Macroeconomics: It’s about efficiency

We ask what real resources a nation has and then ask how that nation can best utilize those real resources in the most sustainable manner possible, enabling all to derive good benefit from the economy. On this correct view, it is quite clear that the specious neo-liberal concept of efficiency, defined as “sacrifice”; manifesting as deliberate deficit reduction and the shifting of fiscal policy away from the public purpose (austerity), results in high levels of unemployment, crumbling infrastructure and social decay.

In a word: inefficiency.

Towards a progressive concept of efficiency – Part 1