant economic theory, why this leads to problems, and what an alternative economic system might look like. During the interview, Prof. Farley explains how policies to protect the environment, stem the loss of biodiversity, conserve fossil fuels, and deal with climate change will fail without economic reform that first sets the sustainable scale of the human economy, secondly decides what is a just distribution, and finally allows the market to find the most efficient allocation. Among many publications, Prof. Farley is coauthor with Herman Daly of the college text book "Ecological Economics: Principles and Applications." Jason Bradford hosts The Reality Report, broadcast on KZYX&Z in Mendocino County, CA.