Horizontal Development of Science – Can financial dogma be sustained?

Katalin Botos

Public Finance Quarterly, 2018, vol. 63, issue 3, 335-344

Abstract: Rethinking economics is unavoidable. There is no value-free economics. It is necessary to create more practical curricula when teaching economics. Economics is not a vertical, but a horizontal science. There is not only one model, there are different models. It is important to include the functioning of monetary institutions in the economic models to be able explain the economic crises. Rethinking monetary rules is important. Modern money creation causes credit boom, income inequalities and financialisation. Banks are not financing real investments. Credit is given to finance consumption which leads to debt slavery. Central bank independence was not enough to stop the crises in the economy. Both money creation by the government and by the banking system may cause crises. We can only choose between two bad options. It is necessary to reinvent ancient morals and make economics more ethical.

Keywords: teaching of economics; monetary institutions; assets in banks; financing consumption; money creation; economics and morals (search for similar items in EconPapers)
JEL-codes: A20 E51 E52 E58 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
https://unipub.lib.uni-corvinus.hu/8731/ (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pfq:journl:v:63:y:2018:i:3:p:335-344

Access Statistics for this article

More articles in Public Finance Quarterly from Corvinus University of Budapest Contact information at EDIRC.
Bibliographic data for series maintained by Adam Hoffmann ().