Creator: Paul Farrell writes the column on behavioral economics. He’s the author of nine books on personal finance, economics and psychology, including “The Millionaire Code,” “The Winning Portfolio,” “The Lazy Person’s Guide to Investing.” Farrell was an investment banker with Morgan Stanley; executive vice president of the Financial News Network; executive vice president of Mercury Entertainment Corp; and associate editor of the Los Angeles Herald Examiner. He has a Juris Doctor and a Doctorate in Psychology.
Purpose: Because “Classical economics is fatally flawed” and new economic rules are essential for our survival.
A 20-rule manifesto for New No-Growth Economics (Summary)
1. Population: self-destructive, basic supply/demand equation flawed
2. Economy’s worst-case scenario: Population explodes to 10 billion
3. Next worst-case scenario: Population not reduced back to 5 billion
4. Population control is an economic necessity, the last taboo falls
5. Mass denial ends in aftermath of global catastrophes
6. Revolution topples dominance of Super Rich capitalists
7. Wall Street’s too-greedy-to-fail banks become public utilities
8. Commodity pricing shifts from markets to government negotiators
9. New regulations reign in quants and hi-risk derivatives traders
10. Fed monetary policy no longer dominated by Wall Street banks
11. Behavioral economics and behavioral finance get new careers
12. Oil and carbon-based energy epiphany, invest in alternatives
13. Self-destructive no-compromise political gridlock ends
14. GOP returns to principles of Lincoln, tea party disappears
15. Inequality gap drops with decline of Super Rich power
16. Lobbyists will no longer run Washington as a private anarchy
17. American imperialism ends, so do Pentagon blank checks
18. The rise of a powerful, new democratic United Nations
19. End of climate-deniers, after the ticking time-bomb explodes
20. Beginning of New Global Era … the New No-Growth Economy
Source
For the complete Manifesto and article on MarketWatch.com – 30 August 2011