McMurtry’s work offers a contribution to the understanding, as well as to development of standards for the measurement, of human well-being, so that progress and regress may be interpreted in ways that mainstream economic criteria neglect or fail to ascertain, both in theory and in practice. The importance of determining novel standards and indicators is considerable, and widely acknowledged by many academics and politicians (for example, the 2008–2009 Stiglitz-Sen-Fitoussi Commission created by the French Government), but above all it is important to reconceptualise economic phenomena so as to re-orient them in line with life-based criteria.
First, it has already been highlighted that the type of ‘growth’ conceptualised and pursued in today’s global market has had systemic negative effects upon life at many levels, to the point of making possible the explanation of said implications by means of a cancer-based explanatory model. ‘Real capital’ as ‘life capital’ is both unseen and harmed by standard economic thought (CSC2013, p. 12).
Second, in the wake of the current economic crisis, the same global market has been proven equally unable to attain ‘growth’ on its own life-blind terms, that is, in terms of pecuniary aggrandisement for money investors and/or managers (cf. Crotty, 2000). ‘Real capital’ as sheer ‘money’ is not there either, especially if one considers that the vast meltdowns of the last few decades have been caused by speculative bubbles in exponentially ‘leveraged’ masses of currency without any ‘grounding’ in ‘a medium of exchange and capital’ such as ‘gold, labour, or livestock’ (CSC2013, p. 12).
The system’s inherent rationality, which economics textbooks presuppose, is to be seriously questioned, and that is what McMurtry’s work does, consistent with Castoriadis’ (2005a, p. 129) poignant characterisation of the Socratic role that philosophers are expected to play in genuinely democratic societies: the possibility and the ability to call established institutions and significations into question. Whether he will be listened to, we do not know. However, responding to a cancer diagnosis by avoiding what alone can work is fatal.
