The perpetual quest for growth drives our economics.
That’s why our environment and financial system lurch from crisis to crisis.
There was “a flaw” in the theory: this is the famous admission by Alan Greenspan, the former chair of the Federal Reserve, to a congressional inquiry into the 2008 financial crisis.
His belief that the self-interest of the lending institutions would lead automatically to the correction of financial markets had proved wrong.
We may be waiting some time.
For, as in Greenspan’s theory of the financial system, there cannot be a problem.
The market is meant to be self-correcting: that’s what the…