By John Mills (auth.)
John turbines offers a serious survey of how economics has built. He argues that the most objective of economics needs to be to teach how one can in attaining a mixture of monetary progress, complete employment, low inflation, avoidance of utmost poverty and sustainability. That it has did not achieve this is neither inevitable nor unintentional. It has failed due to a mixture of highbrow mistakes and the consequences of social and political strain, which generators claims might and may were avoided.
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Extra info for A Critical History of Economics
Nearly all of Western Europe achieved results of this sort, combined with almost full employment, throughout the 1950s and 1960s, as did Japan from shortly after the end of the Second World War until about 1990, while the Tiger economies, Hong Kong, Singapore, South Korea and Taiwan, are still doing so. If they achieved these enviable standards of performance, why cannot everyone else produce the same results? Why indeed? There is no reason, at least in principle, why they should not do so. The reason why their growth rates are in fact lower and their unemployment rates higher has little to do with the deﬁciencies in their 26 A Critical History of Economics labour forces.
The result is that the high birth rates, which were always the characteristic of most underdeveloped societies, are no longer offset by corresponding death rates. Meanwhile, the main social reason for large families, which is that they have always been the best protection against hard times, particularly in old age, remain in place. This happens because nearly all the countries with the highest birth rates cannot afford the social underpinning which is taken for granted in richer countries. A pressingly urgent requirement, however, is to reduce the birth rate, and to stabilise the world’s population.
Furthermore, the more that is done in the short term to raise living standards in populous poor countries, while the developed world also goes on growing, the more acute the problems are going to be for world’s environment and ecology. The threat of global warming and the depletion of the ozone layer are now taken seriously by almost everyone. The extent to 38 A Critical History of Economics which climate change is likely to present humanity with costs which it is going to be unable or unwilling to bear is clouded by disagreements among those expert in the subject, largely because of difﬁculties about interpreting accurately all the data which is now available.