Financing the doubling of GDP in one year at constant price
AbstractIf the heading has drawn your attention then it has achieved the second objective of this paper, its first objective being to lead the reader through a discussion of how economic scarcity is a reversible problem. This paper examines reasons why scarcity may remain unresolved by economics as a result of how history and the machinations of business have evolved, especially in relation to the circular flow of income, price, value and the exchange of goods and services. The hypothesis that an economy has sufficient latent financial resources with which to finance the doubling of its GDP in one year at constant price is used to first anchor the idea resources are available so that a greater emphasis is placed on the burden of proof. The reader is asked, as a warm up exercise, to take a moment to meditate and reflect on the hypothesis; then suspend disbelief briefly in order to be able to follow the arguments unhindered by conventional wisdom. This aids in grasping how important thinking outside traditional views in economics can open new vistas in how the problem of scarcity is addressed. The gist is to grapple with ideas taken for granted in economics pertaining to enterprise, observe their evolution and attempt to mould them toward a construct that better exposes the latent potential within economic thought to change the economic landscape. It explores the view that even practices taken for granted in economics and business such as those used to understand cost, revenue, and the significance of money may harbour hidden factors that can affect how money transfers value between transactions. Further, it discusses how the tension between pessimistic and optimistic views can influence outcomes in economics.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24132.
Date of creation: 27 Jul 2010
Date of revision:
Scarcity; banking; credit creation; resource creation; implosion; wobble effect; economic thought; poverty; money; price; mark-up; cost plus pricing; rationality; operating level economics; economic growth; barter; gift economics; expenditure fallacy; paradox; optimism; pessimism;
Find related papers by JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
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- A. P. Thirlwall, 1983. "Introduction," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 5(3), pages 341-344, April.
- Punabantu, Siize, 2010. "The Origin of Wealth," MPRA Paper 24730, University Library of Munich, Germany.
- Punabantu, Siize, 2011. "How to end to the debt crisis in one month," MPRA Paper 32683, University Library of Munich, Germany.
- Punabantu, Siize, 2010. "Currency Wars & International Trade," MPRA Paper 26736, University Library of Munich, Germany.
- Punabantu, Siize, 2010. "Market Myths in Contemporary Economics," MPRA Paper 25508, University Library of Munich, Germany.
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