The Natural Economy / John Young

This volume argues that the West may have emerged victorious in the conflict of ideologies, but no nation can be considered truly wealthy if a significant proportion of its citizens are forced into unemployment or early retirement. Apart from the personal hardship and indignity caused, unemployment and early retirement create a huge funding problem for the state which has to resort to high taxation and borrowing to fund this in a humane society. This high level of taxation and borrowing in turn depresses economic activity and wellbeing. The main obstacles to reform are ignorance of an alternative economic strategy and the reluctance of economists to admit their error, though the latter is changing. John Young focuses on today's conundrum: why is it that with modern technology, which can produce in a day - or even hours - what had taken weeks or months before, there is still grinding poverty, and, paradoxically, the greatest poverty is often found side by side with the greatest wealth in the world's major cities. A growing number of economists are admitting that conventional economics cannot solve the problem of poverty and unemployment. This book offers a way forward that would also take into consideration environmental concerns.

John Young has taught philosophy for many years and is the author of Reasoning Out, an introduction to philosophy.