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Questions and Answers
What is the primary function of money in the economy, according to Louis Kelso?
What is the primary function of money in the economy, according to Louis Kelso?
- To measure economic input, outtake, and relative values (correct)
- To provide a physical factor of production
- To consume goods and services
- To accumulate claims against others
What is the consequence of the current money creation and credit extension system?
What is the consequence of the current money creation and credit extension system?
- The rich have limited access to capital credit
- The rich maintain their wealth, while the poor and middle-class struggle (correct)
- The poor and middle-class have access to low-cost credit
- Consumer credit is restricted to the wealthy
According to the content, what is a characteristic of the visible sector of the economy?
According to the content, what is a characteristic of the visible sector of the economy?
- It includes productive enterprises, goods, and services (correct)
- It is a system of symbols
- It is a physical factor of production
- It is a part of the monetary system
What is the result of the lack of access to capital credit for the poor and middle-class?
What is the result of the lack of access to capital credit for the poor and middle-class?
What is the main reason why certain commodities do not sell, according to Say's Law of Markets?
What is the main reason why certain commodities do not sell, according to Say's Law of Markets?
What is the relationship between money and the economy, according to Kelso?
What is the relationship between money and the economy, according to Kelso?
What is the implication of the statement 'you need money to make money'?
What is the implication of the statement 'you need money to make money'?
What is the consequence of rising levels of consumer credit, according to the text?
What is the consequence of rising levels of consumer credit, according to the text?
What is the consequence of the current monetary system on global economic inequality?
What is the consequence of the current monetary system on global economic inequality?
What is the result of the flawed paradigms that lead to false dichotomies, according to the text?
What is the result of the flawed paradigms that lead to false dichotomies, according to the text?
What is the primary reason why the majority of people on the planet have no legitimate ownership claim to what technology can generate?
What is the primary reason why the majority of people on the planet have no legitimate ownership claim to what technology can generate?
What is the primary purpose of the monetary system, according to Kelso?
What is the primary purpose of the monetary system, according to Kelso?
What is the consequence of the small minority of people who own and control most of the productive instruments of society?
What is the consequence of the small minority of people who own and control most of the productive instruments of society?
What is the result of the imbalance between the power to produce and the power to consume?
What is the result of the imbalance between the power to produce and the power to consume?
What is the relation between future disposable income and consumer credit, according to the text?
What is the relation between future disposable income and consumer credit, according to the text?
What is the underlying problem that leads to global economic inequality, according to the text?
What is the underlying problem that leads to global economic inequality, according to the text?
What is a major consequence of the widening gap in economic power and ownership between the rich and poor?
What is a major consequence of the widening gap in economic power and ownership between the rich and poor?
According to the Chemical & Engineering News “Special Report” in 1972, what are some of the key issues contributing to environmental degradation and societal problems?
According to the Chemical & Engineering News “Special Report” in 1972, what are some of the key issues contributing to environmental degradation and societal problems?
What is a common defect of both capitalism and socialism that affects most human beings?
What is a common defect of both capitalism and socialism that affects most human beings?
What is a consequence of the system that forces a man to fight for a job on an environmentally destructive project?
What is a consequence of the system that forces a man to fight for a job on an environmentally destructive project?
What is a characteristic of the global economy that affects many citizens?
What is a characteristic of the global economy that affects many citizens?
What is a consequence of the consumer who can’t afford to pay for the pollution control costs that will inevitably be passed on to them?
What is a consequence of the consumer who can’t afford to pay for the pollution control costs that will inevitably be passed on to them?
What is a fundamental principle that could guide us in restructuring the laws and institutions that govern our lives?
What is a fundamental principle that could guide us in restructuring the laws and institutions that govern our lives?
What is a consequence of the vast majority of citizens becoming powerless wage slaves, workers who are now merely disposable assets in the global economy?
What is a consequence of the vast majority of citizens becoming powerless wage slaves, workers who are now merely disposable assets in the global economy?
What is the primary reason for the imbalance between the power to produce and the power to consume?
What is the primary reason for the imbalance between the power to produce and the power to consume?
What is the consequence of rising levels of consumer credit on individuals and households?
What is the consequence of rising levels of consumer credit on individuals and households?
What is a consequence of the flawed paradigms that lead to false dichotomies?
What is a consequence of the flawed paradigms that lead to false dichotomies?
What is the relationship between the power to produce and the power to consume, according to Say's Law of Markets?
What is the relationship between the power to produce and the power to consume, according to Say's Law of Markets?
What is a consequence of the small minority of people who own and control most of the productive instruments of society?
What is a consequence of the small minority of people who own and control most of the productive instruments of society?
What is the result of the lack of access to capital credit for the poor and middle-class?
What is the result of the lack of access to capital credit for the poor and middle-class?
What is a consequence of the flawed paradigms that lead to false dichotomies on environmental degradation?
What is a consequence of the flawed paradigms that lead to false dichotomies on environmental degradation?
What is the relationship between future disposable income and consumer credit?
What is the relationship between future disposable income and consumer credit?
What is a primary consequence of the widening gap in economic power and ownership between the rich and poor?
What is a primary consequence of the widening gap in economic power and ownership between the rich and poor?
What is a major contributor to environmental degradation, according to the Chemical & Engineering News “Special Report” in 1972?
What is a major contributor to environmental degradation, according to the Chemical & Engineering News “Special Report” in 1972?
What is a consequence of the system that forces a man to fight for a job on an environmentally destructive project?
What is a consequence of the system that forces a man to fight for a job on an environmentally destructive project?
What is a characteristic of the global economy that affects many citizens?
What is a characteristic of the global economy that affects many citizens?
What is a consequence of the vast majority of citizens becoming powerless wage slaves, workers who are now merely disposable assets in the global economy?
What is a consequence of the vast majority of citizens becoming powerless wage slaves, workers who are now merely disposable assets in the global economy?
What is a common defect of both capitalism and socialism that affects most human beings?
What is a common defect of both capitalism and socialism that affects most human beings?
What is a fundamental principle that could guide us in restructuring the laws and institutions that govern our lives?
What is a fundamental principle that could guide us in restructuring the laws and institutions that govern our lives?
What is a consequence of the consumer who can’t afford to pay for the pollution control costs that will inevitably be passed on to them?
What is a consequence of the consumer who can’t afford to pay for the pollution control costs that will inevitably be passed on to them?
What is the primary function of money, according to Louis Kelso's definition?
What is the primary function of money, according to Louis Kelso's definition?
What is the consequence of the current money creation and credit extension system on the poor and middle-class?
What is the consequence of the current money creation and credit extension system on the poor and middle-class?
What is the relationship between the visible sector and the monetary system, according to Kelso?
What is the relationship between the visible sector and the monetary system, according to Kelso?
What is the consequence of the lack of access to capital credit for the poor and middle-class on the environment?
What is the consequence of the lack of access to capital credit for the poor and middle-class on the environment?
What is the relationship between consumer credit and global economic inequality?
What is the relationship between consumer credit and global economic inequality?
What is the consequence of the current monetary system on global health crises?
What is the consequence of the current monetary system on global health crises?
What is the relationship between consumerism and debt, according to the content?
What is the relationship between consumerism and debt, according to the content?
What is the underlying problem that leads to global economic inequality, according to the content?
What is the underlying problem that leads to global economic inequality, according to the content?
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Study Notes
Critique of Economic Systems
- Jean-Baptiste Say's conclusion: "As no one can purchase the produce of another except with his own produce, the more we can produce, the more we can purchase."
- Corollary: If certain commodities do not sell, it is because others are not produced, and it is the raising of produce alone that opens a market for the sale of produce.
Imbalance in Ownership and Consumption
- Most people have no legitimate ownership claim to or means to purchase what technology's productive capacity can generate.
- A small minority owns and controls most productive instruments, producing more than they can consume.
- Say's Law of Markets: "The power to produce overwhelms the power to consume."
Consumer Credit and Debt
- Rising consumer credit creates a temporary burst of purchasing power, but increases debt burden and reduces future disposable income.
- Borrowing to make up the shortfall creates a cycle of debt.
Definition of Money
- Money is not part of the visible sector of the economy, but a yardstick for measuring economic input, outtake, and relative values.
- Money provides a means of measuring obligations, rights, powers, and privileges.
- It is a system of symbols that can be substituted for the visible sector, losing sight of the fact that a monetary system is part of the invisible sector.
Inequality in Access to Credit
- Consumer credit is available to most, but access to capital (productive) credit is restricted to those with collateral (the rich).
- The poor and middle-class get high-risk and high-cost credit, while the rich get low-cost and low-risk credit.
- Lenders only extend capital credit to those with assets, perpetuating inequality.
Global Economic Inequality
- A gap in economic power and ownership widens between the rich and poor within and between nations.
- Billions remain starving, homeless, and without hope for their futures despite the world's productive capacity.
Consequences of One-Factor Economic Theory
- Environmental degradation, affluence that is only an illusion for many, war, capital-labor conflict, and unresponsive institutions.
- Consumer debt and lack of affordable pollution control costs.
The Need for a New Paradigm
- The current economic system fails to provide for the majority of citizens.
- It is time to rethink paradigms, assumptions, and systems to bring about peace, prosperity, and a healthy environment for all.
Critique of Economic Systems
- Jean-Baptiste Say's conclusion: "As no one can purchase the produce of another except with his own produce, the more we can produce, the more we can purchase."
- Corollary: If certain commodities do not sell, it is because others are not produced, and it is the raising of produce alone that opens a market for the sale of produce.
Imbalance in Ownership and Consumption
- Most people have no legitimate ownership claim to or means to purchase what technology's productive capacity can generate.
- A small minority owns and controls most productive instruments, producing more than they can consume.
- Say's Law of Markets: "The power to produce overwhelms the power to consume."
Consumer Credit and Debt
- Rising consumer credit creates a temporary burst of purchasing power, but increases debt burden and reduces future disposable income.
- Borrowing to make up the shortfall creates a cycle of debt.
Definition of Money
- Money is not part of the visible sector of the economy, but a yardstick for measuring economic input, outtake, and relative values.
- Money provides a means of measuring obligations, rights, powers, and privileges.
- It is a system of symbols that can be substituted for the visible sector, losing sight of the fact that a monetary system is part of the invisible sector.
Inequality in Access to Credit
- Consumer credit is available to most, but access to capital (productive) credit is restricted to those with collateral (the rich).
- The poor and middle-class get high-risk and high-cost credit, while the rich get low-cost and low-risk credit.
- Lenders only extend capital credit to those with assets, perpetuating inequality.
Global Economic Inequality
- A gap in economic power and ownership widens between the rich and poor within and between nations.
- Billions remain starving, homeless, and without hope for their futures despite the world's productive capacity.
Consequences of One-Factor Economic Theory
- Environmental degradation, affluence that is only an illusion for many, war, capital-labor conflict, and unresponsive institutions.
- Consumer debt and lack of affordable pollution control costs.
The Need for a New Paradigm
- The current economic system fails to provide for the majority of citizens.
- It is time to rethink paradigms, assumptions, and systems to bring about peace, prosperity, and a healthy environment for all.
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