Why classical economics only works for the super-rich.
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Why classical economics only works for the super-rich.
So, according to Joseph Stiglitz the another world is possible meaning the world need a new economy to short out all those issues
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Jesi, my biggest problem with classical economics is that it fudges the truth which makes it far more complicated than it needs to be. In my view Stiglitz isn’t telling us the truth, either, because his economic theory fails to acknowledge that private banks create 97% of our money – as debt when they make loans. When you have a debt based money system, you create debt every time you create money. And there’s no way to pay off that debt without continual economic growth, which is only possible via continual extraction and depletion of natural resources. Australian economist Steven Keen, who is mentioned in the article, is one of the few global economists to base his economic modeling around this reality.
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Solving this problem is really quite simple – you ban private banks from creating money and restore this function to government, which can issue money debt free.
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