The Role of Law in Transitioning to a Sustainable Economy
18 Pages Posted: 2 Aug 2016
Date Written: August 1, 2016
Facilitating legislation is required for citizens to initiate local referendums to adopt urban property rights that provide sustainable affordable housing and infrastructure. New laws and regulations are required so official currencies do not: (a) create inefficiencies and climate change from mispricing resources, or (b) earn interest to exacerbate resource misallocation and inequality. Corporate constitutions require changes to minimize overpayments to investors creating inefficiencies and inequality not reported by accountants and so not discussed by economists or politicians. The problems created by non-ecological property rights have been exacerbated by democracy being degraded from the power and influence of a small minority who own the majority of private assets and influence the use of public assets. Achieving a sustainable steady state economy requires scholars and activists educating citizens how it can become more equitable, efficient resilient in providing well being while consuming less. Democratizing property creates a third way to distribute national income other than through work or welfare to reduce the size and cost of government. Ecological ownership could provide a universal basic income to remove the need for compulsory private funding of pensions and allow policies of full employment to be replaced with policies of fulfillment in work and/or leisure.
Keywords: Duplex Tenure, Ecological Capitalism, Equality, Stakeholder Governance, Terminating Currencies
JEL Classification: A11, B52, C18, D01, D02, D31, D47, D63, E42, G14, G30, I31, K11, K23, P14, P47, P50, Q15, Q56, R31
Suggested Citation: Suggested Citation