The Materially Finite Global Economy Metered in a Unified Physical Currency

A more comprehensive understanding and more general acceptance of the concept of the biosphere should change the way we think about economics. Economic development is a key goal in most countries and amongst the leaders and citizens, but hides a serious flaw that successes so far have been able to pass on and ignore. The flaw manifests itself, in the early days, as a surprise, in depletion of local raw materials and a build up of unpleasant wastes. The response pattern has been natural and obvious. Other regions wanted the glamour of development, and had unused resources and plenty of space for the wastes and emissions. The passing on of problems originated in the West and has moved to the East. The fact is that much development and profit required some cheating on the environment, and at first it was unconsciously done. But progress has turned full circle, and reached, as in the eloquent and deep lyrics of The Eagle’s song, the Last Resort (Henley & Fry, 1976). Environmental scientists who have always been trumped by the success of money makers will be needed to advise on how to manage the biosphere when there is nowhere else easy for resources, when oilwells drill too deep in danger, and when there is no where to hide unwanted emissions to the air, water and soil.