Library Communiveristy Open Learning Course The Economy and Us: week 1 Overview A brief history of economic thought … and some influential figures Some useful definitions; economics in its context. Debunking: competition, efficiency and economic growth
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Open Learning Course
The Economy and Us: week 1
A brief history of economic thought … and some influential figures
Some useful definitions; economics in its context.
Debunking: competition, efficiency and economic growth
Well-being and human needs – your chance to write the manifesto!
Adam Smith: 1723- 1790
“By pursuing his [the individual’s] own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good.”
An Enquiry into the Nature and Causes of the Wealth of Nations, 1776
John Maynard Keynes: 1883 - 1946
“Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.”
The General Theory of Employment, Interest and Money, 1935
John Kenneth Galbraith: 1908 - 2006
“ … the hallmark of the conventional wisdom is acceptability.
… In some measure, the articulation of the conventional wisdom is a religious rite. It is an act of affirmation like reading aloud from the Scriptures or going to church. The business executive listening to a luncheon address on the virtues of free enterprise is already persuaded, and so are his fellow listeners, and all are secure in their convictions.”
The Affluent Society, 1998
E F Schumacher: 1911- 1977
“An attitude to life which seeks fulfillment in the single-minded pursuit of wealth - in short, materialism - does not fit into this world, because it contains within itself no limiting principle, while the environment in which it is placed is strictly limited.”
Small is Beautiful, 1973
Milton Friedman: 1912-2006
“There is one and only one social responsibility of business–to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud."
Capitalism and Freedom, 1962
Manfred Max-Neef: 1932-
“…It is particularly dramatic that the way economics is being taught - not just in the North or South - everywhere, is extremely narrow and limited. … what is being taught is just neo-classical economics …
There is nothing else.”
Economy, society and the environment: the conventional view
Economy, society and the environment:
a better view?
Economic growth –
something more to debunk??
Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist.
The Economics of the Coming Spaceship Earth, 1966
Kenneth E Boulding, 1910 - 1993
Meeting human needs while respecting environmental limits:
Your chance … to have your say!!
Back to Max-Neef …
Fundamental human needs