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About Money and Macroeconomics from First Principles for Elon Musk and Other Engineers
Elon Musk claims to work from first principles in engineering, but in economics he has argued by analogy.This book applies engineering-style first principles thinking to economics, and reaches radically different conclusions about the economy to those that Musk has put forward, either when he reasons by analogy, or when he channels the thoughts of mainstream economists like Milton Friedman.If you want to understand money and macroeconomics, then this book is for you. It explains money creation using the fundamental laws of accounting, and derives macroeconomics directly from macroeconomic definitions. It shows that complexity and evolutionary change are the key characteristics of a market economy, not the equilibrium between supply and demand.First principles logic leads to very different conclusions about the economy than arise from both reasoning by analogy ( and “a government is just like a household and “), and from accepting conventional and “Neoclassical and ” Private bank lending is more dangerous to economic stability than government spending;Attempts to reduce government debt in the past have actually led to financial crises like the GFC; andThe Global Financial Crisis was caused by a private debt bubble which collapsed in 2007.
Detailed Information
| Author: | Stephen Keen |
|---|---|
| Publication Year: | 2025 |
| ISBN: | 9789083590301 |
| Language: | English |
| File Size: | 42 |
| Format: | |
| Price: | FREE |
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