If positive social and political change worked top down, we wouldn’t have to make this programme. Sadly, it doesn’t. So at a time when the political class is out of ideas and the corporate class is out of excuses for its behaviour, the job of finding new perspectives and insights and ideas falls to the independent media. As a busy year draws to a close we look back at those people who have inspired and enlightened us in 2017. This is the first of two shows that are a whistle-stop tour around the thinkers, writers, doers and Renegade types we met over the last 12 months.
Economics and the schools that teach it have been wrong for such a long time that its students have collectively embraced a mythical model that does not account for the role of money, banks, debt or land.
Renegade economist and friend of the show, Professor Steve Keen recently took the stage at the Sunday Papers event in London to discuss what you’re not being told about the global economy.
“Economics has failed,” is a phrase that is becoming more common by the day, the result of the current economic paradigm of neoliberalism. But economist, Professor Michael Hudson says economics has not failed it all. It is working perfectly well, according to the rules upon which it has been set. On this week’s episode of Renegade Inc, we explore the cover story of neoliberal economics.
November 2008, Queen Elizabeth visited the London School of Economics and asked why no economist saw the financial crisis coming. Since that exchange, the realisation has dawned on many that it is the discipline of economics itself that is the problem. Until economics is fixed, mainstream economists will continue to fly blind. And we will continue to foot the bill. Economist and author of ‘Doughnut Economics’, Kate Raworth, calls for ‘an economics reformation’.
Your car gets counted once when it is built, not when it is driven. Your clothes, your bicycle, your furniture, all get counted once when they are manufactured, and not again when they are worn, ridden, or sat on. But homes are counted twice in GDP, writes Dr Cameron Murray: Once when they are constructed, and again when they are occupied. If we are going to count housing in GDP, shouldn’t we count it just once?