Consumer choice
‘Gloom from the climate change frontline”, read a headline in the Economist last week about the report on land use and food waste from the Intergovernmental Panel on Climate Change. The major headlines here at the time were about the Reserve Bank of New Zealand jolting the dollar downwards and surprising markets by dropping the Official Cash Rate by half a percentage point to just 1%. Reserve Bank Governor Adrian Orr did not quite say, “Come on, you slackers, get out and spend”. But the new interest rate said it for him. We can continue to spend, thus keeping the economy growing, without destroying the Earth. The bank’s monetary policy committee “acknowledged the importance of additional spending from households, businesses and the Government, to meet inflation and employment targets”. Business confidence, the committee…