The Progress Illusion

We live under the illusion of progress: as long as GDP is going up and prices stay low, we accept poverty and pollution asunfortunate but inevitable byproducts of a successful economy. In fact, the infallibility of the free market and thenecessity of endless growth are so ingrained in the public consciousness that they seem like scientific fact. Jon Ericksonasks, why? With the planet in peril and humanity in crisis, how did we get duped into believing the fairytale ofeconomics? And how can we get past the illusion to design an economy that is socially just and ecologically balanced?In The Progress Illusion, Erickson charts the rise of the economic worldview and its infiltration into our daily lives as atheory of everything. Drawing on his own experience as a young economist inoculated in the 1980s era of “greed isgood,” Erickson shows how pseudoscience came to dominate economic thought. He pokes holes in the conventionalwisdom of neo-classical economics, illustrating how flawed theories about financial decision-making and maximizingefficiency ignore human psychology and morality. Most importantly, he demonstrates how that thinking shaped ourpolitics and determined the course of American public policy. The result has been a system that perpetually concentrateswealth in the hands of a few, while depleting the natural resources on which economies are based.While the history of economics is dismal indeed, Erickson is part of a vigorous reform effort grounded in the realities oflife on a finite planet. This new brand of economics is both gaining steam in academia and supporting social activism. Thegoal is people over profit, community over consumption, and resilience over recklessness. Erickson shows crafting a neweconomic story is the first step toward turning away from endless growth and towards enduring prosperity.