Photo credit: *JRFoto*
Four years on from the financial crisis and the global economy remains deeply unstable. Austerity measures are failing on their own terms, hindering already shaky prospects for economic recovery. The roots of our current problems lie far beyond the credit crunch of 2008 - it is time for a new macroeconomic strategy, one that moves away from focusing on GDP growth and towards an economy that is more equal, provides good jobs, minimises our environmental impact and maximises well-being.
- 3.1 planets' worth of resources would be needed to support everyone in the world at UK levels of consumption.
- For every $100 of economic growth between 1990 and 2001, only $0.60 went towards poverty reduction for those on less than $1 a day.
Blog post // August 8, 2012
The absence of money, debt and banks from the overwhelming majority of “mainstream” economic models has been one of the more pressing criticisms aimed at economists after the financial crisis exploded: how were they supposed to foresee the crisis - or even reach a proper understanding of its mechanisms afterwards - if conventional economic theory didn’t acknowledge the role of banks, nor consider money and debt as influential variables?More