We are excited to announce the release of Geoff Crocker‘s new book “Rethinking Income and Money: Incorporating Technology into Economic Theory”.
The current economic system is dysfunctional. Economies may succeed in increasing the average standard of living; however, they also experience considerable dysfunctionalities – such as economic crises, continuous austerity, growing inequality, and extensive environmental damage. Further, with the rise of technological automation, employment will be unable to provide an adequate income for everyone.
In his new book, Geoff explores alternative economic paradigms and offers a reinterpretation of economic theory – specifically in regard to income, money, and technology.
Geoff focusses on the impact of technological automation, and the need to ensure adequate sustainable household income while reducing debt in the economy. Geoff argues that this requires us to rethink income (both its source and sustainability) and money (its nature as debt), as well as to redefine income and money in a revised economic paradigm.
Due to the economy’s critical dependence on technology, and the importance of technology for understanding income and money, Geoff also explores how technology could be incorporated into economic theory.
Geoff analysis suggests that economic theory has failed to effectively explain the economy. This failure then leads to weaknesses in economic modelling to predict or simulate the economy, and in economic policy to manage the economy and deliver desired outcomes.
The main policy proposals resulting from Geoff’s analysis include:
- The need for a hybrid policy that incorporates an element of universal income and substantially reduces conditionality
- The validation of some direct money financing of government expenditure
Access Geoff Crocker’s book here.
