Towards a Non-Autistic Economy —
A Place at the Table for Society
of economic theory as taught over the past 30 years has been
archeology in reverse gear: the tools and treasures of the great
economists Adam Smith, Ricardo, John Maynard Keynes, François
Perroux have been buried.
But such tools are
essential for dealing with the threatening collapse of the world
economy. Building further on these fundamentals, this book as no other
to date, develops the methodology for getting
us out of the present mess.
Krehm clearly demonstrates
that the prevailing economic theory of Marginal
Utility, is hopelessly outdated,
does not take into account public sector systems or the environment –
Marginal Utility theory “confuses scarcity
with wealth,” according to Krehm. “It validates the
speculative increase of demand on the stock market as the most
prolific multiplier of ‘value’. That makes it obligatory to rethink economic theory from the bottom up.”
is just what William Krehm proceeds to do in this remarkable book.
Keynesian economics, fleshing out systems theory, he introduces a wide
array of innovative concepts – such as the Tinbergen Test, scalars,
vectors, dimension analysis (to name a few) – some of which are familiar
to economists, but have been studiously avoided, due to the fact that
Market Utility Theory (the legitimating “theory” for Deregulation and
Globalization) is the Dominant Revenue economics of the day.
“In an age
when science and engineering have progressed to where man is
contemplating a landing on Mars, what passes for economic theory is
simply not acceptable... [At]
the heart of our problem,” says Krehm, “we
have need of a serious economic theory. What passes for one is little
more than a decoy.”
Krehm identifies the unworkability
of the decoy, and offers us the building blocks- should we care to
deploy them – necessary to construct a just
economics for a just society, a better world.