48 Questions
According to Louis Kelso, what is money not a part of?
The visible sector of the economy
What determines who gets access to capital credit?
Collateral
What is the main purpose of money according to Louis Kelso?
To measure economic input and outtake
What is the result of the current money creation and credit extension systems?
The rich getting richer, the poor getting poorer
What is the primary requirement for accessing capital credit?
Collateral
Who has access to the lowest-cost and least risky kind of credit?
The rich
What is the primary purpose of the monetary system?
To measure economic activity
What is the result of the poor and middle-class having access to risky and high-cost credit?
Perpetuation of economic inequality
What is the primary concern of Jean-Baptiste Say when it comes to the economy?
The ability of individuals to produce more than they can consume
What is the consequence of rising levels of consumer credit?
A reduction in future disposable income
What is the underlying cause of the imbalance between the productive capacity of technology and the ability of people to purchase goods and services?
The unequal distribution of productive instruments in society
What is the result of flawed economic paradigms, according to the text?
The creation of false dichotomies and conflicting values
What is the primary consequence of the power to produce overwhelming the power to consume, according to Say's Law of Markets?
A surplus of goods and services
What is the relationship between the ability to produce and the ability to purchase, according to Jean-Baptiste Say?
The ability to produce is directly related to the ability to purchase
What is the impact of the current economic system on the environment, according to the text?
An increase in environmental degradation
What is the role of the State in addressing the imbalance between productive capacity and purchasing power, according to the text?
To regulate markets and redistribute wealth
What is the primary issue that contributes to the widening gap between the rich and poor?
Unequal ownership of the means of production
According to the Chemical & Engineering News “Special Report” in 1972, what is one of the consequences of environmental degradation?
Pollution control costs being passed on to consumers
What is the outcome of a system that forces a man to fight for a job on an environmentally destructive project?
Conflict between capital and labor
What is the primary consequence of a consumer who cannot afford to pay for pollution control costs?
Increased environmental degradation
What is the primary issue faced by citizens in the richest and most powerful nations?
Vulnerability to loss of jobs and income
What is the primary consequence of the global economy treating workers as disposable assets?
Powerlessness and vulnerability of workers
What is the primary goal of rethinking our paradigms, assumptions, and systems?
To bring about peace, prosperity, and a healthy environment for every person
What is the primary defect of both capitalism and socialism, and their various permutations?
Most people owning no share in the world's productive capacity
What is the primary consequence of the widening economic gap between the rich and poor within nations and between rich and poor nations?
Starvation, homelessness, and loss of hope for many
What is the primary defect of both capitalism and socialism, and their various permutations?
Most people do not own a share in the world's productive capacity
What is a consequence of consumerism and debt in the richest and most powerful nations?
Feeling trapped by consumer debt and loss of jobs and income
What is a consequence of the current economic system's impact on the environment?
Environmental degradation and pollution
What is a consequence of war and conflict in the global economy?
Increased poverty and inequality
What is a consequence of the global economy treating workers as disposable assets?
Feeling trapped and powerless
What is a consequence of the imbalance between productive capacity and purchasing power?
Starvation, homelessness, and loss of hope for many
What is a consequence of the growing gap between the rich and poor?
Increased social unrest and conflict
What is the primary function of money in the economy, according to Louis Kelso?
A means of measuring economic input, outtake, and relative values
What is the result of the current money creation and credit extension systems in terms of wealth distribution?
The rich accumulate wealth and power, while the poor and middle-class are restricted
What is the consequence of the poor and middle-class having access to risky and high-cost credit?
They are trapped in debt and unable to improve their economic situation
What is a consequence of the current economic system's focus on growth and consumption?
Environmental degradation and resource depletion
What is a primary driver of consumer debt and financial insecurity?
The widespread availability of consumer credit
What is a consequence of the global economic system treating workers as disposable assets?
Increased economic inequality and social injustice
What is a primary challenge in addressing global health crises?
The lack of access to affordable healthcare and medical resources
What is a primary consequence of the widening gap between the rich and poor?
Increased economic inequality and social unrest
What is the primary reason why most people on the planet are unable to purchase the goods and services produced by technology?
They do not have legitimate ownership claims to the productive instruments of society
What is the consequence of rising levels of consumer credit, according to the text?
It creates a temporary burst of purchasing power, but increases the debt burden in the long run
What is the underlying cause of the imbalance between the productive capacity of technology and the ability of people to purchase goods and services?
The unequal distribution of productive instruments of society
What is the relationship between the ability to produce and the ability to purchase, according to Jean-Baptiste Say?
The ability to produce is directly proportional to the ability to purchase
What is the consequence of flawed economic paradigms, according to the text?
They lead to environmental degradation and social unrest
What is the primary consequence of the power to produce overwhelming the power to consume, according to Say's Law of Markets?
It leads to a surplus of goods and services that cannot be consumed
What is the primary role of the State in addressing the imbalance between productive capacity and purchasing power, according to the text?
To redistribute wealth and resources through taxation and regulation
What is the primary consequence of the global economy treating workers as disposable assets?
It leads to social unrest and environmental degradation
Study Notes
Critique of Economic Systems
- Jean-Baptiste Say's conclusion: people can only buy with what they produce, and if commodities don't sell, it's because others aren't being produced.
Inequality and Consumer Credit
- Most people lack ownership and means to purchase what technology can produce.
- The wealthy few produce more than they can consume, leading to an imbalance.
- Consumer credit temporarily increases purchasing power but increases debt and reduces disposable income.
Say's Law of Markets
- The power to produce overwhelms the power to consume.
Definition of Money
- Money is not a physical factor of production, but a yardstick for measuring economic input, output, and relative values.
- Money provides a method of measuring obligations, rights, powers, and privileges.
Monetary System
- The current system keeps the rich wealthy and the poor in their place.
- Access to capital credit is restricted, and the poor get high-cost credit.
- Lenders require collateral, making it difficult for the poor to access credit.
Global Economic Issues
- A gap in economic power and ownership widens between the rich and poor within and between nations.
- Billions remain starving, homeless, and without hope, despite the potential for abundance.
- Environmental degradation, conflict, and unresponsive institutions are symptoms of a flawed system.
The Need for Change
- It's time to rethink paradigms, assumptions, and systems to bring about peace, prosperity, and a healthy environment for everyone.
- Fundamental principles are needed to guide the restructuring of laws and institutions.
System Failure
- Most people lack ownership of the means of production, making it impossible for them to produce enough to purchase others' productions.
- This common defect exists in both capitalist and socialist systems.
Critique of Economic Systems
- Jean-Baptiste Say's conclusion: people can only buy with what they produce, and if commodities don't sell, it's because others aren't being produced.
Inequality and Consumer Credit
- Most people lack ownership and means to purchase what technology can produce.
- The wealthy few produce more than they can consume, leading to an imbalance.
- Consumer credit temporarily increases purchasing power but increases debt and reduces disposable income.
Say's Law of Markets
- The power to produce overwhelms the power to consume.
Definition of Money
- Money is not a physical factor of production, but a yardstick for measuring economic input, output, and relative values.
- Money provides a method of measuring obligations, rights, powers, and privileges.
Monetary System
- The current system keeps the rich wealthy and the poor in their place.
- Access to capital credit is restricted, and the poor get high-cost credit.
- Lenders require collateral, making it difficult for the poor to access credit.
Global Economic Issues
- A gap in economic power and ownership widens between the rich and poor within and between nations.
- Billions remain starving, homeless, and without hope, despite the potential for abundance.
- Environmental degradation, conflict, and unresponsive institutions are symptoms of a flawed system.
The Need for Change
- It's time to rethink paradigms, assumptions, and systems to bring about peace, prosperity, and a healthy environment for everyone.
- Fundamental principles are needed to guide the restructuring of laws and institutions.
System Failure
- Most people lack ownership of the means of production, making it impossible for them to produce enough to purchase others' productions.
- This common defect exists in both capitalist and socialist systems.
Explore the ideas of Jean-Baptiste Say and his response to Thomas Malthus on economic principles, production, and purchasing power.
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