What are we trying to do with this blog?
My idea is that Economic Theory, as currently taught in universities and colleges all over the world, is deadly to the welfare of mankind. Why? Here is how I see it:
- It focuses on Wealth Creation and Growth, whereas the main economic problem is poverty and inequity. Trickle Down theory is implicitly assumed, without any mention, in texts on economic growth.
- It teaches that there are inexorable economic laws in operation, obscuring the reality that we have the freedom to change things. Furthermore, the Invisible Hand teaches that these inexorable economic laws lead to good outcomes, wherease the reality is that extremely poor outcomes are achieved.
So what can we do to change the state of affairs?
- Build consensus that change is needed — especially winning over teachers, as they will be the key to the training of the second generation.
- Find an agenda for change that we can agree on — be activists and train activists, who will work on behalf of the poor and oppressed — to a far greater extent than commonly realized, these people are poor and oppressed due to faulty economic theories, supporting exploitative politico-economic systems.
I believe that economics is about creating economic systems which will allow everyone on this planet to lead lives with dignity and without deprivation of basic needs. Once we agree on this goal, then we can argue about what are the most effective means to bring about this outcome.