Herman Daly

Date of Birth: July 21, 1938

Zodiac Sign: Cancer

Date of Death: October 28, 2022

Biography

Herman Daly was a prominent American ecological economist and professor, known for his work on the intersection of economics, ecology, and ethics. Born in Houston, Texas, Daly completed his Ph.D. in economics at Vanderbilt University in 1967. He served as a professor at Louisiana State University for two decades before joining the World Bank as a Senior Economist in the Environment Department. Daly was a strong advocate for sustainable development and was influential in promoting the concept of a steady-state economy, which emphasizes maintaining a stable level of resource consumption and a balanced ecosystem. His groundbreaking work has inspired many in the fields of economics and environmental science. Daly was also a co-founder of the journal “Ecological Economics” and authored numerous books and articles, including “Steady-State Economics” and “For the Common Good.”

5 Interesting Facts about Herman Daly

1. Herman Daly was awarded the Right Livelihood Award in 1996, often referred to as the “Alternative Nobel Prize,” for his work on sustainable development.

2. Daly was instrumental in developing the Index of Sustainable Economic Welfare (ISEW), an alternative to GDP that accounts for environmental and social well-being.

3. He co-authored the influential book “For the Common Good” with theologian John B. Cobb, Jr., which critiques conventional economics and proposes a more community-oriented approach.

4. Daly served as a Senior Economist at the World Bank from 1988 to 1994, where he advocated for policies that prioritize long-term ecological and social health over short-term economic gains.

5. He was a staunch critic of the concept of unlimited economic growth, arguing that it is incompatible with the finite nature of Earth’s resources.

5 Most Interesting Quotes from Herman Daly

1. “The economy is a subsystem of the ecosystem, and is dependent upon it in fundamental ways.”

2. “There is something fundamentally wrong in treating the Earth as if it were a business in liquidation.”

3. “Growth is the one-dimensional expansion of the economy’s throughput, whereas development is the qualitative improvement in the capacity to satisfy human needs.”

4. “We have to shift our emphasis from economic growth to growth in quality of life.”

5. “The challenge is to direct the economy in such a way that it serves the goals of sustainability and equity.”

Highest Net Worth Achieved

Herman Daly was not known for amassing significant personal wealth. His net worth was modest, reflecting his career in academia and public service. His highest net worth is estimated to be around $1 million.

Children

Herman Daly had three children: Bill Daly, Christine Daly, and Jonathan Daly. His family has been supportive of his work and legacy in ecological economics.