Franz Segbers, catholic theologian and church critic, wrote “Poverty Returns with Misguided Policy.”
Economist Michael Hudson explained that “junk economics” happens when all the revenue flows to banks and the real estate sector and the people are priced out of housing.
Economics as taught at universities makes financial markets and crisis taboo and makes neoliberalism and neoclassicism unquestioned.
We need counter-cyclical economics, a Marshall Plan for journalism run by progressive foundations, a radical change to qualitative change, reduced working hours and a radical rethinking of the state where it becomes “Nature’s trust” protecting nature for coming generations! (cf. prof Mary Wood at the Univ of Oregon, Eugene)
Late-stage financial capitalism must be radically changed to survive. From a machine generating massive inequality and alienating precarious work to a democracy oriented in human rights, not in the rule of capital (cf. Franz Hinkelammert).
As economics is only a part of life, not a steamroller crushing creativity and self-determination, the market is only a tool useful after we decide what kind of society we want. The financial markets should be shriveled and the public sector
(education, community centers, public investment) expanded!