Why classical economics only works for the super-rich.
Source – greenpeace.org
– “…Neo-classical economic theory works just fine, but only if one ignores the human and ecological costs: poverty, squalor, homelessness, migrations, biodiversity loss, global heating, disappearing forests, toxic land and water, and rising, acidic oceans. Capitalism is designed to benefit those who have capital, the wealthy. For most of humanity, modern neo-classical economics erodes well being. For the ecosystem at large, neo-classical economics serves as a rationalisation for plunder”
Failed Economics – By Rex Weyler
“The rich get richer, and the poor get poorer,” is an ancient maxim that dates back thousands of years. In our era, we must add: “And wild nature gets trampled.”
A recently cleared forest in West Kalimantan, Indonesia. © Ulet Ifansasti / Greenpeace
At the end of 2018, Credit Suisse published its updated report on global wealth. Forty-two-million millionaires and billionaires comprise the richest 0.5% of the world’s population. That translates to…
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The Most Revolutionary Act 
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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