Summary
Do we need a better economic system?
- Yes.
Why can’t mainstream economics fix the problems?
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Most economists assume we are rational. We aren’t.
How do we build a better economy?
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Look for simple, direct solutions to economic problems.
What high-level changes are needed?
-
Money needs a more concrete role in the economy. The economy as a whole needs to be able to save physical wealth.
What would we need to give up to solve these problems?
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We would need to give up the right to set prices arbitrarily. The government would need to be more involved in some aspects of the economy.
Is this central planning?
-
Yes and no. The government doesn’t directly make decisions about how and where resources are used. Instead, it sets rules and regulations that ensure the economy functions well.
What are the key improvements we can achieve?
- Jobs for everyone who wants one and a lessening of the gap between the rich and the poor.
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