Eight ways economists are getting it wrong

Economic modelling failures are not trivial; they radically impact our fiscal management. But abandoning common faulty assumptions reveals an economic system far from equilibrium.

The global financial crisis, the extreme inequality of wealth worldwide, the materialism of modern life and the dire state of the planet are not accidents, nor just unavoidable consequences of the nature of things. They are the result of the modern practice of economics, which makes elementary errors of accounting, evidence, perception and theory.

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