Richard Murphy has decided to branch out. He\’s going to develop a new economics.
And what is the aim? Simply this: to create a new economic model that can be taught as a system, that can replace the dire view of life that is presented in schools and on undergraduate university courses almost everywhere as if it were the truth about how people and businesses operate: that they really do profit maximise in a perfect and unconstrained world in which the gifts of nature are free and boundless.
Traditional economics represents an \”unconstrained world\”? Gifts of nature are free and boundless?
Erm, at the very centre of economics is the thought that human desires and wants are unlimited while the resources available to satisfy them are not. Thus the entire subject is about how scarce resources are allocated.
\”Scarce\”, not \”unconstrained\” nor \”free and boundless\”.
This doesn\’t bode well for the new economics now, does it?