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, told the 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."
# # #
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
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, told the 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, told the 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.