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Economics Is More Philosophy than Maths

By Nimue Brown

[Snip] The mistake we are encouraged to make, is to believe that our current economic system isn’t theory, but truth. That it is a science based on numbers, and therefore beyond question, is an understanding that serves to keep the current approach in place. The numbers follow the philosophy, not the other way round. If you require alternative economic theories to be measured by the dominant one’s standards, of course they don’t hold up, because what you get is a numbers game, not a conversation about the underlying philosophy driving the numbers.

So, what is the underlying philosophy? It is about value. Money is a system for recognising value, and we understand value as that which can be bought and sold, and we understand profit as good. Starting from this position, growth is good, and more trade is good, more consumption is good. Our system tells us that only that which we can sell has a value. Health only has a value in terms of ability to work, or to sell health care. Beauty only has a value if someone will pay to look at it. Unpaid work has no value, eco systems are assumed to have no value. The future has no value, your unborn descendents have no value and your quality of life has no value. It is possible to value things you cannot buy and sell. We need to reclaim that.

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