Book Launch "Economics of the 1%" by Prof. John Weeks at SOAS, University of London
Channel: SOAS University of London
Date: 06/02/2014

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This was recorded at the book launch of "Economics of the 1%" by Professor Emeritus John Weeks at SOAS, University of London on 3rd February 2014.

How mainstream Economics serves the rich, obscures reality and distorts policy.

Today's 'doctrine of choice' assures adults that they are competent to make serious personal decisions about healthcare, education and retirement plans. At the same time, most people are convinced that they are so ignorant of economics that they are not capable of holding an informed opinion, and that economic issues must be left to experts. The so-called experts of the mainstream economics profession claim to have profound, inaccessible knowledge; in fact they understand little and obscure almost everything.

Understanding the economy is not simple, but it is no more complicated than understanding the political system sufficiently to cast a vote. In straightforward language, John F. Weeks exposes the myths of mainstream economics and explains why current economic policies fail to serve the vast majority of people in the United States, Europe and elsewhere. He demonstrates that austerity policies have little theoretical basis and achieve nothing but inequality and misery. He goes on to explain how the current deficit and debt 'crises' in the United States and Europe are ideologically manufactured, unnecessary and simple to overcome. Drawing on examples from around the world, this book provides a bold alternative to the economics of the 1%. Their failure to serve the interests of the many results from their devoted service to the few.

Chair: Professor Alfredo Saad Filho
Introductory comments: Professor Guy Standing
John Weeks on economic nonsense