STEVE KEEN ~ CAN WE AVOID ANOTHER FINANCIAL CRISIS? ~ 2017

~ M-CBDDF-M ~ Macroeconomics – Cannot Be Derived Directly From – Microeconomics

~ TDTH-OPCBDEFLOSIACCIGST-‘E’~ The Discovery That Higher-Order Phenomena Cannot Be Directly Extrapolated From Lower-Order Systems Is A Commonplace Conclusion In Genuine Sciences Today – “Emergence”

~ TWPO-W-O-NBO-TPOI-H20-MT-BBO-IBLO(I)-H2O-M ~ The Wonderful Properties Of – Water – Occur – Not Because Of – The Properties Of Individual – H2O – Molecules Themselves – But Because Of – Interactions Between Lots Of (Identical) – H2O – Molecules

~ GFC ~ Global Financial Crisis

~ ACCBPOFAD-ITPSCBETCB ~ A Crisis Can Be Put Off For A Decade – If The Private Sector Can Be Enticed To Continue Borrowing

~ T-PS-R-TLOCWTTUB-A-MAPVO-TIWTBC ~ The – Political System – Rewards – The Lackey Of Credit Who Triggers The Unsustainable Boom – And – Makes A Political Victim Of – The Incumbent When The Boom Collapses

~ TGEHBSWALOPD-T-INOUSTEOTSWW-BAU-ITHOC ~ The Global Economy Has Been Saddled With A Level Of Private Debt – That – Is Not Only Unprecedented Since The End Of The Second World War – But Also Unprecedented – In The History Of Capitalism

~ WYMTOHWTGSM-WISMTIGBIT-TBTAOMIC-ATFPSA-TBTGSBBITLRIIFABT-GSATROMCSTPB-A-WASWAGJTDWTRITLFD ~ Whatever You Might Think Of How Well The Government Spends Money – When It Spends More Than It Gets Back In Taxation – This Boosts The Amount Of Money In Circulation – And That Finances Private Sector Activity – The Belief That Governments Should Be Balanced In The Long Run Is In Fact A Belief That – Governments Should Abdicate The Role Of Money Creation Solely To Private Banks – And – We’ve All Seen What A Great Job They’ve Done With That Responsibility In The Last Few Decades

~ D-Z-T-B ~ Debt-Zombies-To-Be

~ WDOD ~ Walking Dead Of Debt – Private Debt – Its Primary Cause

KARL POLANYI ~ THE GREAT TRANSFORMATION ~ 1944

~ C&M-ABOTAT-TDFMGITOIIHB ~ Capitalism And Marxism – Are Based On The Assumption That – The Desire For Material Gain Is The Overriding Instinct In Human Behaviour

~ ‘ED’-GUHPASHOEHQ-TCF-H-D-A-MR ~ “Economic Determinism” – Greatly Underestimates Human Potential And Strips Humans Of Essential Human Quality – The Capacity For – Honour – Decency – And – Moral Responsibility

~ ‘ED’-TBT-THOH-IGBLWAIOHWAA-ITMASIE ~ “Economic Determinism” – The Belief That – The History Of Humanity – Is Governed By Laws Which Are Independent Of Humanity’s Will And Action – Is The Most Absurd Superstition In Existence

~ Any – Economic System – That Does Not Consider – Social Costs – Is Not Giving A – Full Economic Accounting

~ ME-SNB-TFAFG-BR-TW-BOS ~ Market Efficiency – Should Not Be – The First And Foremost Goal – But Rather – The Well-Being Of Society

~ HAMNOTSTOPAMW-B-BATLI-S-C-A-J-C ~ Humans Are Motivated Not Only To Secure Their Own Physical And Material Well-Being – But Also – To Live In – Strong – Cohesive – And – Just – Communities

~ WA-MB-AWAB-PO ~ We Are – Moral Beings – As Well As Being – Physical Ones

~ OOP-INAAREAFS-BR-ACR-GBSAESR ~ Ownership Of Property – Is Not An Absolute Right Enjoyed Apart From Society – But Rather – A Conditional Right – Granted By Society And Entailing Social Responsibilities

~ ‘TM’-IAACSBOM-ML-DBAFTPCTTEOO-W-GTNIF-MG-TTEO-TEPNIF-S-P-A-S ~ “The Market” – Is An Artificially Constructed System Based On Man-Made Laws – Designed By And For The Propertied Classes To The Exclusion Of Others – Which – Glorifies The Natural Instinct For – Material Gain – To The Exclusion Of – The Equally Powerful Natural Instinct For – Self-Protection – And – Security