Description
Exposes two fundamental theoretical errors responsible for the bankruptcy of modern economic policy. Toxic economic theory originates from its misconceived division into separate micro- and macro- compartments. It is responsible for fraudulent accounting standards, a dysfunctional system of taxation, and totally bankrupt macroeconomic policy. Robert Anthony Rayman Preface: Economic Crisis or Crisis of Economics? PART I: A VERY DISMAL SCIENCE 1 The Greatest Pyramid Scheme since the Time of the Pharaohs? 2 From Economic Miracle to Credit Crunch: Thirty Years of Self-Delusion PART II: THE MICROECONOMIC ‘MARKET-VALUE’ FALLACY 3 A Mediaeval System of Accounting 4 Fair-Value Accounting and Balance-Sheet Myopia 5 The Market-Value Delusion and the Credit Crunch PART III: THE MACROECONOMIC ‘SINGLE-GEAR’ FALLACY 6 The Topsy-Turvy Wonderland of Single-Gear Economics 7 Traffique: The Praeheminent Studie Of Princes 8 Capitalism and Socialism: The Fatal Conceit 9 A Genuine Free-Market Alternative PART IV: THE TAX THAT GOT PASSED BY MISTAKE 10 Income Tax: A Two-Hundred-Year-Old Myth 11 The Assessed Taxes 12 Not So Much a Tax, More an Anti-Avoidance Provision 13 The Growth of the Monster PART V: REFORM OF THE TAX SYSTEM 14 Economic Efficiency or Social Justice? 15 Taxation and ‘The Law of the Market’ 16 Pay As You Spend 17 PAYS: The Social Justification 18 PAYS: The Economic Justification PART VI: THE BANKRUPTCY OF ECONOMIC POLICY 19 Toxic Economic Theory and Global Recession TECHNICAL APPENDICES: The Source of the Poison A The Fatal Flaw in Accounting Theory: The Present-Value Fallacy B The Fatal Flaw in Macroeconomic Theory: The Single-Gear Fallacy
