Colander (2005, p. 175) notes: ‘‘Individuals are not born as economists; they are molded through formal
and informal training. This training shapes the way they approach problems, process information and carry out research,which in turn inﬂuences the policies they favour and the role they play in society. [Only in the very last pages (pp. 508–510) abox is presented as a kind of afterthought, in which the question is addressed: ‘‘Will growth make us happy”. The answergiven is twofold: ‘‘Income is not the only determinant of happiness, but clearly happiness rises with income …” and ‘‘Thus,although growth will not make us as happy as we expect it to, it will still make us happier than we would be if there were nogrowth”. Neither statement is convincingly supported with data, arguments or studies. Nor are the fundamental criticismssummarized in Section 2 being addressed
New Eras are usually identified and then defined well after the event, perhaps the most well-known example is the Renaissance or Enlightenment another is the Dark Ages. We are already 30 years into the post-hydrocarbon renewable energy era part of the reason that eras are defined afterwards is that there are overlaps as things change and the difference between half full and half empty is a matter of interpretation and historical spin.
My own thinking regarding future areas of interest for business is very much focused on post Debt and post-hydrocarbon solutions. I am still undecided whether capitalism can exist as a political Economic choice without debt. Our monetary and Economic technology is far behind our technological capability. Time for a reboot!
Regarding debt technology and the monetary, backwardness. Steve Keen has been calling for a Copernican revolution in economics to recognise the considerable forces mobilised by debt. This shorter video on the alternative to Neo-Liberalism is well worth a watch.
Published on 24 May 2015 ´´When the economic history of our epoch is written, three key phenomena will feature: a period of tranquillity giving way suddenly to a crisis, rising inequality, and rising private debt. Using my model of Minsky’s Financial Instability Hypothesis, I show that these three phenomena are all related. There is a direct link between rising debt, rising inequality, and the crisis itself. The key to reducing inequality and ending economic stagnation is to reduce private debt through “Quantitative Easing for the Public” or a “Modern Debt Jubilee”. This is the keynote speech I gave to the #IEEP conference in Pula, Croatia on May 23rd, 2015, Steve Keen
EDIT 27 TH March 2017
The Below is a Lazarus Link from the memory hole series.
This Paper disappeared from the original source and I had placed it in a document of notes for another blog
2.1. Principles of proper accounting
2 thoughts on “From Post Hydrocarbon to Post Debt society. Can Capitalism exist without debt? #MemoryHoleLazaruslinkpost)”