The Prime network is made up of a group of economists aware that conventional or ‘mainstream’ economic theory has proved of almost no relevance to the ongoing and chronic failure of the global economy. We note the outstanding failure of current economic policy to provide society at large with work; or with policies to deal with the gravest threat facing us all: climate change. We are angered by the failure of mainstream economics to challenge the finance sector and believe this can be explained in part by its blind spot for the role of credit in the economy, and by the fatal error of drawing macroeconomic conclusions from microeconomic reasoning. As a result, economists, commentators and policymakers are repeatedly embarrassed by economic outcomes.
We will strive to restore to economics the values and ethics that have fired all the great thinkers from Aristotle onwards; and all the great economists – from Adam Smith onwards. Fundamental to our approach is an implicit and explicit restoration of ethics in relation to money and credit. We hold to the values that underpin all the world’s faiths and philosophies and that have guided economic activity through the ages.
We want develop an agenda that will cut across conventional political lines. The macroeconomic policies we promote imply a shared interest between Industry and Labour that conflicts with the interests of Finance.
We hope to mobilise sufficient resources to enable us to communicate and engage with the widest possible audience in order to educate, inform and de-mystify fundamental economic and financial processes vital to stability, sustainability and well-being.
Our network, while small and nascent, nevertheless aims to:
nurture and frame macroeconomic theories, applications and solutions to the severe economic, social and ecological problems of the world.
restore the use of macroeconomic theory to its proper place, i.e. the analysis of macroeconomic conditions.
promote policies for greater equality, full employment and ecologically sustainable economic activity.
promote understanding of the nature of credit and its role in determining macroeconomic outcomes.
promote policies for a new global financial architecture and national and international monetary systems that are based on international justice, equity and stability.
If you support these aims, please subscribe here, and donate here.