Proceedings of the Herakleion 2010 IIPPE Conference, 2010

This work was written for a conference of Leftwing economists IIPPE in Crete 2010 and first published on their site. It is about the relation of official income as measured by the fake capitalist instruments of GDP and GNP to actual well-being (cf. Daly-Cobb and Kapp). It continues with a discussion of the entropy calculus, inspired by Georgescu-Roegen, as a basis for any future program of human survival. It concludes that our aim should be a maximum stock of life quality. This would mean a radical economic reorientation for more affluent countries, including the reduction by two thirds of consumption in key materials such as fossil fuels in order to protect us from even bigger future problems, such as health hazards, environmental degradation, a further increase in global poverty, armed conflicts, and mass refugee movements: Its gradual implementation, beginning, say, with the Tobin Tax, would need constant care for large majority support, which brings us to the threshold of democratic politics.

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