A Critical History of Economics by John Mills (auth.)

By John Mills (auth.)

John generators presents a severe survey of how economics has constructed. He argues that the most target of economics must be to teach find out how to in achieving a mixture of monetary development, complete employment, low inflation, avoidance of maximum poverty and sustainability. That it has did not achieve this is neither inevitable nor unintended. It has failed due to a mixture of highbrow errors and the results of social and political strain, which generators claims may and will were avoided.

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35 The most important result of the inflationary experience in the 1970s was a major change in intellectual fashion away from Keynesian policies to those advocated by the newly ascendant monetarists. It is far from clear, however, why the policy mistakes which caused much higher price rises than had been experienced previously could not relatively easily have been avoided. The world did not have to pay the heavy deflationary price which harder line monetary policies brought in train. There was nothing inevitable about the credit explosion which was the underlying cause of the shock to which the world was exposed.

The best route to doing this is to improve agricultural efficiency so that exportable surpluses can be created, and especially to industrialise, because productivity increases are so much easier to achieve in manufacturing than they are elsewhere. The way to get this done follows a familiar pattern. It starts with relatively simple, low tech production, where the capital equipment required is comparatively cheap, the technology well within the state of published knowledge, and where the benefits of low labour and other overhead costs can be easily translated into competitive pricing for the home and the export markets.

Let us assume that in the average cost base economy raw materials represent 20% of selling prices, capital depreciation 10%, and that of the remaining 70%, 10% represents net profit while the other 60% pays for all the labour, goods and services, and loan interest required to keep the company operating, the charges for which are directly proportional to the local cost base. How does the outlook now appear to the other two companies? 2 Options Available to Companies Producing Internationally Tradable Goods in Economies with Parities at Varying Levels Countries with Average Parities Costs fixed in World Prices Raw Materials Capital Depreciation Total Internationally determined Costs Countries Undervalued by 20% Countries Overvalued by 20% 20 10 19 8 21 12 30 27 33 60 90 48 75 72 105 World Prices for the Company’s Output 100 100 100 Trading Profit or Loss at World Prices 10 25 –5 Costs fixed in Domestic Prices Labour Costs Local Supplies Land & Premises Interest Charges Total Costs ) ) ) ) Source: Derived from OECD National Accounts.

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