SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Nobel prize-winning economist Amartya Sen told the conference that governments would need to step in, to ensure resources were best distributed. (Photograph: Matthew Lloyd/Getty Images for ReSource 2012)
Global Fight for Natural Resources 'Has Only Just Begun,' say Experts
"Free Markets" cannot be relied to efficiently allocate resources or provide fundamental human needs: Amartya Sen
Jul 12, 2012
Better economic incentives, rather than ethical considerations and appeals to human morality, are needed to encourage investment in a more sustainable economy, according to Nobel Prize-winning economist Amartya Sen.
Speaking at the Re|source 2012 Conference in Oxford, Sen said that so-called 'free markets' could not be counted on to meet all fundamental human needs nor could the private sector be trusted to efficiently allocate the world's natural resources.
"The way to make the financial sector respond is not through moral exhortation, but by increasing incentives," said Sen. "The market will respond to price increases," but world governments are required to intervene and address "inequality and iniquity" that the market inherently generates.
Sir David King, former chief scientific adviser to the UK government, who also spok at the conference, toldthe Guardian: "We are nowhere near realising the full impact of [diminishing resources]. We have seen the first indications - rising food prices, pressure on water supplies, a land grab by some countries for mining rights and fertile agricultural land, and rising prices for energy and for key resources [such as] metals. But we need to do far more to deal with these problems before they become even more acute, and we are not doing enough yet."
Regarding energy investments and creating better markets for renewables, Sen offered that incentives should be introduced for solar technologies, while subsidies for nuclear power should be removed.
Sen said he sees the glass as both half empty and half full, but that if we "think intelligently" the world could make the glass "much more full."
# # #
Join Us: News for people demanding a better world
Common Dreams is powered by optimists who believe in the power of informed and engaged citizens to ignite and enact change to make the world a better place. We're hundreds of thousands strong, but every single supporter makes the difference. Your contribution supports this bold media model—free, independent, and dedicated to reporting the facts every day. Stand with us in the fight for economic equality, social justice, human rights, and a more sustainable future. As a people-powered nonprofit news outlet, we cover the issues the corporate media never will. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Better economic incentives, rather than ethical considerations and appeals to human morality, are needed to encourage investment in a more sustainable economy, according to Nobel Prize-winning economist Amartya Sen.
Speaking at the Re|source 2012 Conference in Oxford, Sen said that so-called 'free markets' could not be counted on to meet all fundamental human needs nor could the private sector be trusted to efficiently allocate the world's natural resources.
"The way to make the financial sector respond is not through moral exhortation, but by increasing incentives," said Sen. "The market will respond to price increases," but world governments are required to intervene and address "inequality and iniquity" that the market inherently generates.
Sir David King, former chief scientific adviser to the UK government, who also spok at the conference, toldthe Guardian: "We are nowhere near realising the full impact of [diminishing resources]. We have seen the first indications - rising food prices, pressure on water supplies, a land grab by some countries for mining rights and fertile agricultural land, and rising prices for energy and for key resources [such as] metals. But we need to do far more to deal with these problems before they become even more acute, and we are not doing enough yet."
Regarding energy investments and creating better markets for renewables, Sen offered that incentives should be introduced for solar technologies, while subsidies for nuclear power should be removed.
Sen said he sees the glass as both half empty and half full, but that if we "think intelligently" the world could make the glass "much more full."
# # #
Better economic incentives, rather than ethical considerations and appeals to human morality, are needed to encourage investment in a more sustainable economy, according to Nobel Prize-winning economist Amartya Sen.
Speaking at the Re|source 2012 Conference in Oxford, Sen said that so-called 'free markets' could not be counted on to meet all fundamental human needs nor could the private sector be trusted to efficiently allocate the world's natural resources.
"The way to make the financial sector respond is not through moral exhortation, but by increasing incentives," said Sen. "The market will respond to price increases," but world governments are required to intervene and address "inequality and iniquity" that the market inherently generates.
Sir David King, former chief scientific adviser to the UK government, who also spok at the conference, toldthe Guardian: "We are nowhere near realising the full impact of [diminishing resources]. We have seen the first indications - rising food prices, pressure on water supplies, a land grab by some countries for mining rights and fertile agricultural land, and rising prices for energy and for key resources [such as] metals. But we need to do far more to deal with these problems before they become even more acute, and we are not doing enough yet."
Regarding energy investments and creating better markets for renewables, Sen offered that incentives should be introduced for solar technologies, while subsidies for nuclear power should be removed.
Sen said he sees the glass as both half empty and half full, but that if we "think intelligently" the world could make the glass "much more full."
# # #
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.