Economic development, environmental challenges & the interests of future generations: Nicholas Georgescu-Roegen’s advice revisited

• Offers a reinterpretation of Nicholas Georgescu-Roegen’s classic work on how to cater for the interests of future generations. • Considers the relevance of Georgescu-Roegen advice for contemporary discussions on how to deal with challenges facing both the present and future generations. • Analyses what it takes to substantially reduce global inequality and at the same time transition from a fossil to a solar economy. The concern about the current generation’s overuse of the earth’s resources, at the expense of the well-being of future generations, is not new. Already half a century ago, there was a very vivid debate about this issue. A thorough assessment was made in 1975 by the Romanian-American scholar Nicholas Georgescu-Roegen, commonly acknowledged as one of the main sources of inspiration of the so-called “degrowth” literature, in an article entitled “Energy and Economic Myths”. However, Georgescu-Roegen’s advice was not to stop economic development, or advocate for harsh sacrifices by those living today. Rather what he suggested was to overhaul the working of the global economy (and the policies associated with it) so that the world becomes a more equitable place, nature (threatened species) is better protected (to our own benefit), and the harm to future generations becomes as small as possible. A key element in making this possible, according to Georgescu-Roegen, was transitioning from a fossil-fuel driven to a solar-powered economy. He also emphasized the need for political, regulatory, and behavioural changes aimed at economizing with scarce resources. It is argued that Georgescu-Roegen’s approach (and program) is indeed very relevant for contemporary discussions of how to deal with important challenges facing both the present and, not the least, future generations.