4 ms·
Tl;dr for those who didn't read the book review: 1. Modern economics doesn't try to define "value" objectively. Value is whatever price the market is willing t
by bjourne 7y ago
Tl;dr for those who didn't read the book review:
1. Modern economics doesn't try to define "value" objectively. Value is whatever price the market is willing to bear. This logic fuels speculation bubbles.
2. The finance industry is a huge part of a modern market economy. But what value does it provide?
3. Public spending is behind most fundamental scientific research: "research has shown that two-thirds of the most innovative drugs (new molecular entities with priority rating) trace their research back to funding by the US National Institutes of Health."
4. Public spending grows the economy. The effect multiplier is 1.5.