I’ve wanted to share my thoughts on economics and how we run our country for a while now. I suppose for one reason only – that our society, press, government, even schools are rife with misinformation on matters pertaining to economics. I am not an economist. I’m a student. But that I’ve learnt more following the work of certain academics through the internet than I have in my entire 6 years of formal university education should say it all. This includes an undergraduate and a masters degree in economics, the latter I’m trudging through now. I spend most of my time in class either dying of boredom or swearing in frustration. Why? Well for the simple fact that my university as most around the world teach the theory and prescriptions of one particular school of thought in economics that has proven time and again unable to describe the world in which we live, neoclassical economics. Neoclassical economics builds a beautifully elegant model of an economy, but it bears no resemblance to modern day capitalism. Professor Steve Keen remarks this mainstream theory of economics is “neat, plausible, and wrong”. What I intend to do on this blog is to share ideas, and comment on economic developments in our country/world, particularly items that come up in the media. Much of what I write is informed by brilliant economists and academics of today such as Michael Hudson, Steve Keen, David Graeber, and L R Wray, as well as those before them – John Maynard Keynes and Hyman Minsky,. If you want to go straight to the source I suggest you read their books, papers etc.. The following websites also have a great wealth of information:
My view of economics and how it relates to our world has been very much informed by the ideas you’ll see in those books and sites. Often I will recycle ideas or thoughts (and ofcourse give credit where it is due), but add my own musings on what is important and break the theory down in the context of the Australia as much as possible. Hope you engage. So.. onto the first post.