By John Mills (auth.)
John generators presents a serious survey of ways economics has constructed. He argues that the most target of economics needs to be to teach find out how to in attaining a mix of monetary progress, complete employment, low inflation, avoidance of maximum poverty and sustainability. That it has did not accomplish that is neither inevitable nor unintentional. It has failed as a result of a mix of highbrow errors and the results of social and political strain, which turbines claims may well and may were avoided.
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Additional info for A Critical History of Economics
It is the wage costs per unit of output. If the labour force is highly productive – because it is well trained, educated and managed, and because it is well endowed with good quality capital equipment – its remuneration, including oncosts such as social security payments may be high, but it can still be competitive. By contrast, if the average worker suffers from the reverse of these qualiﬁcations and conditions, low wages may still leave the output concerned unable to compete. The critical factor is how much is charged to the rest of the world in export prices after making full allowance for differences in productivity.
The richer countries are continuing to grow and, because they nearly all now have low population growth rates, the standard of living per head is still rising too. In the poorest countries, however, the reverse conditions tend to apply. Even if there is some growth in the economy, this tends to be swamped by an even faster rate of increase in the population, leaving the average income per head static at best, but – worse than this – still tending to drift downwards in many cases. Indeed, of all the 33 countries in Africa with statistics reliable enough to be included in a recent report covering the period 1980–95,43 21 showed a declining ﬁgure for GDP per head and only 12 an increase during these 15 years.
These include the absence of war, tolerably restrained behaviour by special interest groups, a reasonably effective legal system for the enforcement of contracts, education and training to provide an adequately qualiﬁed labour force, and a sufﬁcient lack of corruption and pork barrel politics to enable the market to work effectively. Given these desiderata and appropriate economic policies, there is no reason why any economy cannot expand at 4% or 5% per annum, perhaps faster, without paying anything like an excessive inﬂationary cost.
A Critical History of Economics by John Mills (auth.)