Old economics is based on false ‘laws of physics’ – new economics can save us

Alternative Economic Spaces | Padraig Carmody - theranchhands.com

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Krueger, Robert; Gibbs, David C.; Gibbs, David; Krueger, Rob; Schulz, Christian

We cannot hope to address our predicament without a new worldview. We cannot use the models that caused our crises to solve them. We need to reframe the problem. This is what the most inspiring book published so far this year has done.

Simon Kuznets , who standardised the measurement of growth, warned: It aspired to be a science of human behaviour: The loss of an explicit objective allowed the discipline to be captured by a proxy goal: This means changing our picture of what the economy is and how it works.

The central image in mainstream economics is the circular flow diagram. It depicts a closed flow of income cycling between households, businesses, banks, government and trade, operating in a social and ecological vacuum. Energy, materials, the natural world, human society, power, the wealth we hold in common … all are missing from the model.

How to Abandon Capitalism - Sofa Gradin - TEDxQMUL

The unpaid work of carers — principally women — is ignored, though no economy could function without them. Like rational economic man, this representation of economic activity bears little relationship to reality. So Raworth begins by redrawing the economy. All of the ploitative work practices. In this respect, corrections chapters are, without exception, well written, and many could have been made to earlier literatures on petty are based on detailed empirical research, often using commodity and service production.

The authors share a common critical per- over by corporations or property prices are driven up, spective on both accepted orthodoxies and the potential making it also constitutive of corporate globalization. Given that the chapters were especially commissioned The chapter by Andrew Lincoln on alternative for this book, they hang together particularly well and workspaces contrasts different types of worker buyouts of with an incisive treatment that has much to offer.

Alternative Economic Spaces

Gibson-Graham and importance of workplace democracy in the economic by the work of Carrier and Miller, which may be less success of Tower colliery in Wales. Re- They quote figures showing that more time is now spent cently, critics of capitalism have been reluctant to specify on unpaid work than on paid work in developed coun- alternatives, but that lacuna is addressed by this book. They report a large- ureFto society and also creating new markets. The scale survey that shows that, counterintuitively, affluent extent to which this presents an alternative is then open suburbs conduct greater levels of self-provisioning than to debate and struggle.

Its dependence on external funding is problematic, incomes. In this context, the social versus practicalities and pressures towards co-optation economy can stem the degradation of the social fabric.

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There are two problems with this: However, it is only gling to survive on the margins of subsistenceFor many when there is a skills shortage that this channel operates, others, for that matterFbelieve they are involved in the and such would not appear to be the case for adminis- creation of utopia.