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The Value Revolution in Economics. Wealth, Indicators & Accounting. Redefining Wealth. Quantitative : Money & Material Accumulation Qualitative : Well-being Regeneration. Quantification & Value. What is measured gets done What gets counted is valued;

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the value revolution in economics

The Value Revolution in Economics

Wealth, Indicators & Accounting

redefining wealth
Redefining Wealth

Quantitative:

Money & Material

Accumulation

Qualitative:

Well-being

Regeneration

quantification value
Quantification & Value
  • What is measured gets done
  • What gets counted is valued;

What is valued gets counted

indicators
Indicators

“[If it is to be achieved, the new economic system] will result from our becoming better ecological accountants at the community level. If we must as a future necessity recycle essentially all materials and run on sunlight, then our future will depend on accounting as the most important and interesting discipline.”

Wes Jackson,

Becoming Native to This Place

indicators value
Indicators & Value
  • Expression of potential for a knowledge-based economy
  • Centrality of end-use: requires more sophisticated monitoring of human need.
    • also required by the centrality of creativity to qualitative economic development.
  • Radical potential of eco-literacy:
    • Murray: Fordist Waste Economy depended as much on deskilling of the consumeras deskilling of the worker.
  • Deflating Financialization: potential to replace money as key determinant of value
    • decommodifying money: money as pure information
indicators real wealth
Indicators & real wealth
  • Qualitative Wealth is far more complex: requires more quantification
  • Qualitative Wealth is place-basedor specific to circumstances
  • Qualitative Wealth is needs-based, requiring examination of consumption.
  • Accounting takes place on many levels in terms appropriate to that level
a dashboard for the cockpit
A Dashboard for the Cockpit
  • The ‘Family’ of indicators:
    • Urban Metabolism or regionalmass balance
    • Green GDP (e.g. Genuine Progress Indicator—GPI )
    • Ecological Footprint
    • Carbon accounting / carbon footprint
    • Life-cycle Assessment (products, processes, landscapes)
    • Industry-based accounts: food, building, forestry, etc.
    • Local Development Standards
    • 5 ‘capitals’: personal, professional, spiritual, environmental and financial
    • Firm sustainability accounting
    • Sustainable Community Indicators
    • Risk Assessment, EIA, etc.
indicators trends in regulation
Indicators & Trends in Regulation
  • Raw material for certification systems
  • Regulation as more civil society-based
  • Markets as ‘values-driven’
  • FSC wood / LEED building / etc.
  • integrated evaluation / regulation / marketing systems
entrepreneurial value creation
Entrepreneurial Value Creation

Local Food Plus:

valuation

regulation

marketing

education

the evolution of indicators
The Evolution of Indicators
  • Difficulties with many early indicator sets:
    • Wish-lists, divorced from solutions or relationships
    • Either too detailed or too aggregated /oversimplified
  • Next Generation of Indicators:

from “librarians” to “plumbers”

indicator design
Indicator Design
  • organized around a purpose
  • highlight important trade-offs
  • Varieties: those that…
    • cause an outcome (e.g. reduce air pollution)
    • document the outcome (e.g. amount of smog)
    • react to the outcome (air pollution legislation)
business related applications
Business-related Applications

Internal accounts

Natural Step, ISO 14000, Eco-footprint, Sustainability Reporting

Government Regulation

Alternative Industry Standards

--LEED green bldg.; FSC wood ; B Corporation ;

Innovative Business Models:

-- B Corporation

-- McDonough/Braungart Protocol

--Local Food Plus

business applications ii
Business Applications-II
  • Builds external costs into firm decisions
  • Essential to Triple Bottom Line
  • SBLS: can be translated into financial bottom line
  • Crucial to Stakeholder relationships
  • Made easier by network support:

--market transformation

business applications iii
Business Applications-III
  • Sustainability accounting : Global Reporting Initiative
  • Triple Bottom Line accounting
  • Social accountability reports
  • Outcome-based reporting & mapping
  • etc.
genuine wealth applications
Genuine Wealth Applications
  • All 5 “capitals”: financial, built, natural, social, human
  • Balance sheet for each
  • Full-cost sustainable income statement
  • Progress indicators
  • Genuine Progress Report
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