In The New Statesman

But the only long-term solution is that Europe needs to phase out fossil fuels and increase renewable energy production. And to do this fast enough to meet existing climate commitments it is necessary to reduce excess energy demand. Achieving this in a just and equitable way requires two things: first, reducing the purchasing power of the rich (who use extremely high levels of energy), and second, ensuring that everyone has guaranteed access to the essential goods and services they need to live a good life. 

This forces us to confront a paradox at the heart of our economic system. Wealthy economies have high levels of production, with resource and energy use vastly exceeding sustainable boundaries, but they still fail to meet many basic human needs. This occurs because, under capitalism, the goal of production is not to improve well-being or achieve social progress, but to maximise and accumulate corporate profit. So we get plenty of SUVs, fast fashion and planned obsolescence, but chronic shortages of essential goods and services like public transit, affordable housing and universal healthcare.

Ecological economists argue that one of the best ways to deal with this problem is to establish universal public services. Public services mobilise production around human needs and well-being, and can deliver strong social outcomes with lower levels of resource and energy use. It also enables a more rapid, coordinated shift to more sustainable systems. By decommodifying and democratising key sectors such as food, mobility and housing, we can solve the cost-of-living crisis – by directly reducing prices – and help solve the climate crisis at the same time. This requires reversing the current tendency of neoliberal governments to defund and dismantle public services, which has led to the extraordinary crisis that is presently engulfing the NHS and the railways in the UK.

Sergeant Simon Wren-Lewis of the Status Quo Squad, saying "Move along! Nothing to see here!"

Is Labour’s fiscal policy rule neoliberal? That is the charge some on the left, particularly followers of the Modern Monetary Theory (MMT) movement, have laid against Labour’s fiscal credibility rule (FCR). MMT stands for nothing very informative, but it is a non-mainstream macroeconomic school of thought aligned to the left. Bill Mitchell, one of the leading lights of MMT, has run a relentless campaign against the FCR through his blog. As my own work with Jonathan Portes helped provide the intellectual foundation for the FCR, I will try and explain why I find the charge of neoliberalism nonsensical.