This talk deals with ACC by saying the standard econ. model makes it impossible for many to see it - Politics Forum.org | PoFo

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Too clever by half, but not nearly smart enough - Bill Rees gives a talk to the Canadian Club of Rome

1.67 hour, but watch just the 1st 10 to 15 min. to get the gist of his point, and his talk ends at the 45 min. mark, followed by Q&A (the questioners are the members of the Canadian Club of Rome).

He asserts that people can't see a truth if their mental model of reality lacks the tools necessary to see that truth.
He asserts that all people can only, and so must, create their own model of reality in the their mind.
He asserts that the closer this model is to the real reality that better the person or institution does with dealing with reality.
He asserts that climate change is *not* the problem because it is a symptom of the real problem, which is ecological overshoot.
He mentions 'economic models' as one place that people are unable to see the truth if their model lacks the tools necessary to see the truth.
I assert that the mainstream economic model is deductive logically derived based on many assumptions, but many of them them are obviously false. A partial list is ---
1] All players in the market have exactly the same info about the think being sold, in fact it assumes that they all know everything about the thing being sold.
2] All people are always only seeking to maximize their own benefit and don't care at all about how much damage they do to others. I'm not sure the theory applies this to one's spouse and children. The other social sciences would call this a sociopath or psychopath.
3] Banks lend their depositors money like a pawnbroker. So, more saving by anyone will let banks lend more. However, in 2014 an experiment was done at a German bank that proved that a 100K euro loan was made without moving money from a preexisting acc. to the borrower's acc.
4] That all Govs. are exactly like a household. This was more true when the world was on the gold standard, but in 1971 to world went off the gold standard, because it is always unworkable in the not so long run. Then, in about 2000 the euro zone was created, which meant that its members do not issue the currency they use. This means you can't point to Greece as an example of what *can* happen to a nation that does issue its own currency. Greece is like a nation on the gold standard, in that it can't make either gold or euros. The US, UK, Canada, etc. can make more of their currency, (and have during this pandemic crisis).
5] I think this is another example ---
That the best possible good for all will automatically happen if everyone does what is best for themselves without regard to what that means for all others. This is obviously false. Because money saved in a bank is not recycled back into the economy by bank loans, there is the well known 'paradox of thrift'. That if too many save money it reduces the incomes of those who would otherwise have sold the savers 'something', and this reduction in national total income will cause a recession if too many are saving too much. There are other reasons you can think of why this is false, but any one reason is enough to make it false.


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