How will the new economics reconcile global labor markets with national-level employment policies? So long as employment remains the principle means by which people acquire the money needed for the goods and services they need for survival and welfare, the growing separation between production and employment can spell increasing hardship and catastrophe. How will the new economics reconcile optimal efficiency of production with full employment? What place is there in a human-centered economics for theory based on the premise that employment is a natural right which must be guaranteed?
Money 1. Money originated as a medium of exchange and store of value backed by and representing actual goods. Its central purpose was to promote trade. It has gradually evolved into a purely symbolic medium backed by political and social institutions and intangible public trust, which can be created and multiplied without relation to production, products or economic activity.
A purely material or even an economic theory of money is inadequate to explain how trillions of dollars in wealth can be created on the basis of rising expectations or destroyed as a result of falling public confidence due to war, election results, or future expectations. A theory of money must reexamine fundamental questions such as What is money and what does it represent? What is the role of material, economic, political and social factors in the creation of money and determination of its value?
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Government and banks are not the only agencies that create money. Every commercial transaction, every exchange based on credit, in fact, every act that enhances public trust and confidence in government, economy and the future also impacts the creation of money. Production of money is now a social process taking place subconsciously. A new economics need to fully understand that social process and clearly identify the factors governing money creation.
Originally money was created as a token to represent products that were already in existence. Today money is created to represent future as well as past production, e.
Thus, money is a means for converting undeveloped and unutilized social potential into a usable form. A theory of money needs to examine the factors that govern and limit the creation of current money based on future wealth or underutilized social capacities. In addition to national currencies, a variety of local and complementary currencies have come in to use to supplement and compensate for the inadequacies of official money.
New theory should explain precisely how and why these complementary forms of money are viable and what unutilized social capacity they monetize. Money is not merely a thing. It links together and integrates all the other activities of society. It has gradually evolved into a complex social institution that wields enormous economic, political and social power and is interchangeable with many other types of power. It plays a role similar to that of government which is an organization of political power. The new economics needs to develop a theory of money as a primary social institution of enormous power and complexity, itself both the source and result of political, economic, social and psychological factors.
What is the ultimate source of the power money represents?
What determines its limits of that power? How is money creation related to freedom and democracy? Finance 1. Financial markets were originally established as a means to support investment in trade and industry. Now they have become an end in themselves and, at times, a threat to the stability and health of the real economy. So too, an equal proportion of financial market activity is unrelated the real economy.
Yet as the recent financial crisis so painfully demonstrates, a subsidiary activity finance when given unbridled freedom can jeopardize the underlying economy it was intended to serve. Nobel Prizes have been awarded for computerized trading models that foster financial instability.
A new economics needs to define the rightful role of financial markets in economy. It should has examine the value and role of speculation in economic development. Economic theory is based on national level currencies controlled by national governments. A new economics has to consider how global financial markets can be most effectively regulated. It needs also to theorize on the potential benefits of instituting a single global currency to support evolution of a single global economy.
As in , again in the huge unabsorbed surplus of money that was not absorbed for productive purposes destabilized the world economy. Surely there is something inherently defective in an economic theory and practice that is unable to utilize this money for productive and socially constructive purposes, when so much of the world is still in dire need of economic development. A new economics needs to evolve a comprehensive theory of the role of global financial markets in economy and human welfare. For decades, development economists and social leaders have condemned on ethical grounds the blatant and growing inequalities between rich and poor within and between nations.
In response, what is morally unjustifiable has been justified economically as materially beneficial to the welfare of society. The history of human progress over the past two centuries has been characterized by increasing equality in terms of political and social rights, freedom, voting rights, universal education, etc.
The justification of economic inequality is inconsistent with the abundant evidence that the extension of benefits to lower sections of the population is both beneficial and essential for the maximum welfare of society as a whole. A new economics has to take into account the role of equity and inequality in terms of both ethics and social welfare. What is the true place of equity of distribution in economics and human life? Freedom and equality are complementary values.
Yet since the demise of communism, economic theory has swung back in favor of an extreme form of unregulated wealth-creation leading to rising inequalities. A new economics should examine the rightful role and reconciliation of these complementary values. Lack of employment opportunities is believed to be a significant factor in the propensity of youth to join terrorist movements.
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