Archive for October, 2014


Posted: October 27, 2014 in Monetary System
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Another proposed alternative, based on an equitable and an intrinsically valued social model, Particpatory Economics asserted by Michael Albert.

Watch the video from approximately 3 minutes to the 14 minute mark, where Albert answers the usual criticisms of such an idea.

Similar models have been seen in world history. Two examples that come to my mind were in Greece, sometime after the Second World War and in Nicaragua, in the 1970s. In both these nations, it was proven that the population does not require monetary and private wealth incentives to thrive, and that the elimination of illiteracy, hunger, basic medical problems, is very possible without free markets. Sadly outside intervention in both countries put paid to what seemed to be real humanitarian progress, the likes of which could have been a beacon for all people’s to follow.

There will be no end to how much we can lament the state of affairs we find ourselves in, when so much of life is based upon false measures of prosperity

Please read the following articles, with extracts given below;

Why then do we continue to measure ourselves in reference to a rate of economic output that was by definition unsustainable and indeed placed us in such a perilous predicament?

Worse than that, by using our past mistakes to judge our current performance, we condemn ourselves to repeating the cycle

All economic measures are fallible, some are even dangerous

Recently the ONS again rewrote years of ecomonic history by altering the way GDP is measured, bringing in various activities which were previously excluded from how growth is assessed. This fundamentally changed the performance landscape over the last decade and beyond, the following piece by Alister Heath touches on its implications;

The way the national accounts, the GDP statistics and the rest are calculated has been torn up. International statisticians are making a greater effort at including the output of the sex and illegal drug industries and of charities; they are also changing the way research and development and elements of defence spending are accounted for.

Everything we thought we knew about the economy was wrong