William White made a presentation on 18 September, at a conference organized by the NAEC group at the OECD in Paris, on “Averting Systemic Collapse”. He argued that we need to embrace the idea (to understand, to accept the narrative) that the global economy is a complex, adaptive system where stocks (not flows) really matter. Public policy will be much improved if we accept this reality and the need for a systems approach to public policy. In contrast, the current belief  that we can understand the system by understanding its individual components ( a silo approach), has led to a potentially catastrophic buildup of stocks of debt and greenhouse gases in the atmosphere. These stocks threatens not only economic stability but even human  survival. At the same time, the “good will” required to find political solutions to these problems, affecting everyone, has seriously declined. At the least, there is an urgent need to change the prevailing analytical framework in economics.

Mr White made a presentation in Paris on  16 September at a conference organized by a new German think tank, Forum for a New Economy. He began by noting some fundamental problems in providing estimates for the cost of either a Green New Deal (as recently proposed in the US) or for the costs of climate change mitigation. The focus of his remarks was on how fiscal policy, financial regulatory policy and monetary policy might be adapted to respond to climate change and to contribute to climate change mitigation. His greatest concern is that governments will shirk their own responsibility for action (not least, failing to impose much  higher carbon taxes) using the excuse that action by regulatory agencies and central banks will suffice.

https://newforum.org/climate/where-will-the-money-come-from-how-to-finance-a-green-new-deal/