@rustneversleepz @ProfSteveKeen @RichardTol Well, economists should be system thinkers & have a deep understanding of all aspects of the natural world (i.e. not limited to the narrow scope of human-created markets). But somehow, mainstream economists are our most blind members of society!
1/9
@rustneversleepz @ProfSteveKeen @RichardTol 2/9 Just a few things mainstream economics gets wrong:
mostly conflating the role of technology with the role of energy:
@rustneversleepz @ProfSteveKeen @RichardTol 3/9 Assuming that low resource prices mean low dependence on said resources:
@rustneversleepz @ProfSteveKeen @RichardTol 4/9 Seeing any negative effect outside of market relations as "externalities" when our biggest issues are 𝘪𝘯𝘵𝘦𝘳𝘯𝘢𝘭 to the way our economies work.
@rustneversleepz @ProfSteveKeen @RichardTol 5/9 Completely ignoring the financial system and supposing that any resource scarcity can always be overcome by substitution.
@rustneversleepz @ProfSteveKeen @RichardTol 6/9 Assuming that GDP growth is both the most important and most desirable aspect of any economic system.
@rustneversleepz @ProfSteveKeen @RichardTol 7/9 𝘌𝘢𝘤𝘩 𝘰𝘯𝘦 of these "assumptions" are so fundamentally flawed that 𝘦𝘢𝘤𝘩 𝘰𝘯𝘦 𝘰𝘯 𝘵𝘩𝘦𝘪𝘳 𝘰𝘸𝘯 can bring down civilization and in general all life on Earth. Now don't hold your breath when you combine all of them. And there are many more.
@rustneversleepz @ProfSteveKeen @RichardTol 8/9 And one wonders why we are "right on track"...
@rustneversleepz @ProfSteveKeen @RichardTol 9/9 So sorry, I have an econ major too and don’t think I should take back this assertion:
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