Economic Ignorance of Where, and Refusal to Look

Economists, even the brighter ones like Steve Keen have only recently realized the importance of accounting as a tool in a monetary economy, but even he still splashes around on the surface of debits and credits instead of getting to the 3 and 4 dimensional “on the ground” realities exposed and revealed by the data in the subset of accounting/double entry bookkeeping known as cost accounting. This keeps them looking at all manner of variables which are either of lesser significance or of no significance at all so far as the most basic problem of the economy is concerned.

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