According to the alternative approach (heterodox) towards economic production the only real scarce factor is time. Money, being a credit/debit relationship, cannot, by definition, be scarce. Nor is capital or resources scarce but reproducible. This conception is dramatically different from the conventional approach and thus its conclusions are also dramatically different. What are these conclusions?
What does this mean for unemployment, price stability, distribution, growth, etc.? What does it imply about increasing the wellbeing of all US citizens? What can these conclusions tell us about the economic possibilities of today? What do knowledge, technology and positive feedbacks have to do with our current economic possibilities? If money, capital and resources are not obstacles what kinds of obstacles do we face in improving the material wellbeing for all citizens from this perspective?
According to the alternative approach (heterodox) towards economic production the only real scarce factor is time. Money, being a credit/debit relationship, cannot, by definition, be scarce. Nor is capital or resources scarce but reproducible. This conception is dramatically different from the conventional approach and thus its conclusions are also dramatically different. What are these conclusions?
What does this mean for unemployment, price stability, distribution, growth, etc.? What does it imply about increasing the wellbeing of all US citizens? What can these conclusions tell us about the economic possibilities of today? What do knowledge, technology and positive feedbacks have to do with our current economic possibilities? If money, capital and resources are not obstacles what kinds of obstacles do we face in improving the material wellbeing for all citizens from this perspective?
