[No taker for this yet. The number of outlets for seriously non-mainstream thinking seems to be shrinking.]
This year’s Nobel prize in economics spotlights a core deficiency in mainstream ‘neoclassical’ economics, one of many. It is pseudo-science. It needs to be banished from government, universities and our thinking. Defensible alternatives are available, but marginalised.
The prize was awarded for showing that higher pay can increase employment. This is a direct contradiction of the simplistic ‘law’ of supply and demand, a core concept of the dominant ‘neoclassical’ school of economics.
Supposedly, if the price of cabbages increases then fewer cabbages will be purchased. Similarly, if the price of hiring someone goes up, then fewer people will be hired. Well, not always.