10 economic myths we do not need

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10 economic myths we do not need

A short introduction by Dinyar Godrej and David Ransom

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© Juha Sorsa

Old ideas are very powerful. In very difficult times we often want to keep those ideas.

In today’s economics, the strongest idea is the rule of the market. People who believe in the rule of the market say that regulation, workers’ rights, and public ownership are the problems. They think individual responsibility is more important than the public good. This economic idea is called neoliberalism. ‘neo’ means new and neoliberalism is a 20th/21st-century view of the 18th-century school of liberal economics which wanted manufacturing and trade free from government control. It is a popular idea when there is a small group of people in power. But it has no solutions for the economic crashes we have seen in recent years.

We need a more social, ‘real world’ idea of economics. People are asking for change now and in universities students are protesting against the old ideas they are teaching. This is why we are presenting 10 of the worst economic myths and ideas that we really must change.


NOW READ THE ORIGINAL: http://newint.org/features/2015/12/01/economic-myths-introduction/

(This article has been simplified so the words, text structure and quotes may have been changed).