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Life After Growth

How the global economy really works - and why 200 years of growth are over

Tim Morgan Terry Smith

$69.95   $59.50

Paperback

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English
Harriman House Publishing
03 October 2016
NEW PAPERBACK EDITION WITH ADDITIONAL INTRODUCTION AND END NOTE FROM THE AUTHOR Why, years after the banking crisis, is the global economy still mired in recession and burdened by enormous debts? Why have the tried-and-tested economic policies of the past failed us this time? In Life After Growth, leading City analyst Tim Morgan sets out a ground-breaking analysis of how the economy really works. Economists are mistaken, he argues, when they limit their interpretation of the economy to matters of money. Ultimately, the economy is an energy system, not a monetary one. From this, it follows that we need to think in terms of two economies, not one - a 'real' economy of work, energy, resources, goods and services, and a parallel, 'financial' economy of money and debt. These two economies have parted company, allowing the financial economy to pile up promises that the real economy cannot meet. Starting with the discovery of agriculture, Tim Morgan traces the rise of the economy in terms of work, energy and resources. The driving factor, he explains, has been cheap and abundant energy. As energy has become increasingly costly to obtain, the potential for prosperity has diminished, to the point where growth in the real economy has ceased. An immediate problem is that our commitments - including debt, investments and welfare promises - cannot be honoured, which means that we can expect the financial system to be wracked by value destruction. At the same time, we need to adapt to a future in which prosperity can no longer be taken for granted.
By:  
Contributions by:  
Imprint:   Harriman House Publishing
Country of Publication:   United Kingdom
Edition:   2nd edition
Dimensions:   Height: 234mm,  Width: 156mm,  Spine: 10mm
Weight:   277g
ISBN:   9780857195531
ISBN 10:   0857195530
Pages:   192
Publication Date:  
Recommended Age:   From 18 years
Audience:   General/trade ,  ELT Advanced
Format:   Paperback
Publisher's Status:   Active
"Introduction to the Paperback Edition Foreword by Terry Smith Part I: The End of an Era 1. An economy that has run out of road 2. How the economy really works Part II: The Real Economy 3. The energy economy 4. The great breakthroughs 5. Growth and risk 6. The real threat Part III: The Financial Economy 7. The servant, not the master 8. The madness of crowds 9. The madness of globalisation 10. The madness of statistics Part IV: Life after Growth 11. Welcome to life after growth 12. Value reduction - the real economy 13. Value destruction - the financial economy 14. An end or a beginning? Afterword - ""What does this mean to me?"" End Note to the Paperback Edition Index"

Described in the press as ""Dr Gloom"" and ""Terrifying Tim"", Tim Morgan has never avoided controversy, whether he is pointing out the crippling weaknesses of the British economy, calling for greater justice for a younger generation robbed by its elders, or explaining the link between inner-city riots and thwarted materialism. He developed the Essentials Index, which provides invaluable insights into the real cost of living. Educated at Cambridge, Tim has always been fascinated by economic, political and military issues. His fascination with maritime warfare has taken him from commando exercises to the flight-deck of an aircraft carrier. As head of research at leading finance house Tullett Prebon from 2009 to 2013, Dr Tim Morgan gained a reputation for supplying radical answers to pressing economic and political issues, and garnered significant media coverage for leading-edge reports including his Project Armageddon study of the British economy. Life After Growth is the product of extensive research into how the economy really works, and presents radical explanations for the economic problems of today and tomorrow. Terry Smith became a stockbroker with W. Greenwell & Co in 1984 and was the top-rated bank analyst in London from 1984 to 1989. In 1990 he became head of UK company research at UBS Phillips & Drew, a position from which he was dismissed in 1992 following the publication of his bestselling book Accounting for Growth. He went on to build two broking businesses, Collins Stewart and Tullett Prebon, from where he retired in 2014 to concentrate on his new fund management venture, Fundsmith.

Reviews for Life After Growth: How the global economy really works - and why 200 years of growth are over

A lesson I learnt early on is that when Tim has something to say which is related to energy analysis, as this book is, it is wise to take notice...If I had one wish it would be that commentators, and policy makers, take his work as seriously as it deserves to be taken. - Terry Smith; Life After Growth has completely reframed my thinking about what's going on in the world today. - Mike Scialom, Cambridge Business


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