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How Mainstream Economists Have Damaged America and the World

Ike Bell

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Published in Seven Bad Ideas: How Mainstream Economists Have Damaged America And The World

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Seven Bad Ideas: How Mainstream Economists Have Damaged America and the World

by Joseph Heath

4.3 out of 5

Language	:	English
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Print length	:	274 pages
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Mainstream economics is the dominant economic ideology in the world today. It is based on the belief that the free market is the best way to allocate resources and that government intervention in the economy should be minimal.

Mainstream economists have been very influential in shaping economic policy in the United States and other countries for decades. Their ideas have led to the deregulation of the financial industry, the privatization of public services, and the reduction of taxes on the wealthy.

These policies have had a number of negative consequences for America and the world. They have led to increased inequality, financial instability, and environmental degradation.

Increased Inequality

One of the most damaging consequences of mainstream economics has been the increase in inequality. The gap between the rich and the poor has grown wider in recent decades, as the wealthy have benefited disproportionately from economic growth.

This is due in part to the fact that mainstream economics has focused on maximizing economic growth, even at the expense of equity. Mainstream economists have argued that economic growth will eventually benefit everyone, but this has not been the case.

The increased inequality has had a number of negative consequences for society. It has led to social unrest, political instability, and a decline in social mobility.

Financial Instability

Another damaging consequence of mainstream economics has been financial instability. The deregulation of the financial industry in the 1980s and 1990s led to a number of financial crises, including the 2008 financial crisis.

Mainstream economists have argued that deregulation would lead to more efficient financial markets. However, it actually led to less oversight and regulation, which made the financial system more vulnerable to crises.

The financial crises have had a devastating impact on the economy and society. They have led to job losses, foreclosures, and a decline in economic growth.

Environmental Degradation

Mainstream economics has also contributed to environmental degradation. The focus on economic growth has led to the over-exploitation of natural resources and the pollution of the environment.

Mainstream economists have argued that environmental protection is too costly and that it will harm the economy. However, the evidence shows that environmental protection can actually benefit the economy by creating jobs and stimulating innovation.

The environmental degradation caused by mainstream economics has had a number of negative consequences for human health and well-being. It has led to air pollution, water pollution, and climate change.

Mainstream economics has failed to address the real-world problems facing America and the world. Its focus on economic growth, deregulation, and privatization has led to increased inequality, financial instability, and environmental degradation.

It is time for a new economic paradigm that focuses on sustainability, equity, and social justice. Only then can we create a more just and prosperous future for all.

Seven Bad Ideas: How Mainstream Economists Have Damaged America and the World

by Joseph Heath

4.3 out of 5