Economics is a social science, not a physical science.

Growth can also involve producing services instead of goods. In particular, a major expansion of public and caring services (like child care, education, elder care, and other life-affirming programs) would generate huge increases in GDP and incomes, with virtually no impact on the environment.

Everyone has an interest in the economy: in how it functions, how well it functions, and in whose interests it functions.

The problem is not scarcity; the problem is power.

Indeed, if communist central planners could have organized the economy with as much detail, precision, and flexibility as a modern-day Toyota or Wal-Mart, communism would probably still exist.

Try this: say the words "global, global, global" aloud several times, as fast as you can. You'll find yourself sounding like a turkey ("gobble, gobble, gobble").

Kalecki thus precisely predicted the economic and political U-turn that occurred with the advent of neoliberalism. Kalecki also argued that fundamental institutional changes, especially regarding wage-setting and other aspects of the employment relationship, would be essential if full employment was to be sustained.