Inside

Contents

Economists Don’t Know What They’re Talking About 1
The walking dead 1
Better ideas 5
Promoting debate 6

Boom Crash Opera 7
Forever blowing bubbles 7
Some real-world evidence 9
Pyramids and Ponzi schemes 12
Bankers’ blindness 14
The invisible foot 18

Rocking Chair or Wild Horses? 21
Gentle rocking? 21
Overshoot and crash 23
Origins of equilibrium theory 28
Runaway growth 29
Pervasive disequilibrium 32
More sources of instability 32
A very different kind of system:  self-organising complexity 34
Guiding the horses 36
Familiar tools, new context 37
A more positive future? 40

Learning to Subtract 41
Polluting for wealth and happiness 41
It’s all just activity 42
Unpaid activity – loving baby 44
Quality of life? 46
Reducing life to numbers 48
Distorted priorities 49
Assessing wealth 50
Not even accounting 50

Finance:  Parasitic and Destructive 53
Conventional market critiques 54
Frenetic markets 54
Parasitic, destabilising, inefficient 56
Put the speculators out of business 58

Land is not Manufactured 61
Our wealth 61
Not just another commodity 62
Reclaiming community wealth 63

Workers and Bosses Unite! 67
Industrial co-ops 68
Forms of collective ownership 69
Working within communities;  a cultural shift 71
Collective governance 72
Even further – a fuller democracy 74

The Capitalist Myth 77
We know best, you’re here to serve 77
Plutocracy doesn’t work 78
Why plutocracy doesn’t work 81
How should rewards and responsibilities flow? 83
The importance of being Owner 85
Reviving society 89

Insulating Main Street from Wall Street 91
What is money? 91
How should we finance investment? 96
Pre-empting Hitler – the path not taken 97
Keeping the money flowing 99
Saving money or saving wealth? 100
Separating the money supply from investment 102
Decentralised or centralised?  Government debts, inflation 103
Save from our own efforts, don’t borrow from our children 105
Interest-burdened money – the hidden private tax 106
Interest – a market failure 107
Multiple benefits 108

Their Own Petards 111
Wealth transfers 111
Social engineering 113
Political correctness 114
Class warfare 115

Wellbeing 119
Abject failure 119
Begin again 120
Harnessing the wild horses 121
Economies that serve and nurture 123
Rediscovering our place 126

Afterword 127

Bibliography 129

About the Author 135