Economism: The Fallacy of Modern Economic Dogma and Its Role in the Rise of Inequality

The Flaws of Modern Economic Dogma

Modern economic dogma is based on a number of assumptions that are simply not true. These assumptions include:

• The assumption that the economy is a self-regulating system that will always return to equilibrium.
• The assumption that free markets are always efficient and that government intervention always leads to inefficiency.
• The assumption that trickle-down economics works and that the best way to help the poor is to give more money to the rich.

Harvey argues that these assumptions are all wrong. He shows that the economy is not a self-regulating system, that free markets are not always efficient, and that trickle-down economics does not work.

Harvey also argues that modern economic dogma has led to a number of serious problems, including:

• The rise of inequality.
• The erosion of democracy.
• The destruction of the environment.

Harvey believes that it is time for us to reject modern economic dogma and to create a new economic system that is based on the principles of social justice, environmental sustainability, and human rights.