Bad Theory, Bad Practice: Bad Ethics
نویسنده
چکیده
A profession that claims to understand economies, and that has gained power over the greater part of our societies, has big responsibilities. The fundamental responsibility is to ensure its perception of economies gives some useful guidance to the behaviour of real economies. Here mainstream economics fails utterly, and has been failing for a long time. Worse, it actively resists alternative views that might overcome its failings. Ethics do not come much worse than that. The failings of mainstream economics are multiple. Its central theory, the neoclassical theory, is based on absurd assumptions and its central prediction of equilibrium is plainly contradicted by real economies. It counts the wrong things in the wrong way, using Gross Domestic Product quite inappropriately to measure well being. It is blind to the dominant roles of money and debt in the dynamics of economies. The banking and monetary systems it presides over are highly destabilising. The financial markets it venerates are also destabilising, and have become parasitic. It assumes a base parody of human beings and undermines social relationships and the health of society. It has become fixated on an impossible goal eternal growth of GDP that is rapidly degrading the planet and will soon bring about the collapse of global industrial society.
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