A Simple Critique of Neoclassical Economic Theory: Micro and Macro Edition

The economy is much more complicated than the businesses that occupy it.  While it is important to understand how businesses and businesspeople respond to external factors in the economy, based on internal preferences and desires, it is also important to bear in mind the relative value of financial profit relative to environmental, social, and economic concerns.  Since businesses and businesspeople are too preoccupied with monetary gain and profits, it behooves the society, businesses, and businesspeople alike to turn over final authority over the economy, at the very least, to the society under the trust of the government in order to preserve the businesses and business interests non-monetary concerns.  The beauty of an effective and efficient democratic system, free from the constraints of businesses, businesspeople, and general social elites, is that the government is more likely to be corrected by the society and the people living in the society than if it were left to the oligarchic manipulation by the economic and social elites.  Working people benefit from being protected from businesses and businesspeople attempting to take advantage of them and their labor.  Businesses and businesspeople benefit from maintaining a relative environmental and social homeostasis in which they can best operate to make money within the constraints of society, the environment, and technological know-how.  Without this combination of factors, it is impossible to maintain a society in which people can live or make money over and above the financial costs that are required to maintain such a system.

See on Scoop.itIt Comes Undone-Think About It


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