The Wealth of Nature: Economics as if Survival Mattered is a rare kind of book the kind that can make you feel a brilliant light shining into dark corners as you read it. John Michael Greer brings a keen insight to economics and explains in accessible language just why it is that we re in the economic condition we are today.
Departing from standard economics theory, Greer divides the overall economy into three: The Primary Economy is the wealth of nature oil, arable land, water and so on; the Secondary Economy is the world of goods and services, the products we make and buy; and the Tertiary Economy is the economy of finance debt instruments, stocks, bonds and other wealth that exists on paper and in computer records.
He builds his thesis on two previous books, The Long Descent: A User's Guide to the End of the Industrial Age and The Ecotechnic Future: Envisioning a Post-Peak World. But where those were about the declining availability of fossil fuels and the world that he predicts will emerge as cheap, abundant energy evolves into scarcity, this one starts there and moves in new directions.
Greer makes a convincing case that much of our current trouble stems from confusing money with wealth. Money, he writes, is the yardstick we use to measure wealth, not the wealth itself. But much of our economic activity is focused on money, leading to an ever-increasing debt burden and political policies that just dig the hole deeper by increasing the supply of money even though the actual value we re producing doesn t support it.
The other signifant problem we face is the failure to factor in the Primary Economy. Conventional economic theories disregard the contributions of nature to our economic well-being, assuming that whatever resources we need, we ll have. If that isn t a safe assumption and Greer argues convincingly that it is not then any conclusions based on that assumption are also in peril.
All in all, the book paints a picture that could be grim but is also empowering. There are ways to survive and even thrive in the future that Greer believes is coming, if you re armed with information and willing to adjust your expectations. This book is an excellent starting point for the journey.