NEW PAPERBACK EDITION WITH ADDITIONAL INTRODUCTION AND END NOTE FROM THE AUTHOR
Why, years after the banking crisis, is the global economy still mired in recession and burdened by enormous debts? Why have the tried-and-tested economic policies of the past failed us this time?
In Life After Growth, leading City analyst Tim Morgan sets out a ground-breaking analysis of how the economy really works. Economists are mistaken, he argues, when they limit their interpretation of the economy to matters of money. Ultimately, the economy is an energy system, not a monetary one.
From this, it follows that we need to think in terms of two economies, not one - a ''real'' economy of work, energy, resources, goods and services, and a parallel, ''financial'' economy of money and debt. These two economies have parted company, allowing the financial economy to pile up promises that the real economy cannot meet.
Starting with the discovery of agriculture, Tim Morgan traces t
