What happens when we confuse price with value? We end up undervaluing care. We pollute more. And the financial sector is allowed to brag about how productive it is—while often just moving around existing value, created by others. Most importantly we end up with a form of capitalism that rewards value extraction activities over value creation, increasing inequality in the process.
And even more for the ECB as it has negative interest rates. People are worrying that QE will leave the UK exposed to considerable interest costs because something like £800bn is now owed as a […]
It will come as no surprise that a recent poll indicated that economists are among the least-trusted professionals. They’ve made blundering mistakes on everything from claiming financial crises can happen to not facing the most […]