Thus we have advocated more growth instead of confronting the question of a fair distribution of benefits. In other words, throughout our history we have substituted growth for politics. This is very likely to cause serious disagreements and perhaps even strife. It could get ugly. Efficiency is politically acceptable to nearly everyone.
Efficiency means cutting waste, learning to do more with less.
For a time, improved efficiency can give us the same benefits that we used to get from real growth. However, Daly favors them for reasons that are different from the reasons given by most economists. Tradeable pollution permits are a simple idea. The third step is where the market comes in. Those rights can then be purchased by firms for whom genuine reduction would be expensive.