Redefining Economics: A better set of economic principles

Article Summary

John S Veitch
The Network Ambassador

He who pays the piper calls the tune. Economists have served the world very badly, but their government and business masters well.
Building an "Open Future ©" requires new economic principles.
The biggest disservice of economists is the failure to measure an improved economic position. Growing the Gross Domestic Product, dodges the issue.
Economists have been slow to understand that the economy is a subset of the natural environment.
Economists have refused to support the redistribution of income inside and economy, claiming that who does or does not get rich isn't an economic problem.
The law in almost every country is written to protect wealth and property. The task of income redistribution is vigorously opposed. Social justice is avoided.
The economic debate is commonly framed as the most critical debate in the community. Governments see the goal of economic growth as an imperative.
Economic growth (GDP) is a faulty goal. Even modest growth of 2% a year DOUBLES the resources the economy uses in 35 years, this is an impossible target.
For most of history real growth has been close to zero, and that's finally where we will end up again.
Personal relationships, one's own fitness and health, happiness and a stable family life, are all more important than growing the GDP.
If you sacrifice those things in order to be rich, no amount of money will buy them back for you.
A continually expanding GDP is impossible to maintain. The attempt to do so will destroy of environment, the quality of life and the economy too.
We've seen what over-fishing does to the oceans. We've seen how powerless we are to STOP people fishing by applying regulations.
The whole economy is on that same self destructive pathway. We are losing the planet. To save it we first we have to understand the problem. It is US.

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